Convex relaxation based locational marginal prices for electricity markets

We propose and analyze semidefinite relaxation-based locational marginal prices (RLMPs) for real and reactive power in electricity markets. Our analysis reveals that when the nonconvex economic dispatch problem has zero duality gap, the RLMPs exhibit properties similar to locational marginal prices with linearized power flow equations. Otherwise, they behave similarly to convex hull prices. Restricted to radial distribution networks, RLMPs reduce to second-order cone relaxation-based distribution locational marginal prices. We illustrate our theoretical results on numerical examples. We also investigate and analyze properties of convex relaxation-based prices to compensate for distributed energy resources (DERs) connected to a radial distribution grid. Our main contribution is the identification of sufficient conditions under which this distribution locational marginal pricing (DLMP) mechanism supports an efficient market equilibrium and is revenue adequate. We illustrate our analysis through examples.

Name thesis:degree_name

M.S.

Level thesis:degree_level

Thesis

Discipline thesis:degree_discipline

Electrical & Computer Engr

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2021

Author dc:creator

• Winnicki, Anna

Contributors dc:contributor

• Bose, Subhonmesh

• Convex relaxation
• electricity markets
• locational marginal prices
• revenue adequacy
• efficient market equilibrium

Statement dc:rights

• Copyright 2020 Anna Winnicki

Language dc:language

en

Handle dc:identifier

http://hdl.handle.net/2142/109550

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/109550