Title :
An advanced framework for real-time market operations and monitoring
Author :
Sobajic, Dejan J. ; Douglas, John H.
Author_Institution :
Dept. of Electr. Eng., Stanford Univ., CA, USA
Abstract :
This paper reviews the relationship between specific power system operations and market functions, introduces a definition of market conditions that correspond to grid operating states, and proposes an integrated approach for real-time power market operations and monitoring, which will help ensure reliable operations at the lowest cost in decentralized markets and provide effective incentives for market participants.
Keywords :
electricity supply industry; power markets; power system economics; grid market functions; power system market functions; power system operations; real-time market operations; real-time monitoring; Condition monitoring; Control systems; Costs; Hybrid power systems; Power generation economics; Power markets; Power system reliability; Pricing; Real time systems; Watches;
Journal_Title :
Power and Energy Magazine, IEEE
DOI :
10.1109/MPAE.2004.1269617
