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Market operators are required to effectively manage transmission line, particularly as congestion occurs where energy prices are different at all nodes in the network. Locational marginal prices (LMP) have been extensively recognized as an appropriate solution in managing transmission congestion. This paper investigates formulation of LMP schemes using different approaches; DC optimal power flow and shift factor-based optimal power flow. Two LMP schemes are developed to observe the effectiveness of the method on a 24 bus IEEE RTS. Finding of this work is to support developing standard market design which promotes economic efficiency, maintains power system reliability, and mitigates exercising market power.