Reliability enhancement of deregulated power systems considering demand-price elasticity

Author

Goel, L. ; Wu, Qiuwei ; Wang, Peng ; Ding, Yi

Author_Institution

Sch. of Electr. & Electron. Eng., Nanyang Technol. Univ.

fYear

2005

fDate

Nov. 29 2005-Dec. 2 2005

Firstpage

934

Abstract

With the development of deregulated power systems, the conventional "same for all customers" electricity prices are getting replaced by spot prices. Under this pricing system, electricity prices will interact mutually with loads. This interaction can be described as demand-price elasticity. In this paper, demand-price elasticity is studied using the matrix of self/cross-elasticities, and its effects on nodal spot price and reliability of deregulated power systems are investigated using optimal power flow (OPF) and reliability evaluation techniques. A small but comprehensive reliability test system, RBTS, is used to illustrate the concepts, and simulation results show that demand-price elasticity can reduce the volatility of nodal spot price while at the same time improving the system reliability

Keywords

electricity supply industry deregulation; load flow; power system economics; power system reliability; pricing; OPF; RBTS; comprehensive reliability test system; demand-price elasticity; deregulated power systems; electricity prices; optimal power flow; power systems reliability; reliability enhancement; self-cross-elasticities matrix; spot prices; Elasticity; Electricity supply industry deregulation; Energy consumption; Mathematical model; Power generation economics; Power system modeling; Power system reliability; Power system simulation; Pricing; Security; Demand-Price Elasticity; Deregulated Power Systems; Nodal Spot Price; OPF; RBTS; Reliability;

fLanguage

English

Publisher

ieee

Conference_Titel

Power Engineering Conference, 2005. IPEC 2005. The 7th International

Conference_Location

Singapore

Print_ISBN

981-05-5702-7

Type

conf

DOI

10.1109/IPEC.2005.207042

Filename

1627331