Optimal and reliable scheduling of competitive electricity markets–a probabilistic approach

Abstract EN

Electric power systems are typically operated at least cost, subject to technical and reliability constraints.

This paper presents a probabilistic approach for optimal and reliable scheduling of a competitive electric power market.

A competitive structure is proposed which includes a power-pool with centrally optimized scheduling.

Ancillary services and transmission management issues are considered in the proposed approach.

The value of unit commitment risk is deduced from the generation model.

The required generation model is constructed using the outage replacement rate (ORR) of units.

The load forecast uncertainty is included in operational risk evaluation.

This is due to the increased uncertainty associated with competition.

The concept of area risk curves is used to allow the inclusion of quick start units and other reserves having different lead times.

The performance of the proposed approach is verified through simulation studies using a test system.