The addition of a model of the consumer into the traditionaloptimal power flow (OPF) algorithm that minimizes supplier costs isinvestigated. The development of such a model is based on thesolution of the OPF using an objective function for maximization ofsocial welfare. A traditional OPF algorithm can be modified to solvethe social welfare maximization problem by including price-dependentload models. This modification to the traditional OPF is intuitiveand very simple. This modified OPF formulation facilitates simulationof spot markets for both real and reactive power. The algorithm iseffective on systems of hundreds of buses, but small examples tocompare the results to the traditional OPF are also insightful. Theimpact of price-dependent loads on systems with transmissioncongestion, increased fuel costs, and voltage problems can bestudied.
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