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Power System Economics and Market Modeling

Power System Economics and Market Modeling with PowerWorld Simulator

This 1.5-day advanced course discusses today’s LMP power markets and how to model them with PowerWorld Simulator. Participants will learn:

  • fundamentals of LMP power markets;
  • fundamentals of linear programming optimization techniques;
  • how to develop a large-scale power flow case and perform LMP market simulation;
  • how to model system contingencies in detail, including conditional remedial action schemes (RAS)/special protection schemes (SPS); and
  • how to develop a time-step grid for hourly system simulation.

Participants will also see examples of automation applications for LMP market simulation and learn how to use advanced add-on analysis tools in PowerWorld Simulator, including:

  • Optimal Power Flow (OPF)
  • Security-Constrained Optimal Power Flow (SCOPF)

Course Agenda

Prerequisites

Introduction to PowerWorld Simulator: Interface and Common Tools