Title :
Risk management in PJM’s market operation
Author :
Chen, Hong ; Bresler, Frederick S Stu
Author_Institution :
PJM Interconnection, Norristown, PA
Abstract :
Ensuring power system reliability is among the top responsibilities of an RTO/ISO. Focusing on operating reliability, this panel will review the PJM´s practices on reliability related risk management from the power system operations and market operations viewpoints, recognizing the interrelationship between system and market operations. On one hand, system study, outage coordination and reliability unit commitment directly manage the risk associated with system operating reliability; on the other hand, LMP-based congestion management and ancillary service markets are administered to support operating reliability through economic price signals. Some challenges faced by practical operation will also be discussed in the panel.
Keywords :
power markets; power system management; power system reliability; risk management; ISO; LMP-based congestion management; PJM market operation; RTO; ancillary service markets; economic price signals; power system operations; power system reliability; risk management; Electricity supply industry; Fuel economy; Power generation economics; Power system economics; Power system interconnection; Power system management; Power system planning; Power system reliability; Risk management; Uncertainty; Ancillary Services; Contingency; Electricity Market; Energy Management System (EMS); Locational Marginal Pricing (LMP); Reliability; regulation; reserve;
Conference_Titel :
Power and Energy Society General Meeting - Conversion and Delivery of Electrical Energy in the 21st Century, 2008 IEEE
Conference_Location :
Pittsburgh, PA
Print_ISBN :
978-1-4244-1905-0
Electronic_ISBN :
1932-5517
DOI :
10.1109/PES.2008.4596523
