Economic Market Design and Planning for Electric Power Systems

by Momoh, James A.; Mili, Lamine

Edition: 1st

ISBN13: 9780470472088

ISBN10: 0470472081

Format: Hardcover

Pub. Date: 2009-12-02

Publisher(s): Wiley-IEEE Press

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Summary

Addressing the economic, social, and security aspects of the operation and planning of restructured electric power systems as envisioned by the NSF-ONR EPNES initiative, Economic Market Design and Planning for Electric Power Systems introduces cutting-edge developments in electric power systems operation and control, risk-based power system planning, and electric market design. The book recognizes the importance of the design of robust power networks to achieve sustainable economic growth on a global scale, making it a suitable resource for engineers, faculty members, and students.

Author Biography

James Momoh was chair of the Electrical Engineering Department at Howard University and director of the Center for Energy Systems and Control. In 1987, Momoh received a National Science Foundation (NSF) Presidential Young Investigator Award. He is a Fellow of the IEEE, a Distinguished Fellow of the Nigerian Society of Engineers (NSE), and a Fellow of the Nigerian Academy of Engineering (NAE). His current research activities for utility firms and government agencies span several areas in systems engineering, optimization, and energy systems' control of terrestrial, space, and naval complex and dynamic networks. He has authored more than 225 technical papers in refereed journals, transactions, or proceedings, as well as several textbooks. Lamine Mili is Professor of Electrical and Computer Engineering at Virginia Tech. An IEEE Senior Member, Dr. Mili is also a member of the Institute of Mathematical Statistics and the American Statistical Association. He is a recipient of a 1990 NSF Research Initiation Award and a 1992 NSF Young Investigator Award. His research interests include risk assessment and management of critical infrastructures, cascading failure modeling, power system planning, power system analysis and control, electric load forecasting, bifurcation theory and chaos, nonlinear optimization, and robust statistics as applied to engineering problems. Dr. Mili is the cofounder and coeditor of the International Journal of Critical Infrastructures.

Preface	p. xi
Contributors	p. xiii
A Framework for Interdisciplinary Research and Education	p. 1
Introduction	p. 1
Power System Challenges	p. 3
The Power System Modeling and Computational Challenge	p. 4
Modeling and Computational Techniques	p. 5
New Curriculum that Incorporates the Disciplines of Systems Theory, Economic and Environmental Science for the Electric Power Network	p. 5
Solution of the EPNES Architecture	p. 5
Modular Description of the EPNES Architecture	p. 5
Some Expectations of Studies Using EPNES Benchmark Test Beds	p. 7
Implementation Strategies for EPNES	p. 8
Performance Measures	p. 8
Definition of Objectives	p. 8
Selected Objective Functions and Pictorial Illustrations	p. 9
Test Beds for EPNES	p. 13
Power System Model for the Navy	p. 13
Civil Testbed-179-Bus WSCC Benchmark Power System	p. 15
Examples of Funded Research Work in Response to the EPNES Solicitation	p. 16
Funded Research by Topical Areas/Groups under the EPNES Award	p. 16
EPNES Award Distribution	p. 17
Future Directions of EPNES	p. 18
Conclusions	p. 18
Acknowledgments	p. 19
Bibliography	p. 19
Modeling Electricity Markets: A Brief Introduction	p. 21
Introduction	p. 21
The Basic Structure of a Market for Electricity	p. 22
Consumer Surplus	p. 23
Congestion Rents	p. 24
Market Power	p. 24
Architecture of Electricity Markets	p. 25
Modeling Strategic Behavior	p. 26
Brief Literature Review	p. 26
Price-Based Models	p. 27
Quality-Based Models	p. 30
The Locational Marginal Pricing System of PJM	p. 32
Introduction	p. 32
Congestion Charges and Financial Transmission Rights	p. 33
Example of a 3-Bus System	p. 34
LMP Calculation Using Adaptive Dynamic Programming	p. 39
Overview of the Static LMP Problem	p. 39
LMP in Stochastic and Dynamic Market with Uncertainty	p. 40
Conclusions	p. 42
Bibliography	p. 42
Alternative Economic Criteria and Proactive Planning for Transmission Investment in Deregulated Power Systems	p. 45
Introduction	p. 46
Conflict Optimization Objectives for Network Expansions	p. 49
A Radial-Network Example	p. 49
Sensitivity Analysis in the Radial-Network Example	p. 56
Policy Implications	p. 57
Proactive Transmission Planning	p. 57
Model Assumptions	p. 58
Model Notation	p. 60
Model Formulation	p. 61
Transmission Investment Models Comparison	p. 62
Illustrative Example	p. 64
Conclusions and Future Work	p. 67
Bibliography	p. 68
Appendix	p. 68
Payment Cost Minimization with Demand Bids and Partial Capacity Cost Compensations for Day-Ahead Electricity Auctions	p. 71
Introduction	p. 72
Literature Review	p. 73
Problem Formulation	p. 73
Solution Methodology	p. 75
Augmented Lagrangian	p. 76
Formulating and Solving Unit Subproblems	p. 76
Formulating and Solving Bid Subproblems	p. 79
Solve the Dual Problem	p. 80
Generating Feasible Solutions	p. 80
Initialization and Stopping Criteria	p. 81
Results and Insights	p. 81
Conclusion	p. 84
Acknowledgment	p. 84
Bibliography	p. 84
Dynamic Oligopolistic Competition in an Electric Power Network and Impacts of Infrastructure Disruptions	p. 87
Introduction and Motivation	p. 87
Summary and Modeling Approach	p. 89
Model Description	p. 90
Notation	p. 90
Generating Firm's Extremal Problem	p. 92
ISO's Problem	p. 94
Formulation of NCP	p. 95
Complementary Conditions for Generating Firms	p. 95
Complementary Conditions for the ISO	p. 97
The Complete NCP Formulation	p. 98
Numerical Example	p. 98
Conclusions and Future Work	p. 108
Acknowledgment	p. 108
Appendix: Glossary of Relevant Terms form Electricity Economics	p. 108
Bibliography	p. 110
Plant Reliability in Monopolies and Duopolies: A Comparison of Market Outcomes with Socially Optimal Levels	p. 113
Introduction	p. 114
Modeling Framework	p. 116
Profit Maximizing Outcome of a Monopolistic Generator	p. 118
Nash Equilibrium in a Duopolistic Market Structure	p. 120
Social Optimum	p. 122
Comparison of Equilibria and Discussion	p. 123
Asymmetric Maintenance Policies	p. 125
Conclusion	p. 127
Acknowledgment	p. 128
Bibliography	p. 128
Building an Efficient Reliable and Sustainable Power System: An Interdisciplinary Approach	p. 131
Introduction	p. 131
Shortcoming in Current Power Systems	p. 132
Our Proposed Solutions to the Above Shortcomings	p. 132
Overview of Concepts	p. 133
Reliability	p. 133
Bulk Power System Reliability Requirements	p. 134
Public Perception	p. 135
Power System / New Technology	p. 135
Theoretical Foundations: Theoretical Support for Handling Contingencies	p. 140
Contingency Issues	p. 140
Foundation of Public Perception	p. 141
Available Transmission Capability (ATC)	p. 142
Reliability Measures/Indices	p. 143
Expected Socially Unserved Energy (ESUE) and Load Loss	p. 145
System Performance Index	p. 147
Computation of Weighted Probability Index (WPI)	p. 148
Design Methodologies	p. 149
Implementation Approach	p. 150
Load Flow Analysis with FACTS Devices (TCSC) for WSCC System	p. 150
Performance Evaluation Studies on IEEE 30-Bus and WSCC Systems	p. 151
Implementation Results	p. 151
Load Flow Analysis with FACTS Devices (TCSC) for WSCC System	p. 151
Performance Evaluation Studies on IEEE 30-Bus System	p. 153
Performance Evaluation Studies on the WSCC System	p. 155
Conclusion	p. 157
Acknowledgments	p. 158
Bibliography	p. 158
Risk-Based Power System Planning Integrating Social and Economic Direct and Indirect Costs	p. 161
Introduction	p. 162
The Partitioned Multiobjective Risk Method	p. 164
Partitioned Multiobjective Risk Method Applied to Power System Planning	p. 166
Integrating the Social and Economic Impacts in Power System Planning	p. 169
Energy Crises and Public Crises	p. 170
Describing the Methodology for Economic and Social Cost Assessment	p. 170
The CRA Method	p. 172
Data Analysis of the California Crises and of the 2003 U.S. Blackout	p. 173
Conclusions and Future Work	p. 176
Bibliography	p. 177
Models for Transmission Expansion Planning Based on Reconfigurable Capacitor Switching	p. 181
Introduction	p. 181
Planning Processes	p. 184
Engineering Analyses and Cost Responsibilities	p. 185
Cost Recovery for Transmission Owners	p. 187
Economically Motivated Expansion	p. 188
Further Reading	p. 189
Transmission Limits	p. 189
Decision Support Models	p. 191
Optimization Formulation	p. 192
Planning Transmission Circuits	p. 195
Planning Transmission Control	p. 199
Dynamic Analysis	p. 213
Market Efficiency and Transmission Investment	p. 219
Summary	p. 232
Acknowledgments	p. 232
Bibliography	p. 232
Next Generation Optimization for Electric Power Systems	p. 237
Introduction	p. 237
Structure of the Next Generation Optimization	p. 239
Overview of Modules	p. 239
Organization	p. 241
Foundations of the Next Generation Optimization	p. 242
Overview	p. 242
Decision Analysis Tools	p. 243
Selected Methods in Classical Optimization	p. 248
Optimal Control	p. 250
Dynamic Programming (DP)	p. 252
Adaptive Dynamic Programming (ADP)	p. 253
Variants of Adaptive Dynamic Programming	p. 255
Comparison of ADP Variants	p. 258
Application of Next Generation Optimization to Power Systems	p. 260
Overview	p. 260
Framework for Implementation of DSOPF	p. 261
Applications of DSOPF to Power Systems Problems	p. 262
Grant Challenges in Next Generation Optimization and Research Needs	p. 272
Concluding Remarks and Benchmark Problems	p. 273
Acknowledgments	p. 273
Bibliography	p. 274
Index	p. 277
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Economic Market Design and Planning for Electric Power Systems

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