TY - GEN
T1 - Analyzing the impacts of out-of-market corrections
AU - Al-Abdullah, Yousef
AU - Hedman, Mojdeh
AU - Hedman, Kory
PY - 2013/12/23
Y1 - 2013/12/23
N2 - The electric power grid is one of the most complex engineered systems today. Managing thousands of transmission assets spanning many miles and interconnecting regions and countries together combined with optimizing many generators with complex operating requirements creates a very challenging scheduling problem. Such a challenging problem becomes even more complex with resource uncertainty and stringent reliability standards. In order to solve such complex optimization problems within reasonable timeframes, approximations are required. The consequence of such approximations, however, is the need to implement out-of-market corrections (uneconomic adjustments). This paper presents an overview of out-of-market corrections, an overview of industry related practices that require out-of-market corrections, multiple algorithms that can be used to determine out-of-market corrections, and the various costs and market implications due to out-of-market corrections.
AB - The electric power grid is one of the most complex engineered systems today. Managing thousands of transmission assets spanning many miles and interconnecting regions and countries together combined with optimizing many generators with complex operating requirements creates a very challenging scheduling problem. Such a challenging problem becomes even more complex with resource uncertainty and stringent reliability standards. In order to solve such complex optimization problems within reasonable timeframes, approximations are required. The consequence of such approximations, however, is the need to implement out-of-market corrections (uneconomic adjustments). This paper presents an overview of out-of-market corrections, an overview of industry related practices that require out-of-market corrections, multiple algorithms that can be used to determine out-of-market corrections, and the various costs and market implications due to out-of-market corrections.
UR - http://www.scopus.com/inward/record.url?scp=84890479648&partnerID=8YFLogxK
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U2 - 10.1109/IREP.2013.6629389
DO - 10.1109/IREP.2013.6629389
M3 - Conference contribution
AN - SCOPUS:84890479648
SN - 9781479901999
T3 - Proceedings of IREP Symposium: Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013
BT - Proceedings of IREP Symposium
T2 - 2013 IREP Symposium on Bulk Power System Dynamics and Control - IX Optimization, Security and Control of the Emerging Power Grid, IREP 2013
Y2 - 25 August 2013 through 30 August 2013
ER -