Title :
A Framework to Implement Supply and Demand Side Contingency Management in Reliability Assessment of Restructured Power Systems
Author :
Goel, Lalit ; Aparna, Viswanath P. ; Wang, Peng
Author_Institution :
Nanyang Technol. Univ., Singapore
Abstract :
This paper presents a framework to implement supply and demand side contingency management in the reliability assessment of hybrid power markets. A model for the independent system operator (ISO) to coordinate reserve and load curtailment bids for contingency states is introduced to balance reliability worth and reliability cost. The load curtailments and generation re-dispatch for a contingency state are determined based on minimizing the market interruption cost using an optimization technique. A nonsequential Monte Carlo simulation technique based on this framework has been proposed to evaluate the customer reliability of restructured power systems with the hybrid market model. The modified IEEE Reliability Test System (RTS) is used to illustrate the proposed technique
Keywords :
Monte Carlo methods; costing; load dispatching; optimization; power system economics; power system management; power system reliability; IEEE reliability test system; ISO; generation redispatch; hybrid power markets; independent system operator; load curtailments; nonsequential Monte Carlo simulation technique; optimization technique; reliability assessment; reliability cost; restructured power systems; supply and demand side contingency management; Contingency management; Cost function; Hybrid power systems; ISO; Power markets; Power system management; Power system modeling; Power system reliability; Power system simulation; Supply and demand; Contingency management; Monte Carlo simulation; customer reliability; hybrid market; independent system operator (ISO); load curtailment bids; market interruption cost; reliability assessment; reserve;
Journal_Title :
Power Systems, IEEE Transactions on
DOI :
10.1109/TPWRS.2006.887962
