A Unifying Market Power Measure for Deregulated Transmission-Constrained Electricity Markets
CaltechAUTHORS
View Archive Info| Field | Value | |
| Title |
A Unifying Market Power Measure for Deregulated Transmission-Constrained Electricity Markets
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| Creator |
Bose, Subhonmesh
Wu, Chenye Xu, Yunjian Wierman, Adam Mohsenian-Rad, Hamed |
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| Description |
Market power assessment is a prime concern when designing a deregulated electricity market. In this paper, we propose a new functional market power measure, termed transmission constrained network flow (TCNF), that unifies three large classes of transmission constrained structural market power indices in the literature: residual supply based, network flow based, and minimal generation based. Furthermore, it is suitable for demand-response and renewable integration and hence more amenable to identifying market power in the future smart grid. The measure is defined abstractly, and allows incorporation of power flow equations in multiple ways; we investigate the current market operations using a DC approximation and further explore the possibility of including detailed AC power flow models through semidefinite relaxation, and interior-point algorithms from Matpower. Finally, we provide extensive simulations on IEEE benchmark systems and highlight the complex interaction of engineering constraints with market power assessment.
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| Publisher |
IEEE
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| Date |
2015-09
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| Type |
Article
PeerReviewed |
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| Relation |
http://resolver.caltech.edu/CaltechAUTHORS:20150821-103411487
http://authors.library.caltech.edu/59808/ |
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| Identifier |
Bose, Subhonmesh and Wu, Chenye and Xu, Yunjian and Wierman, Adam and Mohsenian-Rad, Hamed (2015) A Unifying Market Power Measure for Deregulated Transmission-Constrained Electricity Markets. IEEE Transactions on Power Systems, 30 (5). pp. 2338-2348. ISSN 0885-8950. http://resolver.caltech.edu/CaltechAUTHORS:20150821-103411487 <http://resolver.caltech.edu/CaltechAUTHORS:20150821-103411487>
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