A new mechanism for remedial action schemes design in a multi-area power system considering competitive participation of multiple electricity market players

Unlike to common protective devices that are used for protection of power system equipment, Special Protection System (SPS) means an automated protective system which detects abnormal and predetermined conditions of the power system and applies preplanned corrective actions in order to maintain system integrity. The SPS is widely used in a restructured environment because it is known as a rapid and low cost alternative for network expansion to increase the transfer capability. Although the economic motivations and technical aspects of SPS are proposed in some references, the economic design of an SPS in a restructured environment has received less attention. In this paper, an economic-based method is presented to design remedial action schemes in a Multi-Area Power System (MAPS) with presence of Multiple Electricity Markets (MEM). The innovations of the proposed method are twofold: on one hand, the protection schemes are updated after each electricity market clearing that increases its performance because of the proximity to real time conditions. On the other hand, these remedial actions are designed economically in an environment with several independent Market Operators (MOs) through the interaction with a central coordinator entity. The proposed method is applied on a three-area test system and its results are presented by further explanation of its technical and economic advantages.