Security-based rescheduling of transactions in a deregulated power system

The paper studies security-driven rescheduling in the context of electricity supply industry restructuring. Given that price-based operation is encouraged in an open-market system and that bilateral and pool contracts may coexist within this system, a mathematical methodology to reschedule these transactions, when required for security-related reasons, is developed. The post-contingency corrective capability of each transaction is considered and an attempt is made to achieve optimal rescheduling both for preventive and for post-contingency control. The computational results are helpful for providing an insight into the security challenges faced by an independent system operator in the emerging market structures.