Grid Monitoring and Market Risk Management

The advent of electricity market deregulation has placed great emphasis on information availability and analysis and the subsequent decision making to optimize system operation in a competitive environment. Alarm processing is an important part of electricity grid operations that has been a traditional feature of the power-grid energy management system (EMS) studied over the past few decades, and researchers have developed several new expert system approaches. The market structure for scheduling electricity includes forward bilateral contracts and centrally coordinated markets for day-ahead, hour-ahead, and real-time energy and ancillary services. Once the forward markets have closed, the real-time market operation coincides with real-time grid operations. The IEAP can be implemented in a control center to assist the grid operator in rapidly identifying faulted sections and market operation management.