Dynamic Security in Open Power Market Dispatch.

In a deregulated power market, where bilateral and pool contract may exist within the system, a mathematical methodology to reschedule these transactions, when this is required for dynamic related reasons, is important. In this paper, the impact of dynamic security-driven rescheduling has been examined in the context of an open-market environment. Making a system dynamically secure may require the redispatch of generators in an unbundled system and have an effect on pool prices and an impact on commercial competition between generators. Achieving a commercially transparent and technically justifiable approach, therefore, is very important. In this paper, a transient energy function approach has been used to calculate the stability margin of the system after clearing a typical fault. Redispatch is undertaken if this margin is inadequate and the apportionment of dispatch changes among generators is also made sensitive to price signals so as to allow an input by competing generators. [ABSTRACT FROM AUTHOR]