Marginal value of FACTS devices in transmission-constrained electricity markets

M. Sahraei-Ardakani, Seth Adam Blumsack

Research output: Chapter in Book/Report/Conference proceedingConference contribution

4 Scopus citations

Abstract

With the smart grid technology, the topology of the transmission network can be co-optimized simultaneously with the generation. One technology that allows adjustment of network topology is Flexible AC Transmission System (FACTS). Recently some studies suggest inclusion of FACTS devices in the wholesale electricity markets. Here we assess their values based on the value of the additional transfer capacity they offer to the market. This value is equal to the improvement they make to the social welfare. On the margin, we call it the marginal value of FACTS capacity. We calculate this marginal value analytically on a simple two-node system. A sensitivity-based formulation is provided for calculation of the marginal value in larger and more realistic networks. Simulation studies on a 2-node and a 30-bus system are presented to show how the formulation works.

Original languageEnglish (US)
Title of host publication2013 IEEE Power and Energy Society General Meeting, PES 2013
DOIs
StatePublished - Dec 1 2013
Event2013 IEEE Power and Energy Society General Meeting, PES 2013 - Vancouver, BC, Canada
Duration: Jul 21 2013Jul 25 2013

Publication series

NameIEEE Power and Energy Society General Meeting
ISSN (Print)1944-9925
ISSN (Electronic)1944-9933

Other

Other2013 IEEE Power and Energy Society General Meeting, PES 2013
CountryCanada
CityVancouver, BC
Period7/21/137/25/13

All Science Journal Classification (ASJC) codes

  • Energy Engineering and Power Technology
  • Nuclear Energy and Engineering
  • Renewable Energy, Sustainability and the Environment
  • Electrical and Electronic Engineering

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    Sahraei-Ardakani, M., & Blumsack, S. A. (2013). Marginal value of FACTS devices in transmission-constrained electricity markets. In 2013 IEEE Power and Energy Society General Meeting, PES 2013 [6673037] (IEEE Power and Energy Society General Meeting). https://doi.org/10.1109/PESMG.2013.6673037