As the increasing utilization of wind resources and lightweight gas turbine units, the power grid is shifting towards a situation with declining system inertia, which causes a larger frequency deviation after disturbances and threatens the reliability of the grid. Thus, we devote this work to develop an appropriate tool to determine the economic value of the inertia to the systems. To do so, we discretize and integrate the system dynamic equations into a modified version of the linear security-constrained unit commitment framework. Since the fast-acting storage devices are able to respond in a very short time, we also develop a storage control scheme to mimic the inertia and to provide primary frequency responses. We perform extensive studies on the IEEE 24-bus reliability test system and present some illustrative simulation results to demonstrate the effectiveness of the proposed method to assess the economic value of the power system inertia.

%B 2016 49th Hawaii International Conference on System Sciences (HICSS) %I IEEE %C Koloa, HI, USA %P 2456 - 2465 %8 01/2016 %R 10.1109/HICSS.2016.307 %0 Journal Article %J IEEE Transactions on Power Systems %D 2014 %T Equivalent Line Limit Calculation for Power System Equivalent Networks %A Saurav Mohapatra %A Wonhyeok Jang %A Thomas J. Overbye %K CERTS %K electricity markets %K power system reliability %K reliability and markets %K RM11-001 %K SuperOPF %X This paper focuses on the relatively unexplored subject of creating limit-preserving equivalents (LPEs). There is a push to develop LPEs for power system interconnections to be used in markets and reliability studies. The equivalents that exist for these interconnections do not capture thermal limits of equivalent lines, which results in their transmission limits being significantly different from the original interconnection limits. Assigning noninfinite and nonzero limits to equivalent lines is the niche of this paper. This is done by considering an unloaded network, which is operating point independent. A solution method is developed and discussed, which is capable of assigning lower, best, and upper estimates for equivalent line limits and is proposed for use towards developing LPEs. %B IEEE Transactions on Power Systems %V 29 %P 2338 - 2346 %8 9/2014 %N 5 %! IEEE Trans. Power Syst. %R 10.1109/TPWRS.2014.2300176