Dynamic Incentives for Optimal Control of Competitive Power Systems

Download or read book Dynamic Incentives for Optimal Control of Competitive Power Systems written by Kölsch, Lukas and published by KIT Scientific Publishing. This book was released on 2022-10-11 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work presents a real-time dynamic pricing framework for future electricity markets. Deduced by first-principles analysis of physical, economic, and communication constraints within the power system, the proposed feedback control mechanism ensures both closed-loop system stability and economic efficiency at any given time. The resulting price signals are able to incentivize competitive market participants to eliminate spatio-temporal shortages in power supply quickly and purposively.