Market dispatch incorporating stability constraints

Stability aspects have often been incorporated in the electricity market dispatch/pricing procedure using trial-and-error methods, or approximated in the dispatch optimisation directly as a set of linear constraints on generation/transmission. This paper presents the preliminary experiences with the development of a market optimal power flow (OPF) model that incorporates both transient and voltage stability constraints. The resultant dispatch and prices are expected to exhibit the impact of accurately modelled stability limits that are hitherto largely unknown. This model allows integrated representation of both voltage and transient stability. It, however, entails very significant computational complexities. A complete resolution of all these issues is beyond the scope of this paper, although some initial thoughts to simplify computation are discussed. The importance of stability constraints on market dispatch and prices is discussed around a simple 9-bus system example.