Power System Economics and Market Modeling

Power System Economics and Market Modeling with PowerWorld Simulator

Free, On-Demand Version

Synchronous agendas:

This 3 half-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)


Introduction to PowerWorld Simulator: Interface and Common Tools

Course Materials and On-Demand Video

Slides and recorded training modules are available here for free viewing. A dual-monitor system is recommended to enable viewing of the training video alongside the PowerWorld Simulator application. If you don’t yet have PowerWorld Simulator you can perform most of the exercises covered in these training modules on our free 13-bus evaluation version.

Download Sample Cases and Oneline Diagrams used in training modules.

M1: Electricity Market Concepts and Industry Trends

Overview; Electricity Markets; Electricity Market Equilibrium; Characteristics of Electricity; Market Architecture; Market Trends

M2: Optimal Power Flow

Overview of the Optimal Power Flow Algorithm and its Use; Example 2 bus system; Example 3 bus system; Explanation of Line Limit Enforcement; Unenforceable Constraints; Maximum Violation Cost and Limit Cost Curves; LP OPF Options Dialog; OPF Contraints Display; OPF Area, Generator, Bus Records; Cost of Energy, Losses and Congestion; Super Areas on OPF; Example Graphics

M3: Overview of Linear Programming

Motivation; LP Standard Form; Fundamental Theorem of LP; The Simplex Method; Simplex Algorithm; Example 3 bus system Revisited

M4: Advanced Contingency Modeling

Advanced Limit Monitoring; Monitoring Exceptions; Contingency Blocks; Contingency Global Actions; Conditional Contingency Actions; Modeling Remedial Action Schemes (RAS) or Special Protection Schemes (SPS); Model Conditions; Model Filters; Model Expressions; Contingency Element Status; Advanced Contingency Options; Bus Load Throwover Records; Generator Maximum MW Response; Generator Post-Contingency AGC; Generator Line-Drop or Reactive Current Compensation; Post Contingency Auxiliary Files; Sample Case; Design and Simulate a Special Protection Scheme (SPS); TLR Analysis; Line Loading Replicator; OPF with minimum control change; Using Combined Tables for Reporting; Report Writing; Comparing two sets of Contingency Results; Other Actions

M5: Security-Constrained Optimal Power Flow

Interfaces with Contingent Elements; Area Transactions as OPF Controls; DC Power Flow Modeling in the OPF; SCOPF Overview; Contingency Analysis; Solution Process; Violations; Example

M6: OPF Reserve Markets (slides only)

Introduction; Reserve Resource Controls; Solving Normal OPF; Regulating Reserve Example; Area Regulating Reserve Demand; Generator Reserve Controls; OPF with Regulating Reserves; Effect of Generator Limits; Effect of Scarce Reserve; Contingency Reserves; Area Contingency Reserves; Generator Contingency Reserves; Area Contingency Reserve Demand; Contingency Reserve Pricing; Area Operating Reserves; Area Operating Reserve Demand; Operating Reserve OPF Solution; Spinning Percent Constraint; Spinning Percent Example; Multiple Area/Zone Case; Generator Control Result; Basic Variables Result; Area Results; Zone Results; Effect of Removing Constraints; Effect of Available Reserves; Hour-by-hour Simulations; Time-Step Simulation (TSS) Reserve Simulations

M7: Time-Step Simulation (slides only)

Overview; Time Step Simulation Dialog; Setting up Hourly Input Data; Setting up Results; Exploring Results; Specifying Scheduled Input Data; Schedules and Subscriptions; Examples; Continuous and Timed Simulations

M8: Developing an LMP Analysis for a Multi-Area Case

Process Overview; Case Development; Western Case; Options for Further Analysis; Super Area; More on Challenges of OPF Formulation and Solution; Analysis of Unenforceable Constraints; Insufficient Reserves; Too Much Power Transfer

M9: OPF Automation Examples

OPF Automation Examples; What Can You DO with Auxiliary Files; Standardize Settings; One-line Diagrams; Display Explorer; OPF Automation with Time-Step Simulation; Time-Step Setup; Schedules; Schedule Subscriptions; Specify Results to Track; Perform Simulation; Examine Results