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Agent based locational marginal pricing and its impact on market clearing price in a deregulated electricity market

Publication Type : Journal Article

Publisher : Journal of Electrical Systems

Source : Journal of Electrical Systems, Volume 15, Number 3, p.405–416 (2019)

Url : https://www.proquest.com/openview/3dc60480c1d2867055440e964b778ca0/1?pq-origsite=gscholar&cbl=4433095

Keywords : Deregulated Electricity Market, Locational Marginal Pricing (LMP), Independent System Operator (ISO), Agent Based Modeling of Electricity Systems (AMES), DC Optimal Power Flow (DCOPF), Market Clearing Price (MCP).

Campus : Coimbatore

School : School of Engineering

Department : Electrical and Electronics

Year : 2019

Abstract : This paper focuses towards agent based Locational Marginal Pricing (LMP) which will minimize the overall system cost and relieves congestion on transmission lines in a deregulated electricity market. For the analysis, agents are classified in terms of market traders, Independent System Operator (ISO) linking to the IEEE 5-Bus system which would suggest the LMP to take care of the congestion cost happening in the system. The market operates on a day-ahead basis. The ISO allocates the bids and the offers from the traders by performing DCOPF (DC-Optimal Power Flow), calculates the LMP based on congestion, dispatch the units based on optimal system cost. The market model considered in this work is Pool-Co type. The analysis is carried out on the platform of Agent Based Modeling of Electricity Systems (AMES) software. The AMES is a tool developed under Java platform for modeling deregulated electricity market operating over an AC transmission grid which outperforms other tools. Later the impact of market clearing price in a deregulated power market was also discussed. A case study on IEEE 30 bus system based on congestion management is also further analyzed. The results show great potential of agent based computational model in a restructured electric power industry.

Cite this Research Publication : Kiran P., Dr. Vijaya Chandrakala K. R. M., and T. N. P. Nambiar, “Agent based locational marginal pricing and its impact on market clearing price in a deregulated electricity market”, Journal of Electrical Systems, vol. 15, pp. 405–416, 2019.

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