Optimal Dispatch of Competitive Power Markets by Using PowerWorld Simulator

TL;DR: This article investigates mathematical models associated with a competitive power market and how these models can be converted and transformed in such a way that makes it possible to use PowerWorld for the competitive power Market study.

Abstract: Abstract The transition to competitive and retail markets for electric utilities around the world has been a difficult and controversial process. One of the difficulties that hindered the development and growth of competitive power markets is the absence of efficient computational tools to assist the design, analysis, and operation of competitive power markets. PowerWorld simulator is a software package that has strong analytical and visualization functions suitable for extensive power flow study of an electric power system. However, like many other power flow simulators, PowerWorld cannot be used directly for analysis and evaluation of a competitive power market. This article investigates mathematical models associated with a competitive power market and how these models can be converted and transformed in such a way that makes it possible to use PowerWorld for the competitive power market study. To validate the effectiveness of the proposed strategy, models of several small-scale competitive power markets are built in MatLab by using conventional approaches. Results generated by both PowerWorld and MatLab are compared. Finally, the article demonstrates how the PowerWorld simulator is used to investigate a larger and practical competitive power system.