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.
|Title of host publication||Proceedings of the 6th International Conference on the European Energy Market (EEM 2009) 27-29 May 2009, Leuven, Belgium|
|Place of Publication||Piscataway|
|Publisher||Institute of Electrical and Electronics Engineers|
|Publication status||Published - 2009|