Analysis of power supply and demand balance in electricity market considering time delay

In the electricity wholesale market, the electricity price is mainly determined by the market clearing. Once the imbalance of power supply and demand leads to the price imbalance, it will bring huge financial risks to market participants, and also aggravate the loss of power system. As a kind of sampling behavior, market clearing brings time delay to the system, and the electricity price signal also has a certain communication delay. This paper considers the joint effects of communication delay and market clearing induced delay, constructs a supply-demand equilibrium model for a single supply and demand electricity market, derives conditions to insure the stability of the model. Then this paper calculates the upper bound of system delay in different conditions. Finally, the correctness of the results is verified by simulation.