A new high accuracy method for calculation of LMP as a random variable

A. Rahimi Nezhad, G. Mokhtari, M. Davari, A. Roghani Araghi, S. H. Hosseinian, G. B. Gharehpetian

Research output: Contribution to book or proceedingConference articlepeer-review

12 Scopus citations

Abstract

The Locational Marginal Pricing (LMP) is a dominant approach in energy market operation and planning to identify the nodal price and to manage the transmission congestion. Considering the uncertainties associated with the input data of load flow, the LMP can be considered as a stochastic variable. Therefore calculation of LMP as a random variable can be very useful in power market forecasting studies. In this paper, LMP has been calculated with Cumulant & GramCharlier (CGC) method and compared with Monte Carlo and point estimation method. This method combines the concept of Cumulants and Gram-Charlier expansion theory to obtain Probabilistic Distribution Functions (PDF) and Cumulative Distribution Function (CDF) of LMP. It has significantly reduced the computational time while maintaining a high degree of accuracy. The method described in this paper applied to PJM test system. The sensitivity of LMP with variation of load has also been calculated and compared with deterministic calculation.

Original languageEnglish
Title of host publication2009 International Conference on Electric Power and Energy Conversion Systems, EPECS 2009
StatePublished - 2009
Event2009 International Conference on Electric Power and Energy Conversion Systems, EPECS 2009 - Sharjah, United Arab Emirates
Duration: Nov 10 2009Nov 12 2009

Publication series

Name2009 International Conference on Electric Power and Energy Conversion Systems, EPECS 2009

Conference

Conference2009 International Conference on Electric Power and Energy Conversion Systems, EPECS 2009
Country/TerritoryUnited Arab Emirates
CitySharjah
Period11/10/0911/12/09

Scopus Subject Areas

  • Energy Engineering and Power Technology

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