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Locational Marginal Pricing Basics for Restructured Wholesale Power Markets

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Author Info

  • Liu, Haifeng
  • Tesfatsion, Leigh S.
  • Chowdhury, A.A.

Abstract

In this tutorial paper, different AC and DC optimal power flow (OPF) models are presented to help understand the derivation of Locational Marginal Prices (LMPs) in restructured wholesale power markets. As a byproduct of this analysis, the paper provides a rigorous explanation of the basic LMP and LMP-decomposition formulas (neglecting real power losses) presented without derivation in the business practice manuals of the U.S. Midwest Independent System Operator (MISO). Related resources can be accessed at: http://www.econ.iastate.edu/tesfatsi/aelect.htm

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 13072.

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Date of creation: 01 Jul 2009
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Handle: RePEc:isu:genres:13072

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Related research

Keywords: Locational marginal pricing; Wholesale power markets; restructuring; electricity; Midwest ISO;

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