TY - GEN
T1 - Regional market simulation with inter-market bilateral transactions
AU - Pan, Jiuping
AU - Feng, Xiaoming
AU - Liao, Yuan
AU - Li, Fangxing
PY - 2004
Y1 - 2004
N2 - Market simulation is an essential approach for providing insights into the behavior of complicated power systems and volatile electricity markets. By performing transmission and security-constrained optimization of the system resources against spatially distributed loads, market simulation tools can produce realistic projection of market clearing prices and asset utilization levels across the transmission grid. This paper presents a method for incorporating inter-market bilateral transactions into regional market simulation. The proposed method is capable and flexible for the modeling of pre-scheduled and economic-driven interchanges across the markers or control areas on a broader regional scope. Numerical examples based on a simple test system are provided to illustrate the concepts and algorithms. The proposed methodology is then applied to a real regional electric market simulation analysis of the Northeast US system based on publicly available transmission, generation, and demand data.
AB - Market simulation is an essential approach for providing insights into the behavior of complicated power systems and volatile electricity markets. By performing transmission and security-constrained optimization of the system resources against spatially distributed loads, market simulation tools can produce realistic projection of market clearing prices and asset utilization levels across the transmission grid. This paper presents a method for incorporating inter-market bilateral transactions into regional market simulation. The proposed method is capable and flexible for the modeling of pre-scheduled and economic-driven interchanges across the markers or control areas on a broader regional scope. Numerical examples based on a simple test system are provided to illustrate the concepts and algorithms. The proposed methodology is then applied to a real regional electric market simulation analysis of the Northeast US system based on publicly available transmission, generation, and demand data.
KW - Inter-market bilateral transactions
KW - Locational marginal price (LMP)
KW - Market Efficiency
KW - Market simulation
KW - Spot energy market
UR - http://www.scopus.com/inward/record.url?scp=8644219892&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=8644219892&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:8644219892
SN - 0780382374
T3 - Proceedings of the 2004 IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies (DRPT2004)
SP - 123
EP - 127
BT - Proceedings of the 2004 IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies (DRPT2004)
T2 - Proceedings of the 2004 IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies (DRPT2004)
Y2 - 5 April 2004 through 8 April 2004
ER -