Power Markets

PowerWorld customers include many leading Independent System Operators (ISO), independent power producers, economists, power traders, and power marketers. This page includes resources for using PowerWorld software and services to analyze and visualize wholesale electric power markets.

Video Demos (require Adobe Flash Player, version 7 or higher)

Locational Marginal Price (LMP) simulation in the PJM market (4 minutes)

PowerWorld Software and Services

• Simulator OPF (Optimal Power Flow): calculates least-cost dispatch and locational marginal prices (LMPs), subject to transmission and other physical constraints, using a fundamentals-based power system model
• Simulator OPF Reserves: incorporates reserve or capacity market modeling
• Simulator SCOPF (Security-Constrained Optimal Power Flow): incorporates contingencies or forced outages into the least-cost dispatch
• Generator Cost Models (FirstRate): fundamental cost-based generator models to use as inputs to the OPF tools
• One-line Diagrams (Transmission Atlas): graphical power system representation for visualization and interaction with PowerWorld products

Presentations

Ancillary Service Markets, an Introduction to the PowerWorld Simulator OPF Reserves tool, Santiago Grijalva, 2007 PowerWorld Client Conference.

OPF Studies: Strategies and Tips, Scott Dahman, 2006 PowerWorld Client Conference.
Examples and Support Files (zip file)

Actual PJM Locational Marginal Prices (LMPs) shown in PowerWorld Simulator:

• Contour Plot, July 19, 1999.
• Contour Movie, August 20, 1999 (1.6 MB zip. The unzipped 32 MB movie is best run from a local hard drive.)

PowerWorld Partners

• PwrSolutions, Inc, Sunil Talati, P.E., 2007 PowerWorld Client Conference.
• Global Energy Decisions, Anna Geevarghese, 2006 PowerWorld Client Conference.
• EPIS, Deborah Austin-Smith, John Scott; 2006 PowerWorld Client Conference.

Tutorials and Training

• PowerWorld Simulator OPF, by Tom Overbye, PhD. Includes slides of calculated LMPs for New York and New England.
• Market Power Evaluation in Power Systems with Congestion, presented at 1999 IEEE Summer Meeting.

Technical Papers and Published Research

T.J. Overbye, D. R. Hale, T. Leckey, J.D. Weber, "Assessment of Transmission Constraint Costs: Northeast U.S. Case Study" submitted for publication to IEEE Transactions on Power Systems on September 30, 1999.

J.D. Weber, "Individual welfare maximization in electricity markets including consumer and full transmission system modeling," Ph.D. thesis, University of Illinois at Urbana-Champaign, Department of Electrical and Computer Engineering, September 1999.

J.D. Weber, "Implementation of a Newton-based optimal power flow into a power system simulation environment," M.S. thesis, University of Illinois at Urbana-Champaign, Department of Electrical and Computer Engineering,  January 1997

K.J. Patten, "Evaluating Market Power in Congested Power Systems," M.S. thesis, University of Illinois at Urbana-Champaign, Department of Electrical and Computer Engineering, December 1998