Operation of power systems with sustainable energy resources in competitive electricity markets

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The operation of power systems has undergone a major shift over the past decade with the deregulation of electricity markets around the world. Thus, while in the previous vertical-integrated, single-owner structure, grid reliability was paramount, the current operating paradigm has shifted towards an environment where economic issues prevail over other system operating concerns; the blackout of August 2003 in the North East of North America clearly illustrates the effects of this significant shift in focus. On the other hand, system security is accounted on most competitive markets by means of transmission system congestion limits defined rather conservatively, thus leading in some cases to market inefficiencies that result on unnecessary price spikes and even insecure system operation. Finally, there is significant interest on increasing the use of environmentally friendly energy sources, such as wind, solar and hydrogen, as well as making electric energy consumption more responsive to price and environmental conditions.