Evaluation of target prices for transmission congestion contracts using a Monte Carlo accelerated approach

• Type: Article in International Conference Proceedings Book
• Date: 2001

Authors

Certo, J (Author) Other; João Tomé Saraiva (Author) FEUP

Conference proceedings International

Title: 2001 IEEE Porto Power Tech Proceedings

Pages: 69-74

2001 IEEE Porto Power Tech Conference

Porto, 10 September 2001 through 13 September 2001

Indexing

Scopus - 4 Citations

Other information

Authenticus ID: P-008-3ZA

DOI: 10.1109/ptc.2001.964575

Abstract (EN): In this paper we present a Monte Carlo based application to evaluate estimates of nodal marginal prices leading to target prices of transmission congestion contracts. The application integrates an optimization model to evaluate nodal marginal prices for each sampled state including an estimate of transmission losses. This formulation is integrated in a Monte Carlo simulation in order to deal with the probabilistic nature of component outages and to allow the user to represent load behavior using Load Duration Curves. The computational performance of the Monte Carlo simulation is enhanced by adopting a variance reduction acceleration technique based on a regression function. At a final section the paper includes results from a case study to illustrate the application of the model and to evaluate the efficiency of the referred acceleration technique. © 2001 IEEE.

Language: English

Type (Professor's evaluation): Scientific