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Power Grid Operation in a Market Environment
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Table of Contents

FOREWORD ix PREFACE xi ACKNOWLEDGMENT xiii CONTRIBUTORS xv PART I INTEGRATED SYSTEM AND MARKET OPERATION CHAPTER 1 BALANCE ECONOMIC EFFICIENCY AND OPERATION RISK MITIGATION 3 Hong Chen and Jianwei Liu 1.1 Power System Operation Risk Mitigation: The Physics 4 1.2 Integrated System and Market Operation: The Basics 11 1.3 Economic Efficiency Evaluation and Improvement: The Economics 20 1.4 Final Remarks 35 Appendix 1.A Nomenclature 36 Appendix 1.B Electricity Market Model 37 References 39 Disclaimer 41 CHAPTER 2 MITIGATE MARKET POWER TO IMPROVE MARKET EFFICIENCY 4 Ross Baldick 2.1 Introduction 43 2.2 Price Formation in Electricity Markets 50 2.3 Price and Offer Caps 52 2.4 Ability and Incentive to Exercise Market Power 53 2.5 Market Power Mitigation Approaches 57 2.6 Conclusion 65 Acknowledgments 65 References 65 PART II UNDER SMART GRID ERA CHAPTER 3 MASS MARKET DEMAND RESPONSE MANAGEMENT FOR THE SMART GRID 69 Alex D. Papalexopoulos 3.1 Overview 69 3.2 Introduction 72 3.3 Distributed Computing-Based Demand Response Management Approach 74 3.4 The ColorPower Architecture and Control Algorithms 75 3.5 Integration with the Wholesale Energy Market 80 3.6 Equalizing Market Power Between Supply and Demand 83 3.7 Generalization Beyond Demand Response 84 3.8 A Numerical Example 87 3.9 Concluding Remarks 88 Appendix 3.A Nomenclature 89 References 89 CHAPTER 4 IMPROVE SYSTEM PERFORMANCE WITH LARGE-SCALE VARIABLE GENERATION ADDITION 91 Yuri V. Makarov, Pavel V. Etingov, and Pengwei Du 4.1 Review of Regulation and Ancillary Services 92 4.2 Day-Ahead Regulation Forecast at CAISO 93 4.3 Ramping and Uncertainties Evaluation at CAISO 99 4.4 Quantifying the Regulation Service Requirements at ERCOT 103 4.5 Conclusions 111 Appendix 4.A Nomenclature 112 References 113 PART III STOCHASTIC APPLICATIONS CHAPTER 5 SECURITY-CONSTRAINED UNIT COMMITMENT WITH UNCERTAINTIES 117 Lei Wu and Mohammad Shahidehpour 5.1 Introduction 118 5.2 SCUC 119 5.3 Uncertainties in Emerging Power Systems 125 5.4 Managing the Resource Uncertainty in SCUC 134 5.5 Illustrative Results 155 5.6 Conclusions 163 Appendix 5.A Nomenclature 164 Acknowledgments 166 References 166 CHAPTER 6 DAY-AHEAD SCHEDULING: RESERVE DETERMINATION AND VALUATION 16 Ruiwei Jiang, Antonio J. Conejo, and Jianhui Wang 6.1 The Need of Reserves for Power System Operation 169 6.2 Reserve Determination via Stochastic Programming 170 6.3 Reserve Determination via Adaptive Robust Optimization 179 6.4 Stochastic Programming vs. Adaptive Robust Optimization 182 6.5 Reserve Valuation 185 6.6 Summary, Concluding Remarks, and Research Needs 191 Appendix 6.A Nomenclature 192 References 193 PART IV HARNESS TRANSMISSION FLEXIBILITY CHAPTER 7 IMPROVED MARKET EFFICIENCY VIA TRANSMISSION SWITCHING AND OUTAGE EVALUATION IN SYSTEM OPERATIONS 197 Kwok W. Cheung and Jun Wu 7.1 Background 197 7.2 Basic Dispatch Model for Market Clearing 198 7.3 Economic Evaluation of Transmission Outage 201 7.4 Optimal Transmission Switching 203 7.5 Selection of Candidate Transmission Lines for Switching and Implementation of OTS 206 7.6 Test Cases 210 7.7 Final Remarks 216 Appendix 7.A Nomenclature 216 References 217 CHAPTER 8 TOWARD VALUING FLEXIBILITY IN TRANSMISSION PLANNING 219 Chin Yen Tee and Marija D. Ilic 8.1 Introduction 219 8.2 Scale Economies of Transmission Technologies 221 8.3 Disconnect of Current Power System Operational, Planning, and Market Mechanisms 225 8.4 Impact of Operational and Market Practices on Investment Planning 225 8.5 Information and Risk Sharing in the Face of Uncertainties 230 8.6 Challenges in Designing Financial Rights for Flexibility 234 8.7 Conclusions 235 Appendix 8.A Nomenclature 236 Appendix 8.B Mathematical Models Used for Case Studies 238 Appendix 8.C Investment Cost 247 References 248 INDEX 251

About the Author

Hong Chen, PhD, is a Senior Consultant at PJM Interconnection in Pennsylvania, USA, and was a Principal Analyst in electricity market design and development at ISO New England, USA. Dr. Chen received her PhD in electrical and computer engineering, ME in power systems, and BE in power systems. She has more than 20 years of experience within the power industry and has been active author, editor and committee leader in IEEE activities. Dr. Chen is the current chair of Power System Operation, Planning and Economics committee in the Power and Energy Society of IEEE.

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