An Economic-based Special Protection System in a Restructured Environment

In this article, the design procedure for a special protection scheme is presented, taking the economic goals of an electricity market into account. The goals are maximizing the social welfare as well as minimizing the outage costs, while the static security constraints are properly observed for contingency conditions. The proposed algorithm is implemented for the modified IEEE 14-bus network, using GAMS (General Algebraic Modeling System; GAMS Development Corporation, Washington, DC, USA) and MATLAB (The MathWorks, Natick, Massachusetts, USA). Load shedding and generation rejection are selected as remedial actions and lookup tables for some examples are shown. Technical and economic advantages of the proposed scheme are demonstrated.