Market Simulation Tool Benchmarking Analysis for Transmission Planning at MISO

Abstract

Economic transmission planning heavily relies on the accuracy of the quantitative analysis using market simulation tool, and it therefore requires benchmarking the simulation tool and model against historical actuals. Facing the technical challenges of such analyses, there is a lack of systematic approach and standard in doing such analyses in the industry. In that regard, this paper presents a thorough analysis that has been recently conducted at MISO which many stakeholders considered by far the most comprehensive and profound study of its kind. The analysis not only identified and categorized various impacting factors that caused discrepancy between model predictions and market actuals, but also quantitatively measured the impact of the major impacting factors. The improved results from applying the best modeling practices are presented to demonstrate the effectiveness of this analysis, which will bring great value to other entities in need of such analysis.

Meeting Name

2016 IEEE Power and Energy Society General Meeting, PES 2016 (2016: Jul. 17-21, Boston, MA)

Department(s)

Electrical and Computer Engineering

Keywords and Phrases

Benchmarking; Commerce; Electric Power Transmission Networks; Planning; Best Model; Economic Transmission Planning; Impacting Factor; Market Simulation; Model Prediction; Technical Challenges; Transmission Congestion; Transmission Planning; Electric Power Transmission

International Standard Book Number (ISBN)

978-1509041688

International Standard Serial Number (ISSN)

1944-9925

Document Type

Article - Conference proceedings

Document Version

Citation

File Type

text

Language(s)

English

Rights

© 2016 Institute of Electrical and Electronics Engineers (IEEE), All rights reserved.

Publication Date

01 Jul 2016

Link to Full Text

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