Abstract
Economics is the first goal pursued by all the participants in power market environment. The security and reliability of power system should be subordinate to this goal. The economic equivalent of security and reliability measure is based on the difference of the economic profits brought by the security and reliability measure and the cost needed by the implementation of the security and reliability measure. Based on the analysis of the power exchange and the determination of reserve capacity, the paper proposes that, on the premise of transmission open access, grid company can earn larger profits by way of load-shedding and making the reasonable compensation for the supply energy companies' and service energy companies' losses, and the relevant models for load-shedding in the power exchange and the confirmation of reserve capacity are developed. Finally, the rationality of the model and the feasibility of the algorithm developed here are demonstrated. The economic equivalent gives an entirely new way for economic determination of power system security and reliability
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