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Article: Coordinated multilateral trades for electric power networks: Theory and implementation

TitleCoordinated multilateral trades for electric power networks: Theory and implementation
Authors
KeywordsElectric utility restructuring
Indepentdent system operator
Power system deregulation
Power system operation
Transmission access
Issue Date1999
PublisherElsevier Ltd. The Journal's web site is located at http://www.elsevier.com/locate/ijepes
Citation
International Journal Of Electrical Power And Energy Systems, 1999, v. 21 n. 2, p. 75-102 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 decisions are 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 upon 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 parties 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 shown that the existing communications, computing and control of infrastructure is adequate to support the proposed model. 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. © 1998 Elsevier Science Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/73499
ISSN
2015 Impact Factor: 2.587
2015 SCImago Journal Rankings: 1.741
References

 

DC FieldValueLanguage
dc.contributor.authorWu, FFen_HK
dc.contributor.authorVaraiya, Pen_HK
dc.date.accessioned2010-09-06T06:51:55Z-
dc.date.available2010-09-06T06:51:55Z-
dc.date.issued1999en_HK
dc.identifier.citationInternational Journal Of Electrical Power And Energy Systems, 1999, v. 21 n. 2, p. 75-102en_HK
dc.identifier.issn0142-0615en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73499-
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 decisions are 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 upon 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 parties 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 shown that the existing communications, computing and control of infrastructure is adequate to support the proposed model. 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. © 1998 Elsevier Science Ltd.en_HK
dc.languageengen_HK
dc.publisherElsevier Ltd. The Journal's web site is located at http://www.elsevier.com/locate/ijepesen_HK
dc.relation.ispartofInternational Journal of Electrical Power and Energy Systemsen_HK
dc.rightsInternational Journal of Electrical Power & Energy Systems. Copyright © Elsevier Ltd.en_HK
dc.subjectElectric utility restructuringen_HK
dc.subjectIndepentdent system operatoren_HK
dc.subjectPower system deregulationen_HK
dc.subjectPower system operationen_HK
dc.subjectTransmission accessen_HK
dc.titleCoordinated multilateral trades for electric power networks: Theory and implementationen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0142-0615&volume=21&spage=75&epage=102&date=1999&atitle=Coordinated+Multilateral+Trades+for+Electric+Power+Networks:+Theory+and+Implementationen_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0033079438en_HK
dc.identifier.hkuros44669en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0033079438&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume21en_HK
dc.identifier.issue2en_HK
dc.identifier.spage75en_HK
dc.identifier.epage102en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK
dc.identifier.scopusauthoridVaraiya, P=7005905293en_HK

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