Abstract
This paper addresses a new concept for determining optimal transactions between different entities in a multilateral environment while benefits of both buyer and seller entities are taken into account with respect to the rules of the system. At the same time, constraints of the network are met, which leads to an optimal power flow problem. A modified power transaction matrix is proposed for modeling the environment. The optimization method in this paper is the continuation method, which is suited for complex situations of power system studies. This complexity will become more serious when dual interaction between financial and electrical subsystems of competitive power system are taken into account. The proposed approach is tested on a typical network with satisfactory results.
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