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Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization

This paper presents a new aspect in assessment of Locational Marginal Prices (LMP). LMP values are the key indications, which enables handling settlement procedures in the competitive electricity markets, so the fairness and accuracy of LMP’s values have always been the central issues. An approach c...

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Main Authors: Zeynal, Hossein, Khajeh Zadeh, Alimorad, Mohamed Noor, Khalid, Eidiani, Mostafa
Format: Article
Published: Praise Worthy Prize S.r.l. 2010
Subjects:
TK Electrical engineering. Electronics Nuclear engineering
Online Access:http://eprints.utm.my/id/eprint/26247/
http://www.praiseworthyprize.com/IREE-latest/IREE_vol_5_n_5.html#Locational_Marginal_Price_(LMP)_Assessment_Using_Hybrid_Active_and_Reactive_Cost_Minimization
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spelling my.utm.262472018-10-31T12:20:33Z http://eprints.utm.my/id/eprint/26247/ Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization Zeynal, Hossein Khajeh Zadeh, Alimorad Mohamed Noor, Khalid Eidiani, Mostafa TK Electrical engineering. Electronics Nuclear engineering This paper presents a new aspect in assessment of Locational Marginal Prices (LMP). LMP values are the key indications, which enables handling settlement procedures in the competitive electricity markets, so the fairness and accuracy of LMP’s values have always been the central issues. An approach can be developed, where reactive power costs take part into the objective function of the system dispatch. The intent is to find what happens if the costs of active and reactive powers are explicitly bided and therefore minimized. It is indicated that the cost of system will be further minimized when the cost of both active and reactive powers simultaneously minimized. Unlike traditional way at which the cost of real power were only considered, the LMP values are calculated with respect to proposed objective function in which the active and reactive sources are optimally dispatched and all the system constrained came into the optimal region of operations. In short, this approach provides better and cheaper way to deal with system dispatch and its settlement procedures. The proposed method indicates that adding reactive power costs in the objective function of the system will affect the LMPs drastically and can increase the profits in the energy market. An IEEE-14 bus system is employed to represent the promised approach. Praise Worthy Prize S.r.l. 2010 Article PeerReviewed Zeynal, Hossein and Khajeh Zadeh, Alimorad and Mohamed Noor, Khalid and Eidiani, Mostafa (2010) Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization. International Review of Electrical Engineering-IREE, 5 (5). 2413 - 2418. ISSN 1827- 6660 http://www.praiseworthyprize.com/IREE-latest/IREE_vol_5_n_5.html#Locational_Marginal_Price_(LMP)_Assessment_Using_Hybrid_Active_and_Reactive_Cost_Minimization
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
topic TK Electrical engineering. Electronics Nuclear engineering
spellingShingle TK Electrical engineering. Electronics Nuclear engineering
Zeynal, Hossein
Khajeh Zadeh, Alimorad
Mohamed Noor, Khalid
Eidiani, Mostafa
Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization
description This paper presents a new aspect in assessment of Locational Marginal Prices (LMP). LMP values are the key indications, which enables handling settlement procedures in the competitive electricity markets, so the fairness and accuracy of LMP’s values have always been the central issues. An approach can be developed, where reactive power costs take part into the objective function of the system dispatch. The intent is to find what happens if the costs of active and reactive powers are explicitly bided and therefore minimized. It is indicated that the cost of system will be further minimized when the cost of both active and reactive powers simultaneously minimized. Unlike traditional way at which the cost of real power were only considered, the LMP values are calculated with respect to proposed objective function in which the active and reactive sources are optimally dispatched and all the system constrained came into the optimal region of operations. In short, this approach provides better and cheaper way to deal with system dispatch and its settlement procedures. The proposed method indicates that adding reactive power costs in the objective function of the system will affect the LMPs drastically and can increase the profits in the energy market. An IEEE-14 bus system is employed to represent the promised approach.
format Article
author Zeynal, Hossein
Khajeh Zadeh, Alimorad
Mohamed Noor, Khalid
Eidiani, Mostafa
author_facet Zeynal, Hossein
Khajeh Zadeh, Alimorad
Mohamed Noor, Khalid
Eidiani, Mostafa
author_sort Zeynal, Hossein
title Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization
title_short Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization
title_full Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization
title_fullStr Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization
title_full_unstemmed Locational Marginal Price (LMP) assessment using hybrid active and reactive cost minimization
title_sort locational marginal price (lmp) assessment using hybrid active and reactive cost minimization
publisher Praise Worthy Prize S.r.l.
publishDate 2010
url http://eprints.utm.my/id/eprint/26247/
http://www.praiseworthyprize.com/IREE-latest/IREE_vol_5_n_5.html#Locational_Marginal_Price_(LMP)_Assessment_Using_Hybrid_Active_and_Reactive_Cost_Minimization
_version_ 1643647720566554624
score 13.223943

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