IEEE Transactions on Power Systems · 1989 · 131 citations · 5 references
Natural ResourcesEconomicsEnergy EconomicsPricing StrategyPricing TheoryElectricity Load ManagementElectricity MarketsFrequency ControlFrequency RegulationPower ControlReal-time ControlControl FeedbackElectric Power NetworksElectricity Price RegulationElectricity Pricing MechanismsLoad SheddingLoad Shedding SystemsPower System Frequency DynamicsTie Lines
The use of real-time prices (i.e. pricing in the presence of system dynamics) to assist in the control of frequency and tie-line deviations in electric power systems is discussed. Under idealized assumptions, prices for load frequency control are derived that reflect the underlying physical relationships of the power system. Applying the theoretical results to a simple example, real-time prices determined by a feedback control law for frequency deviations are shown to aid in load frequency control. It is concluded that real-time pricing could serve as the basis of an economic load/shedding policy to assist the direct control by the electric utility.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">></ETX>
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Fred C. Schweppe, Richard D. Tabors, James L. Kirtley et al. · IEEE Transactions on Power Apparatus and Systems · 1980 · 381 citations