Stability Analysis of Aggregated and Time Decomposed Power Market Dynamic Model

The problem of stability analysis for power market dynamics mathematical models are considered from the standpoint of control theory; moreover, the pricing mechanism realized in the bidding process is interpreted as a regulator in the feedback system. It is assumed, that the rate of change in the market price is determined by a linear differential transformation of the imbalance between the volumes of electric power produced and consumed. The possibility of simplifying the model based on aggregation and decomposition procedures is considered. The dynamics and stability of the power market are studied using a synergetic control approach for systems with separation of slow and fast motion; it is shown, that market price can be interpreted as an equivalent control that ensures slow motion along the manifold, which determines the fulfillment of balance relations.