Market Clearing and Settlement Using Participant Based Distributed Slack Optimal Power Flow Model for a Double Sided Electricity Auction Market –Part I

Abstract

AC and DC OPF models are widely used in the industry for market clearing and settlement of primary electricity market. Research works available in literature have used locational marginal price to price electricity. But this research work by using Participant Based Distributed Slack Power Flow and a unique delivery/withdrawal point for energy called “Market Center” provides a new framework for pricing the electricity. Using the Participant Based Distributed Slack Power Flow Model a Participant based Distributed Slack Non Linear Optimal Power Flow model for market clearing and settlement of primary transaction in a double sided electricity auction market is proposed in Part 1 of this paper. Part II of this paper proposes an equivalent lumped linear model for faster convergence. The optimal solution gives the optimal schedules of the individual participants. The formulae to decompose the amount payable to GENCO participant and marginal price to be received from the DISCO participant into its components are also derived which is different from all available techniques in literature which calculate bus wise nodal prices. The proposed model is tested on Radial Five bus system and PJM system for market clearing and settlement of primary electricity market.

Citation

(2018). Market Clearing and Settlement Using Participant Based Distributed Slack Optimal Power Flow Model for a Double Sided Electricity Auction Market –Part I. Electric Power Components and Systems, 46(5), 533-543. https://doi.org/10.1080/15325008.2018.1460639

• Journal Article Type: Article
• Acceptance Date: Mar 20, 2018
• Online Publication Date: May 31, 2018
• Publication Date: May 31, 2018
• Deposit Date: Jul 18, 2024
• Journal: Electric Power Components and Systems
• Print ISSN: 1532-5008
• Publisher: Taylor and Francis
• Peer Reviewed: Peer Reviewed
• Volume: 46
• Issue: 5
• Pages: 533-543
• DOI: https://doi.org/10.1080/15325008.2018.1460639
• Keywords: optimal power flow, locational marginal pricing, DCOPF, ACOPF, market center