NDLI: The Impact of Market Clearing Time and Price Signal Delay on the Stability of Electric Power Markets

Content Provider	IEEE Xplore Digital Library
Author	Nutaro, J. Protopopescu, V.
Copyright Year	1969
Abstract	We generalize a model, proposed by Alvarado, of the electric power market by including the effects of control and communication. To simulate realistic markets, our model issues control signals only at given times and those signals are delayed during transmission. These two effects transform Alvarado's continuous system into a hybrid system, with consequential effects. The stability analysis of the new system reveals two important properties. First, there is an upper limit on the market clearing time and the delay of the price signal beyond which the system becomes unstable. Second, there is a counter-intuitive relationship between the market clearing time and price signal delay: when the market clearing time is relatively long, delaying the price signal can improve the market's stability while reducing the communication delay can destabilize the market. This counter-intuitive effect shows that the full impact of information technology on power markets can be significant and difficult to anticipate. Therefore, as markets are designed and regulated, careful attention should be paid to the effects of information technology on the market's dynamic behavior.
Sponsorship	IEEE Power Engineering Society
Starting Page	1337
Ending Page	1345
Page Count	9
File Size	427178
File Format	PDF
ISSN	08858950
Volume Number	24
Issue Number	3
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2009-08-01
Publisher Place	U.S.A.
Access Restriction	One Nation One Subscription (ONOS)
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Delay effects Power system modeling Power system dynamics Communication system control Power markets US Government Information technology Power system control Power system stability Communication networks power system stability power system communication power system control power system dynamic stability power system economics power system modeling
Content Type	Text
Resource Type	Article
Subject	Energy Engineering and Power Technology Electrical and Electronic Engineering

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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