Security-based rescheduling of transactions in a deregulated power system

The paper studies security-driven rescheduling in the context of electricit y supply industry restructuring. Given that price-based operation is encour aged in an open-market system and that bilateral and pool contracts may coe xist within this system, a mathematical methodology to reschedule these tra nsactions, when required for security-related reasons, is developed. The po st-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 pro viding an insight into the security challenges faced by an independent syst em operator in the emerging market structures.