Abstract
In a deregulated electric power utility industry in which a competitive electricity market can influence system reliability, market risks cannot be ignored. This paper (1) proposes an analytical probabilistic model for reliability evaluation of competitive electricity markets and (2) develops a methodology for incorporating the market reliability problem into HLII reliability studies. A Markov state space diagram is employed to evaluate the market reliability. Since the market is a continuously operated system, the concept of absorbing states is applied to it in order to evaluate the reliability. The market states are identified by using market performance indices and the transition rates are calculated by using historical data. The key point in the proposed method is the concept that the reliability level of a restructured electric power system can be calculated using the availability of the composite power system (HLII) and the reliability of the electricity market. Two case studies are carried out over Roy Billinton Test System (RBTS) to illustrate interesting features of the proposed methodology.
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