Based on a new perspective in coordinating with\r\nthe traditional ââ?¬Ë?ââ?¬Ë?N-1ââ?¬â?¢Ã¢â?¬â?¢ criteria and system risk, a real-time\r\nelectricity market model is presented, in which the system\r\nrisk is employed to model the systemââ?¬â?¢s overall security level.\r\nThis new model is called the risk-based security-constrained\r\neconomic dispatch (RB-SCED). Relative to the securityconstrained\r\neconomic dispatch (SCED) used in the power\r\nindustry today, the RB-SCED finds more secure and economic\r\noperating conditions. It does this by obtaining solutions\r\nthat achieve a better balance between post-contingency\r\nflows on individual branches and the overall system risk. The\r\nmethod exploits the fact that, in a SCED solution, some postcontingency\r\nbranch flows which exceed their limits impose\r\nlittle risk while other post-contingency branch flows which\r\nare within their limits impose significant risk. The RB-SCED\r\nsoftens constraints for the former and hardens constraints for\r\nthe latter, thus achieving simultaneous improvement in both\r\nsecurity and economy. In this work, the basic concept and the\r\nmathematical formulation of the RB-SCED model are systematically\r\ndescribed. Experimental results on a 9-bus system\r\nand the ISO New England actual system have\r\ndemonstrated the advantages of RB-SCED over SCED.
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