Quantifying the Impact of Unscheduled Line Outages on Locational Marginal Prices
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In this paper, we present a systematic approach for quantifying the impact of unscheduled line outages on real-time Locational Marginal Price (LMP). The probabilistic LMP is formulated with consideration of generation, load, and topology uncertainties. A computationally efficient 2n+1 point estimation method is adopted to calculate statistical moments of LMP due to unscheduled transmission line outages. The proposed approach is demonstrated in a modified PJM five-bus system. Result of such study is beneficial for power market participants in developing a more comprehensive bidding strategy.
author list (cited authors)
Lotfifard, S., Xie, L. e., & Kezunovic, M.