Engineering topics

Wang, Fengyu

Publications and source records attributed to Wang, Fengyu.

3 records

DOE OSTI2024

Market Implications of Alternative Operating Reserve Modeling in Wholesale Electricity Markets

Pricing and settlement mechanisms are crucial for efficient resource allocation, investment incentives, market competition, and regulatory oversight. In the United States, Regional Transmission Operators (RTOs) adopts a uniform pricing scheme that hinges on the marginal costs of supplying additional electricity. This study investigates the pricing and settlement impacts of alternative reserve constraint modeling, highlighting how even slight variations in the modeling of constraints can drastically alter market clearing prices, reserve quantities, and revenue outcomes. Focusing on the diverse market designs and assumptions in ancillary services by U.S. RTOs, particularly in relation to capacity sharing and reserve substitutions, the research examines four distinct models that combine these elements based on a large-scale synthetic power system test data. Our study provides a critical insight into the economic implications and the underlying factors of these alternative reserve constraints through market simulations and data analysis.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

DOE OSTI2023

Market Pricing and Settlements Analysis Considering Capacity Sharing and Reserve Substitutions of Operating Reserve Products

Electricity market pricing and settlement are the key signals for real-time dispatch and long-term investment decisions. Regional transmission operators (RTOs) in the U.S. adopt uniform pricing scheme, which is based on the marginal costs of supplying an incremental MW of electric services. The marginal cost of an electric service is highly dependent on the constraints in the pricing models of RTOs. A slight difference in constraint modeling of pricing model on energy and ancillary services could result in drastically different market clearing prices (MCPs), cleared reserve quantities, and associated revenue. RTOs in the U.S. have various market designs and assumptions in ancillary services modeling in capacity sharing and reserve substitutes. This paper examines four combination models of capacity sharing and reserve substitutes and analyzes the associated market implications. The numerical results present that 1) cascading reserve requirements have direct impact on reserve pricing schemes 2) both cascading reserve requirements and sharing capacity have significant impact on reserve MCPs and locational marginal prices, and thus result in drastically different reserve revenue, energy revenue, generation cost, and generation profit.

ancillary services↗

DOE OSTI2019

Transmission Constraint Filtering in Large-Scale Security-Constrained Unit Commitment

When solving the security-constrained unit commitment problem, one of the most complicating factors is handling the large number of transmission constraints, corresponding to both base case and N - 1 line contingency scenarios. Although it is well known that only a few of these constraints need to be enforced, identifying this critical subset of constraints efficiently remains a challenge. In this letter, we propose a novel and simple iterative contingency-screening procedure that is able to eliminate 99.4% of the constraints selected by existing iterative methods, allowing for the solution of much larger-scale problems. We report computational results in realistic instances with up to 6468 buses and 9000 transmission lines. Furthermore, the method was also independently implemented and evaluated at MISO, where it performed faster than alternative methods.

24 POWER TRANSMISSION AND DISTRIBUTION↗