DocumentCode
3470461
Title
A reserve market with reliability incentives
Author
Xia, L.M. ; Gooi, H.B.
Author_Institution
Sch. of Electr. & Electron. Eng., Nanyang Technol. Univ., Singapore
Volume
2
fYear
2004
fDate
21-24 Nov. 2004
Firstpage
1740
Abstract
In this paper, reliability is explicitly valued in reserve market. The generator would get the insurance premium first from the consumers and then they have the responsibility to secure consumers´ power supply. The system reliability is determined by a probabilistic criterion where the forced outage rates (FOP) are dynamically changed by the Gencos over time. This scheme will provide incentives for the Gencos to maintain all the generators and submit accurate FOPs to decrease the load cut.
Keywords
insurance; power generation economics; power generation reliability; power markets; power system security; Gencos; LOLP; forced outage rates; generators; insurance premium; probabilistic criterion; reliability incentives; reserve market; runway model; secure consumers power supply; spinning reserve; zero sum; Accidents; Costs; Electricity supply industry; Insurance; Maintenance; Power generation; Power markets; Power supplies; Power system reliability; Spinning;
fLanguage
English
Publisher
ieee
Conference_Titel
Power System Technology, 2004. PowerCon 2004. 2004 International Conference on
Print_ISBN
0-7803-8610-8
Type
conf
DOI
10.1109/ICPST.2004.1460284
Filename
1460284
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