Abstract
Power system restructuring has changed the mechanism of system reliability management and electricity pricing. The electricity price and supply point reliability are correlated due to customer participation in market trading in the new environment. A new technique used to determine both nodal prices and nodal reliability indices of deregulated power systems has been developed based on a probabilistic reliability evaluation approach and optimal power flow method. Customer demand response to price changes in terms of customer interruption cost has been included in the technique to re-dispatch generation and to shed load for releasing network violations caused by contingency states. Instead of using nodal price for the normal operation state, the expected nodal price and the associated standard deviation are used to represent the volatility of nodal price due to random failures. A reliability test system (RBTS) has been analysed to illustrate the technique.
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