Resource operation in competitive power systems
Restructuring is happening in the electric power industry. Open electricity auction markets in some kind of power exchange (PX) organization is part of this emerging industry. System operations and controls are managed separately through an independent system operator (ISO). Such an industry chancres how generation resources are planned and operated. This paper presents an operation mechanism that better identifies emerging requirements of restructured electricity markets. We provide models and implementation details of resource operation within a PX-ISO environment. The economic allocation of generation and demand resources in the power exchange (PX) market is modeled based on their bids while considering constraints of different sorts. Preferred schedules of the power exchange (PX) market and scheduling (multilateral) coordinators are then considered in the formulation of the operator re-dispatch and management of ancillary controls, The criterion is to provide an optimal dispatch of resources and settings of controls to ensure reliability, security and adequacy. A three-bus system is used as an example. The results illustrate feasible separate functional operations to yield an efficient and reliable competitive power system structure. (C) 2002 Elsevier Science Ltd. All rights reserved.
electric power industry power exchange independent system operator operation scheduling