The effect of demand elasticity on security prices for the PoolCo and multi-lateral contract models

Optimum power flows and security constrained power flows assume that customer demand is a fixed quantity. In the new competitive environment, it is necessary to assume that demand is elastic and will vary as a function of price. A critical element in any competitive model, whether it be a PoolCo or...

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Bibliographic Details
Published inIEEE transactions on power systems Vol. 12; no. 3; pp. 1177 - 1184
Main Authors Rajaraman, R., Sarlashkar, J.V., Alvarado, F.L.
Format Journal Article
LanguageEnglish
Published IEEE 01.08.1997
Subjects
Contracts
Elasticity
Energy management
Geometry
Load flow
Power system modeling
Power system reliability
Power system security
Pricing
Solid modeling
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Summary:Optimum power flows and security constrained power flows assume that customer demand is a fixed quantity. In the new competitive environment, it is necessary to assume that demand is elastic and will vary as a function of price. A critical element in any competitive model, whether it be a PoolCo or a multi-lateral contract model, is for a system operator to ensure reliability and feasibility of the power system operating point. Security pricing for feasibility was first advanced by Schweppe et al for the case of line flow constraints for a PoolCo model. Using geometry, this paper generalizes the approach to include any security constraint for a general competitive model. The paper discusses interpretations of security pricing and its possible implementation in energy management systems.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0885-8950
1558-0679
DOI:10.1109/59.630459