Power System Economics, Power Flow, And Distributed Energy Resources

1851 Words8 Pages
1.1 Overview The purpose of this chapter is to give a brief introduction about this work and to introduce various topics such as power system economics, power flow techniques, distributed energy resources, and transactive energy used in this work. Restructuring of power Market over the years and its current status in US is introduced first. Major government acts which paved way for deregulation in power market and the current status of deregulation is discussed. Next, existing power market structure and classification of energy market into Day Ahead Market and Real Time market is examined. This is followed by Locational Marginal Pricing (which is the pricing scheme used to charge customers), Economic Dispatch, Optimal Power Flow, and Distributed Energy Resources. Transactive Energy framework and various transactive energy markets which is still in the planning phase are reviewed next. The next section deals with historic review of economic dispatch, optimal power flow, LMP and Distributed Energy Resources. Finally, scope and contribution of this work is presented in next section. 1.1.1 Restructuring of Power Market In the mid part of the twentieth century, the cost of electricity kept on declining as utilities started to build larger power plants, with increased efficiency and reduced production costs. Increased electric demand required more and larger plants, which reduced costs further as well as increasing the utility rate base. Consumers had abundant, low cost power;
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