Towards dynamic security-constrained congestion management in open power market

Security and reliability are major concerns in the deregulated and unbundled electricity supply industry due to the increased number of market participants and the changing demand patterns. This letter presents an approach and investigates the impact of incorporating dynamic security considerations in an open market environment. It is possible to reschedule the real power generation along with curtailment of real power loads/transactions to make the system dynamically secure after a fault. A conceptually plausible and computationally feasible approach for the solution of this problem has been developed for a system with a mix of pool and contract dispatches.