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A coordinative method for interruptible loads management in an electricity market

Luo, Yunhu, Xue, Yusheng, Ledwich, Gerard F., Yin, X., Dong, Zhao Yang, Liu, Huawei, & Hu, Wei (2007) A coordinative method for interruptible loads management in an electricity market. In Australasian Universities Power Engineering Conference, 2007 (AUPEC 2007), 9-12 December 2007, Perth, Western Australia.

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Abstract

There are two compensation methods for interruptible loads (ILs), namely low price compensation before supply unavailability and high price compensation after supply unavailability. Low price compensation is independent of power supply unavailability, while the high compensation is performed only after actual power supply unavailability. However, the IL with low price (ILL) and the IL with high price compensation (ILH) have only been studied separately till now. Based on risk management, this paper analyzes the different economic properties of the two compensation methods and concludes that their coordination is beneficial to restrain market power and reduce the cost of reserve capacity. The authors propose the coordination models and optimization algorithms by taking the sum of the deterministic reduction of revenue resulting from ILL and the risk of compensating ILH as the objective function. Simulation results are presented to validate the effectiveness of the proposed method.

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ID Code: 14286
Item Type: Conference Paper
Keywords: compensation, cost reduction, load management, optimisation, power markets, power system economics, power system management, pricing, risk management
DOI: 10.1109/AUPEC.2007.4548124
ISBN: 9780646494883
Subjects: Australian and New Zealand Standard Research Classification > ENGINEERING (090000) > ELECTRICAL AND ELECTRONIC ENGINEERING (090600) > Power and Energy Systems Engineering (excl. Renewable Power) (090607)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Copyright Owner: Copyright 2007 IEEE
Copyright Statement: Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.
Deposited On: 05 Aug 2008
Last Modified: 29 Feb 2012 23:40

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