Advanced financial transmission rights in the PJM market

Ma, Xingwang; Sun, D.; Rosenwald, G.W.; Ott, A.

doi:10.1109/pes.2003.1270453

Cited by 18 publications

(10 citation statements)

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“…The total target payment (TTP) towards these FTRs can be calculated as (14) where The vector contains the ac-line flows which are collectively caused by and . The surplus amount (SA) of the congestion collection is given by (15) where can be expressed as (16) (16), the value of is then non-positive. Furthermore, according to the non-negativity condition of , the value of can never be negative.…”

Section: Let the Net Injection Patternmentioning

confidence: 99%

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Implementation of LMP-FTR Mechanism in an AC-DC System

Sarkar

Khaparde

2008

IEEE Trans. Power Syst.

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Section: Let the Net Injection Patternmentioning

confidence: 99%

“…But, FGR mechanism has some significant drawbacks [14], [15] due to which it may not suitable for a meshed system. As a result, most of the successfully running LMP markets (like PJM, New York, New England and others) have found the FTR mechanism to be more suitable for their systems as compared to the FGR mechanism [16]- [20].…”

Section: Introductionmentioning

confidence: 99%

Implementation of LMP-FTR Mechanism in an AC-DC System

Sarkar

Khaparde

2008

IEEE Trans. Power Syst.

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“…[2]. FTRs are now successfully implemented in many power markets like PJM, New England, New York, and others [3]- [7].…”

Section: Nomenclaturementioning

confidence: 99%

Introduction to Multidimensional Financial Transmission Rights

Sarkar

Khaparde

2008

IEEE Trans. Power Syst.

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Abstract-This paper introduces the concept of multidimensional financial transmission right (MDFTR) which is a generalized group financial transmission right (FTR) concept. An MDFTR allows its owner to hold a total FTR amount over a path group along with multiple choices to distribute this grouped amount among the individual grouping paths. This added flexibility provides forward-market participants with a useful support to overcome the congestion price risk that originates from the uncertainty in their transaction paths. All the fundamental issues regarding the implementation of MDFTRs are addressed in detail in this paper. The practical utility of MDFTRs is judged by analyzing their costs. It is shown with illustration that an MDFTR may be more cost-effective than any given portfolio of individual FTRs that has the ability to give the same risk-hedging benefit.Index Terms-Auction, financial transmission right, locational marginal price, multidimensional financial transmission right, obligation, option, secondary trading. NOMENCLATURE:Set of MW-path distribution vectors for the th multidimensional FTR. Price of the th multidimensional FTR.Total number of simultaneous feasibility constraints. Path-branch sensitivity factor (or power transfer distribution factor), relating a certain line to the path of the th requested nongenerated obligation FTR, for a particular network topology. Path-branch sensitivity factor, relating a certain line to the path of the th requested generated obligation FTR, for a particular network topology. Path-branch sensitivity factor, relating a certain line to the path of the th base generated obligation FTR, for a particular network topology. Path-branch sensitivity factor, relating a certain line to the path of the th nongenerated option FTR, for a particular network topology. Path-branch sensitivity factor, relating a certain line to the path of the th generated option FTR, for a particular network topology. Flow caused by the physical equivalents of base nongenerated obligation FTRs on a certain line under a particular network topology.

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“…This is due to the fact that an option FTR is withdrawn if FTR direction and congestion direction happen to be opposite to each other. Although complexity is there, option FTRs have been introduced in some markets like PJM [3]- [5] and New England [6]. However, none of these markets does employ a purely analytical method for modeling the effects of option FTRs.…”

Section: Introductionmentioning

confidence: 99%