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Title:Convex relaxation based locational marginal prices for electricity markets
Author(s):Winnicki, Anna
Advisor(s):Bose, Subhonmesh
Department / Program:Electrical & Computer Eng
Discipline:Electrical & Computer Engr
Degree Granting Institution:University of Illinois at Urbana-Champaign
Subject(s):Convex relaxation
electricity markets
locational marginal prices
revenue adequacy
efficient market equilibrium
Abstract:We propose and analyze semidefinite relaxation-based locational marginal prices (RLMPs) for real and reactive power in electricity markets. Our analysis reveals that when the nonconvex economic dispatch problem has zero duality gap, the RLMPs exhibit properties similar to locational marginal prices with linearized power flow equations. Otherwise, they behave similarly to convex hull prices. Restricted to radial distribution networks, RLMPs reduce to second-order cone relaxation-based distribution locational marginal prices. We illustrate our theoretical results on numerical examples. We also investigate and analyze properties of convex relaxation-based prices to compensate for distributed energy resources (DERs) connected to a radial distribution grid. Our main contribution is the identification of sufficient conditions under which this distribution locational marginal pricing (DLMP) mechanism supports an efficient market equilibrium and is revenue adequate. We illustrate our analysis through examples.
Issue Date:2020-08-03
Rights Information:Copyright 2020 Anna Winnicki
Date Available in IDEALS:2021-03-05
Date Deposited:2020-12

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