Probabilistic Calculation of Locational Marginal Price Taking Account of Correlated Loads

This paper considers the uncertain factors under electricity market, calculates the probabilistic distribution of the Locational Marginal Price (LMP) based on the Point Estimate Method (PEM) 2n+1 scheme. What is more, the correlated loads are considered. The method has higher efficiency than Monte C...

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Bibliographic Details
Published in2012 Asia-Pacific Power and Energy Engineering Conference pp. 1 - 4
Main Authors Lei Dong, Wenbo Wang, Shan Lin
Format Conference Proceeding
LanguageEnglish
Published IEEE 01.03.2012
Subjects
Correlation
Covariance matrix
Load flow
Mathematical model
Probabilistic logic
Random variables
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ISBN9781457705458
1457705451
ISSN2157-4839
DOI10.1109/APPEEC.2012.6307483

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Summary:This paper considers the uncertain factors under electricity market, calculates the probabilistic distribution of the Locational Marginal Price (LMP) based on the Point Estimate Method (PEM) 2n+1 scheme. What is more, the correlated loads are considered. The method has higher efficiency than Monte Carlo Simulation (MCS), and the procedure of linearizing the power flow equation in analytical method can be avoided. The paper considers the correlation among loads based on the Cholesky decomposition, avoids the tedious procedure getting the eigenvalue and eigenvector of the covariance matrix. Finally, the method is verified on IEEE-30 system. Moreover, the correlation among loads impact of LMP is analyzed.
ISBN:9781457705458
1457705451
ISSN:2157-4839
DOI:10.1109/APPEEC.2012.6307483