Title :
Nodal price uncertainty analysis considering random failures and elastic demand
Author :
Wang, Yu Xiao Peng ; Ding, Yi
Author_Institution :
Sch. of Electr. & Electron. Eng., Nanyang Technol. Univ., Singapore
Abstract :
The introduction of competition in the electric power industry and customer choices on its reliability and price have changed the pricing mechanism. Uniform price used in conventional power system has been replaced by nodal prices in a deregulated power system. This paper investigated the price uncertainty caused by random failures and customer response. The expected nodal prices are used to represent the price uncertainty. The effect of customer response on nodal price is considered using elastic demand. The results of IEEE-RTS are presented.
Keywords :
power markets; power system reliability; pricing; IEEE-RTS; congestion management; customer response; deregulated power system; elastic demand; electric power industry; nodal price uncertainty analysis; price risk; pricing mechanism; random failures; reliability; Contracts; Electricity supply industry deregulation; Failure analysis; Power generation; Power markets; Power system analysis computing; Power system management; Power system reliability; Risk management; Uncertainty;
Conference_Titel :
Power Systems Conference and Exposition, 2004. IEEE PES
Print_ISBN :
0-7803-8718-X
DOI :
10.1109/PSCE.2004.1397524
