Measurement-Based Real-Time Security-Constrained Economic Dispatch

In this paper, we propose a measurement-based approach to the real-time security-constrained economic dispatch (SCED). The real-time SCED is a widely used market scheduling tool that seeks to economically balance electricity supply and demand and provide locational marginal prices (LMPs), while ensuring system reliability standards are met. To capture network flows and security considerations, the conventional SCED formulation relies on sensitivities that are typically computed from a linearized power flow model, which is vulnerable to phenomena such as undetected topology changes, changes in the system operating point, and the existence of incorrect model data. Our approach to the formulation of the SCED problem utilizes power system sensitivities estimated from phasor measurement unit (PMU) measurements. The resulting measurement-based real-time SCED is robust against the aforementioned phenomena. Moreover, the dispatch instructions and LMPs calculated with the proposed measurement-based SCED accurately reflect real-time system conditions and security needs. We illustrate the strengths of the proposed approach via several case studies.