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Conference Paper: Coordinated multilateral trades for electric power networks

TitleCoordinated multilateral trades for electric power networks
Authors
Issue Date1995
PublisherIEEE.
Citation
3rd International Conference on Advances in Power System Control, Operation and Management, p. 24-32 How to Cite?
AbstractRecent moves to open up electric power transmission networks to foster generation competition and customer choice have touched off a debate over how the transmission system should be restructured in order to meet the goal. The opposing sides of this debate are now commonly represented by the bilateral model and the poolco model. Both models resort to conventional centralized operation in dealing with the shared resources of an integrated transmission network. The conventional operating paradigm was developed in a different era for electric utilities operated as regulated monopolies. A new operating paradigm is needed for a restructured industry that encourages efficient competition and at the same time maintains necessary coordination to guarantee a high standard of reliability. We propose a new operating paradigm in which the decision mechanisms regarding economics and reliability (security) of system operation are separated. Economic decision is carried out by private multilateral trades among generators and consumers. The function of reliability is coordinated through the power system operator who provides publicly accessible data based on which generators and consumers can determine profitable trades that meet the secure transmission loading limits. We prove that any sequence of such coordinated private multilateral trades, each of which benefits all parlies to the trade, leads to efficient operations, i.e., maximizes social welfare. The coordinated multilateral trading model achieves all the benefits of a centralized pool operation without the visible hand of a pool operator in economic decisions. It is also shown that the coordinated multilateral trading model can coexist with the traditional model and provides non-discriminatory service to both utility customers and direct-access customers.
Persistent Identifierhttp://hdl.handle.net/10722/45957

 

DC FieldValueLanguage
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2007-10-30T06:39:25Z-
dc.date.available2007-10-30T06:39:25Z-
dc.date.issued1995en_HK
dc.identifier.citation3rd International Conference on Advances in Power System Control, Operation and Management, p. 24-32en_HK
dc.identifier.urihttp://hdl.handle.net/10722/45957-
dc.description.abstractRecent moves to open up electric power transmission networks to foster generation competition and customer choice have touched off a debate over how the transmission system should be restructured in order to meet the goal. The opposing sides of this debate are now commonly represented by the bilateral model and the poolco model. Both models resort to conventional centralized operation in dealing with the shared resources of an integrated transmission network. The conventional operating paradigm was developed in a different era for electric utilities operated as regulated monopolies. A new operating paradigm is needed for a restructured industry that encourages efficient competition and at the same time maintains necessary coordination to guarantee a high standard of reliability. We propose a new operating paradigm in which the decision mechanisms regarding economics and reliability (security) of system operation are separated. Economic decision is carried out by private multilateral trades among generators and consumers. The function of reliability is coordinated through the power system operator who provides publicly accessible data based on which generators and consumers can determine profitable trades that meet the secure transmission loading limits. We prove that any sequence of such coordinated private multilateral trades, each of which benefits all parlies to the trade, leads to efficient operations, i.e., maximizes social welfare. The coordinated multilateral trading model achieves all the benefits of a centralized pool operation without the visible hand of a pool operator in economic decisions. It is also shown that the coordinated multilateral trading model can coexist with the traditional model and provides non-discriminatory service to both utility customers and direct-access customers.en_HK
dc.format.extent390633 bytes-
dc.format.extent12538 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypetext/plain-
dc.languageengen_HK
dc.publisherIEEE.en_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rights©1995 IEEE. 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.en_HK
dc.titleCoordinated multilateral trades for electric power networksen_HK
dc.typeConference_Paperen_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.hkuros15329-

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