A modeling paradigm for extending well-being analysis to a composite bilateral contracts market

Economic trading brought on by the introduction of markets in the realm of power systems has witnessed a drastic shift in the way customer-say is incorporated into reliability apportioning. As customers are the sole determinants of profit making ventures in the liberalized regime, it is imperative that they be provided with ample decision support through reliability management options for the selective implementation of non-uniform reliability. The emergent equivalence techniques take into account the structural changes that necessitate the transitional operational framework in the restructured scenario. They provide clientele with the customary adequacy indices such as Loss of Load Probability (LOLP) and Expected Energy Not Served (EENS), enabling them to choose their generation providers according to pre-defined desirable thresholds. In a move towards facilitating them with additional means to base their decisions on, this paper puts forward a philosophical modeling paradigm that investigates the feasibility of extending the hybrid approach of well-being analysis, which encompasses part deterministic and part probabilistic features, to a composite bilateral contracts market structure. In this work, reliability network equivalent techniques are deemed fit to be used in conjunction with power flow tracing methodology to pave the way for a realistic Failure Modes and Effects Analysis (FMEA) phase, potentially culminating in the evaluation of well-being indices. This information can be used by Gencos as a standard to evolve the reserve management criteria as per the customer expectations.