|Title||An advanced security constrained OPF that produces correct market-based pricing|
|Publication Type||Conference Paper|
|Year of Publication||2008|
|Authors||Robert J Thomas, Carlos E Murillo-Sanchez, Ray D Zimmerman|
|Conference Name||2008 IEEE Power and Energy Society General Meeting|
|Conference Location||Pittsburgh, PA, USA|
|Keywords||electricity markets, optimal power flow (OPF), reliability and markets, RM07-002|
Security constrained optimal power flow programs are important tools for ensuring correct dispatch of supply while respecting the many constraints imposed by the delivery system. In addition to getting the dispatch right, locational prices must be calculated with equal precision in order to infuse market participants with the proper incentives for operation and investment. In this paper we discuss a co-optimization framework in which contingencies, ancillary services, and network constraints are correctly accounted for in determining both dispatch and price.