%0 Journal Article
%J IEEE Transactions on Power Systems
%D 2014
%T Risk-Based Locational Marginal Pricing and Congestion Management
%A Wang, Qin
%A Zhang, Guangyuan
%A James D. McCalley
%A Zheng, Tongxin
%A Litvinov, Eugene
%K AA09-001
%K AARD
%K Automatic Switchable Network (ASN)
%K CERTS
%K locational marginal pricing
%K PSERC
%K RTGRM
%K System Security Tools
%K WECC
%X This paper develops a new electricity market clearing mechanism, called risk-based locational marginal pricing (RLMP). The RLMP is derived from the risk-based security-constrained economic dispatch model, where risk is modeled to capture the system's overall security level. Compared to the traditional locational marginal pricing (LMP) which is composed of three components: energy, congestion, and loss, the RLMP consists of an additional risk component. The risk component is a price signal to reflect the system's overall security level. This paper discusses the features of RLMP, and analyzes its benefits over traditional LMPs. The proposed concept and method are illustrated on a six-bus system and the WECC 240-bus system.
%B IEEE Transactions on Power Systems
%V 29
%P 2518 - 2528
%8 09/2014
%N 5
%! IEEE Trans. Power Syst.
%R 10.1109/TPWRS.2014.2305303
%0 Journal Article
%J IEEE Transactions on Power Systems
%D 2013
%T Risk and “N-1” Criteria Coordination for Real-Time Operations
%A Wang, Qin
%A James D. McCalley
%K AA09-001
%K AARD
%K RTGRM
%K System Security Tools
%X This letter describes a new perspective on coordinating system “N-1” criteria and risk for real-time operations, where risk is modeled to capture the system's overall security level. A risk-based security-constrained optimal power flow (RB-SCOPF), considering “N-1” criteria and risk together, is compared with the traditional SCOPF. The IEEE 30-bus system is tested to illustrate the coordination between risk and “N-1” criteria in RB-SCOPF.
%B IEEE Transactions on Power Systems
%V 28
%P 3505 - 3506
%8 08/2013
%N 3
%! IEEE Trans. Power Syst.
%R 10.1109/TPWRS.2013.2258820
%0 Conference Paper
%B IEEE Power & Energy Society (PES) General Meeting
%D 2009
%T Risk-based optimal power flow and system operation state
%A Li, Yuan
%A James D. McCalley
%K AA09-001
%K AARD
%K Automatic Switchable Network (ASN)
%K load flow
%K optimal power flow (OPF)
%K power system economics
%K power system reliability
%X In this paper, the risk-based optimal power flow is proposed, which minimizes the economic cost considering the system reliability, and a refined system operation state is provided to clarify this approach. In order to obtain better economic benefit than traditional security-constrained optimal power flow, the corrective optimal power flow is used in this work. The reliability is represented by the risk index, which captures the expected impact to the system. This problem is solved by Benders decomposition. The specific designed Benders subproblem will assure that no collapse or cascading overload occurs for the corrective optimal power flow problem. The approach auto-steers the dispatch between different risk level according to the probability and consequence of the upcoming contingency events. Case studies with a six-bus system are presented.

%B IEEE Power & Energy Society (PES) General Meeting
%I IEEE
%C Calgary, Canada
%P 1 - 6
%8 07/2009
%@ 978-1-4244-4241-6
%R 10.1109/PES.2009.5275724
%0 Journal Article
%J IEEE Transactions on Power Systems
%D 2007
%T Risk-Based Security and Economy Tradeoff Analysis for Real-Time Operation
%A Fei Xiao
%A James D. McCalley
%K AA09-001
%K AARD
%K Automatic Switchable Network (ASN)
%K optimal power flow (OPF)
%K Power system modeling
%K power system security
%K risk analysis
%X This letter describes a new perspective on balancing system security level with cost for real-time operation. Security level is quantified using risk, which provides that security may be optimized. A risk-based multiple-objective (RBMO) model, considering security and economy together, is compared with the traditional security-constrained OPF (SCOPF) model. A six-bus test system is used to show the merits of RBMO.
%B IEEE Transactions on Power Systems
%V 22
%P 2287 - 2288
%8 11/2007
%N 4
%! IEEE Trans. Power Syst.
%R 10.1109/TPWRS.2007.907591