Pricing for system security
Journal Article
·
· IEEE Transactions on Power Systems
- Univ. of New South Wales, Sydney (Australia)
- Univ. of California, Berkeley, CA (United States)
Security in power systems refers to the ability of the system to withstand imminent disturbances (contingencies). Maintaining security is an issue which must be addressed at the system level. It is shown in this paper, however, that it is possible to maintain system security in an operating environment with many participants (power companies, independent power producers, co-generators, consumers) each attempting to optimize their own benefit, through pricing incentives and appropriate information exchange. Rates for power generation/consumption and for an offer to use during a contingency, as well as information on the probability distribution of contingency need for each participant, are derived so that individual optimization will lead to the socially optimal solution in which system security is optimized and the aggregate benefit is maximized.
- OSTI ID:
- 78237
- Journal Information:
- IEEE Transactions on Power Systems, Journal Name: IEEE Transactions on Power Systems Journal Issue: 2 Vol. 10; ISSN ITPSEG; ISSN 0885-8950
- Country of Publication:
- United States
- Language:
- English
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