Welcome What Visitors to 2002 Said Event Floorplan List of Exhibits
- by Research Group List of Exhibits - by Industry Sector Mid-Year Project List Prizes 2002 Photo Gallery Contact Details
UQ Innovation Expo 2003 ITEE Innovation Expo 2002 ITEE Innovation Expo 2001 ITEE Public Web ITEE School Alumni| UQ Innovation Expo 2003 » Mid-Year Student Projects » Wai Ling Ng |
Framework for Electricity Market Operation, Control, Planning and Risk Management
Student: Wai Ling Ng
Supervisor: Zhao Dong
Category: Engineering Thesis Project - Power
In the late 1970’s, before deregulation has taken place, there was shortage in electricity. With the movement from government owned monopolies to mixed system of both privately and publicly owned monopolies to a free market competition has lead to stability as well as the quality of service. In addition, with 1965 blackout in New York City, and in 2000, California electricity market experienced a crisis with serious financial problem to the country together with the liberation of electricity industry, planning has become increasing important to power system planning, especially in a rapid changing environment.
The author seeks to present a framework for planning in electricity market operation. The analytical framework for decision-making will assists the firm/organizations in understanding and managing risk. The general risk management sequence would be exploring of a system, assessing the system, testing and reviewing of performance. The thesis looks into how risk management helped decision maker to minimize risk in the world of uncertainty. Probability-based design and analysis procedures are used to sharpen and supplement the available data of a valid design under uncertainty conditions. Various methodologies such as Probabilistic, Risk Analysis, Expected Utility and Rank Dependent Expected Utility are in place to address adverse impact risk may cause to the society and firm. But there are tradeoffs among them. Based on this, decision-makers will choose the one that will maximize utility or minimize loss or regret as well as to minimize the risk undertaken under rational mind.
Finally application of the methodologies are applied to the power system using optimal power flow algorithm provided by the MATPOWER Matlab Package and the Matlab optimization toolbox. We will also investigate the impact from emotion on decision-making in a competitive electricity market through experimental studies carried out in other commodity markets.