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Two-Stage Model for Security Network-Constrained Market Auction in Pool-Based Electricity Market

  • Kim, Mun-Kyeom
  • Received : 2017.05.15
  • Accepted : 2017.08.16
  • Published : 2017.11.01

Abstract

This paper presents a two-stage market auction model in a pool-based electricity market, which explicitly takes into account the system network security. The security network-constrained market auction model considers the use of corrective control to yield economically efficient actions in the post-contingency state, while ensuring a certain security level. Under this framework, the proposed model shows not only for quantifying the correlation between secure system operation and efficient market operation, but also for providing transparent information on the pricing system security for market participants. The two-stage market auction procedure is formulated using Benders decomposition (BD). In the first stage, the market participants bid in the market for maximizing their profit, and the independent system operator (ISO) clears the market based on social welfare maximization. System network constraints incorporating post-contingency control actions are described in the second stage of the market auction procedure. The market solutions, along with the BD, yield nodal spot prices (NSPs) and nodal congestion prices (NCPs) as byproducts of the proposed two-stage market auction model. Two benchmark systems are used to test and demonstrate the effectiveness of the proposed model.

Keywords

Available transfer capability;Benders decomposition;Market auction model;Nodal spot price;Nodal congestion price;Optimal power flow

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Acknowledgement

Supported by : Korea Electrical Engineering & Science Research Institute, National Research Foundation of Korea (NRF)