@inproceedings{ea45668509984ba1b12c55856220ddaf,
title = "Design of an optimal contract for frequency regulation service",
abstract = "The prerequisite for stable system frequency is to have instantaneous balance of demand and generation of active power. In the framework of the well-known mechanism design theory, the problem of designing an optimal contract between a utility company and a pumped-storage power plant is investigated for frequency regulation that could act as an effective tool for system frequency control in deregulated power systems. Optimization models with different risk types are developed and simulations based on a sample example are employed for demonstration. The results show that the contract such developed benefits both the utility company and the pumped-storage power plant.",
keywords = "Frequency regulation, Mechanism design, Optimal contract design, Pumped-storage power plant",
author = "Ying Liu and Fushuan Wen and Zhaoxia Jing and Chung, {C. Y.} and Wong, {K. P.}",
year = "2006",
month = nov,
doi = "10.1049/cp:20062010",
language = "English",
isbn = "0863412467",
series = "IET Conference Publications",
number = "523 CP",
booktitle = "7th IET International Conference on Advances in Power System Control, Operation and Management (APSCOM 2006)",
edition = "523 CP",
note = "7th IET International Conference on Advances in Power System Control, Operation and Management, APSCOM 2006 ; Conference date: 30-10-2006 Through 02-11-2006",
}