Power system hourly pricing methods considering reliability

Power system hourly price is closely related to power energy marginal cost and risk cost. By stochastic production simulation, the optimal generation scheduler, fuel cost, system marginal cost and reliability indices can be obtained. Based on the stochastic production simulation results, three electricity pricing models and the principle of partition of the peak-valley electricity price are discussed. At last, a practical power system is utilized to obtain the different power system hourly prices and the ratio of peak-waist-valley price, which can provide references for the establishment of the actual power price. This work is supported by Special Fund of the National Basic Research Program of China (No.2004CB217905) and National Natural Science Foundation of China (No.50777052).