Incorporating price responsive load into generation schedule via non-iterative method

The price responsive load is of great potential in peak shaving and promoting wind power integration. However, it also introduces new dynamics in the power markets and brings challenges to the generation schedule problem. The large-scale load adjustment behavior will influence the generation schedule dramatically and in turn affect the electricity prices. Different from the alternative iteration method between the price making and load adjustment, a non-iterative method is proposed to incorporate the price responsive load into generation schedule. Based on the KKT condition analysis, the iterative process is reformulated as solving an extended generation schedule problem to obtain the equilibrium between price making and load adjustment. Compared with the existing non-iterative method, the multi-period responsive characteristics and the transmission capacity constraints are considered and managed. The feasibility of the proposed method has been verified by the case studies on the modified IEEE-RTS.