Optimal real time pricing of real and reactive powers

Journal Article · Sun Nov 01 04:00:00 EST 1998 · IEEE Transactions on Power Systems

DOI:https://doi.org/10.1109/59.736234· OSTI ID:316090

Choi, J Y ^[1]; Rim, S H ^[2]; Park, J K ^[3]

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1. Jeonju Univ., Chonbuk (Korea, Republic of). Dept. of Electrical Engineering
2. KEPCO, Seoul (Korea, Republic of). Power System Planning Dept.
3. Seoul National Univ. (Korea, Republic of). School of Electrical Engineering

This paper presents a theory and simulation results of real time pricing of real and reactive powers that maximizes social benefit. Conventional studies represented the responses of consumers as demand functions, and the objective of optimization was minimization of operating cost of power system. In this paper, the responses of consumers are represented as the inverse of the demand functions and power flow equations are incorporated in the constraints. This makes it possible to incorporate constant power factor demand consumer as a participant. That also makes it possible to maximize the objective function of optimization that is social benefit of participating in the electricity market and to determine the price of electricity at each bus. Not only the real time price of real power but also that of reactive power is determined simultaneously by the incorporation of power factor of loads into the constraints of optimization.

• Sponsoring Organization: USDOE
• OSTI ID: 316090
• Journal Information: IEEE Transactions on Power Systems, Journal Name: IEEE Transactions on Power Systems Journal Issue: 4 Vol. 13; ISSN ITPSEG; ISSN 0885-8950
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
MANAGEMENT
OPERATING COST
PLANNING
POWER FACTOR
PRICES
SOCIO-ECONOMIC FACTORS