Distributed, price-based control approach to market-based operation of future power systems

A. Jokic, P.P.J. Bosch, van den, R.M. Hermans

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

13 Citations (Scopus)
109 Downloads (Pure)

Abstract

In this paper we present, discuss and illustrate on examples the price-based control paradigm as a suitable approach to solve some of the challenging problems facing future, market-based power systems. It is illustrated how global objectives and constraints are optimally translated into time-varying prices. The real-time varying price signals are guaranteed to adequately reflect the state of the physical system and present the signals that optimally shape, coordinate and synchronize local, profit driven behaviors of producers/consumers to mutually reinforce and guarantee global objectives and constraints. As an illustrative example, the real-time price-based power balance control with congestion management is presented.
Original languageEnglish
Title of host publicationProceedings of the 6th International Conference on the European Energy Market (EEM 2009) 27-29 May 2009, Leuven, Belgium
Place of PublicationPiscataway
PublisherInstitute of Electrical and Electronics Engineers
Pages5207170-1/6
ISBN (Print)978-1-4244-4455-7
DOIs
Publication statusPublished - 2009

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