992

IEEE TRANSACTIONS ON POWER SYSTEMS, VOL. 23, NO. 3, AUGUST 2008

Analysis of Probabilistic Optimal Power Flow Taking

Account of the Variation of Load Power
Xue Li, Yuzeng Li, and Shaohua Zhang

AbstractThis paper presents a probabilistic optimal power

flow (POPF) algorithm taking account of the variation of load
power. In the algorithm, system load is taken as a random vector,
which allows us to consider the uncertainties and correlations
of load. By introducing the nonlinear complementarity problem
(NCP) function, the KarushKuhnTucker (KKT) conditions of
POPF system are transformed equivalently into a set of nonsmooth
nonlinear algebraic equations. Based on a first-order second-moment method (FOSMM), the POPF model which represents the
probabilistic distributions of solution is determined. Using the
subdifferential, the model which includes nonsmooth functions
can be solved by an inexact LevenbergMarquardt algorithm.
The proposed algorithm is verified by three test systems. Results
are compared with the two-point estimate method (2PEM) and
Monte Carlo simulation (MCS). The proposed method requires
less computational burden and shows good performance when no
line current is at its limit.
Index TermsFirst-order second-moment method, inexact
LevenbergMarquardt algorithm, nonlinear complementarity
problem, probabilistic optimal power flow, subdifferential, uncertainty and correlation.

I. INTRODUCTION

HE optimal power flow (OPF) has been commonly used

as an efficient tool in the power system planning and operating for many years, and the models of OPF have been generally addressed as a deterministic optimization problem. However, many random disturbances or uncertain factors, such as
the variation of nodal load, the change in network configuration
and the measuring or forecasting errors of parameters and input
variables, exist in power system operation. This renders the results of deterministic OPF, at least to some extent, inaccurate,
which makes it necessary to incorporate uncertainties in OPF
modeling. Therefore, the OPF problem is transformed into the
probabilistic optimal power flow (POPF) problem.
Probabilistic optimization is becoming increasingly concerned with taking into account the uncertainties of some
parameters in power systems. For example, bids of market
players in electricity markets are considered uncertain to see

Manuscript received August 22, 2007; revised February 25, 2008. This work
was supported in part by Project 50377023 of the National Natural Science
Foundation of China, in part by Project 05AZ28 of the Science and Technology
Development Foundation of Shanghai Municipal Education Committee, and in
part by Project T0103 of the Shanghai Leading Academic Discipline. Paper no.
TPWRS-00591-2007.
The authors are with the Key Laboratory of Power Station Automation
Technology, Department of Automation, Shanghai University, Shanghai, China
(e-mail: lixue@shu.edu.cn; yzli@mail.shu.edu.cn; eeshzhan@sina.com).
Digital Object Identifier 10.1109/TPWRS.2008.926437

the impact of participants behavior on electricity prices [1].

The uncertainties in system load are typically modeled as
probabilistic in the POPF problem [2][5]. The system load is
a time dependent variable, which can be better represented by
the load curves.
Since the application of probabilistic analysis to the power
system load flow study was first proposed by Borkowska in
1974 [6], many methods are proposed to account for uncertainties in power systems. Monte Carlo simulation (MCS) method
[7], [8] can provide accurate results but it is computationally
more demanding. A new algorithm combining MCS and multilinearized load-flow equations was presented to sufficiently and
efficiently evaluate all result quantities in [7]. A direct and efficient approach based on the principle of statistical least square
estimation was used to analyze the effects of nodal data uncertainties on all output quantities in [9]. The conventional convolution technique is also time consuming in order to achieve a
reasonable level of precision. A discrete frequency domain convolution technique by applying fast Fourier transforms is used
to reduce the computation time in [10].
More recently, the methods, including the first-order secondmoment method (FOSMM) [3], [4], the cumulant method (CM)
[4], [5], and the two-point estimate method (2PEM) [1], [11]
have been applied to the POPF problem. The main idea behind
these methods is to use approximate formulas for calculating the
statistical moments of a random quantity that is a function of
random variables [1]. It is also pointed out that the 2PEM does
not perform well if the number of uncertain variables is too large
in large systems [1]. The CM and the FOSMM are compared in
[4] and a numerical example shows that the results using the
FOSMM exactly equal the results using the CM.
The FOSMM has less computational burden than other
methods by taking into account more initial operating states in
one numerical calculation. In [3], FOSMM was used to find
the statistical characteristics of random variables. Then the
formulated POPF model was solved by the Newtons method in
association with a combined penalty and Lagrange multiplier
approach to handle inequality constraints.
In this paper, FOSMM is employed to account for the uncertainties of load power, which is taken as a general vector
of correlated random variables in the POPF problem. After the
original POPF model is formulated, the KarushKuhnTucker
(KKT) conditions of POPF system are transformed equivalently
into a set of nonsmooth nonlinear algebraic equations by introducing nonlinear complementarity problem (NCP) function.
Then, FOSMM is used to find the mean values and standard
deviations of the random variables. Finally, using the subdifferential, the POPF model, which includes nonsmooth functions,
can be solved by an inexact LevenbergMarquardt algorithm.

0885-8950/$25.00 2008 IEEE

LI et al.: ANALYSIS OF PROBABILISTIC OPTIMAL POWER FLOW

993

The algorithm, taking into account both the Newton and gradient search directions, could improve the stability of algorithm
and be suitable for the large-scale case [12].
The paper is organized as follows: An overview of the
FOSMM is described and the POPF problem is formulated
in Section II. An inexact LevenbergMarquardt algorithm is
presented to the solution of POPF model in Section III. The
results obtained on a five-bus system, the IEEE 30-bus system
from MATPOWER and the IEEE 118-bus system are presented
and discussed in Section IV. Conclusions are presented in
Section V.
II. PROBABILISTIC OPTIMAL POWER FLOW
A. First-Order Second-Moment Method
Generally it is easy to obtain the first origin moment and
the second center moment of samples, i.e., mean and variance.
FOSMM uses exactly a first-order Taylor series approximation
to compute first-order and second-order statistical information.
The method can be applied to the POPF.
The derivation of the FOSMM begins with a nonlinear system

a random vector that represents the nodal injection with mean

repvector and covariance matrix , and
resents the equipment and system inequality constraints. The
Appendix details the entire formulation. Note that when the uncertainties of load are incorporated, the generation powers, the
voltages and the transformer ratios are also modeled as probabilistic.
for (5) can be written as follows:
The Lagrange function
(6)
where and are the vectors of Lagrange multipliers about
equality constraints and inequality constraints, respectively. The
Lagrange multipliers of equality constraints have the same economical significance with the spot prices.
is a vector of primal and dual variables.
The KarushKuhnTucker (KKT) condition of optimality for
(5) can be written as the following equations and complementarity conditions:
(7)
(8)

(1)

(9)

where
is the output vector,
is a nonis an input random vector
linear vector function and
with mean and covariance matrix .
The general nonlinear model (1) can be linearized using a
around , i.e.,
first-order Taylor series expansion for

To deal with a set of complementarity conditions in (9), a

nonlinear complementarity problem (NCP) function
is introduced as follows:

(2)
where
is the Jacobian matrix of
about
at the point
. Taking expectation in both sides of (2), the approximations
for the mean vector and covariance matrix of can be obtained
(3)
(4)
For the certain probabilistic distribution, for example normal
distribution, FOSMM can use the first-order and second-order
information to obtain the probabilistic characteristic of random
variables.

(10)
The function satisfies the basic property
(11)
Using (11), the complementarity conditions (9) can be expressed as the following set of nonlinear equations:
(12)
After the NCP function is applied, (7)(9) can be equivalently
reformulated as the nonlinear system
(13)

B. POPF Problem Formulation

The uncertainties and correlations of random load are considered in the paper, and the FOSMM is used to account for probabilistic characteristics of load. The POPF can be shown as the
following stochastic nonlinear programming problem:

(5)
where
is the vector of system variables,
is the objective function,
represents the power
is
flow equations excluding bus injection quantities,

where
is a semismooth system, and
[13].
the nonsmooth points exist if
Note that the uncertainties of load render all output variables
uncertain as well, i.e., the variables of vector , including primal
and dual variables, are uncertain and their statistic properties can
be described by the numerical characteristics.
The above mentioned FOSMM is employed to the POPF
problem with randomly varying node load. Then the nonlinear
system (13) can be linearized using a first-order Taylor series
, i.e.,
expansion around the mean points
(14)

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where
of

IEEE TRANSACTIONS ON POWER SYSTEMS, VOL. 23, NO. 3, AUGUST 2008

includes a set of nonsmooth equations,

is either element among B-subdifferential

at .
The expression of

in (14) can be shown in detail

(15)

Given
, and
are the corredifferent system operating states. Mean
sponding vectors of
, so the following
of the vectors is
equation can be determined:

many factors such as fuel costs, bidding strategies and consumer

behavior can be embodied by its probabilistic characteristics.
In [3], the success of the solution method largely depends on
the ability to find the binding inequalities efficiently, and the
method cannot work well when iterative equations are ill-conditioned. Compared with the solution method in [3], the proposed
method can easily handle the inequality constraints of the POPF
model and does not require to identify the binding constraints.
Another advantage of the proposed method is that it avoids the
ill-conditioning by using the well-conditioned iterative coefficient matrix.
III. SOLUTION METHOD

(16)
Taking expectation in both sides of (14) and using (15) and
(16), the mean expression can be obtained
(17)

where
,
is the gradient
of the primal objective function at the mean , and are the
and
about , respectively.
Jacobian matrices of
can be derived
From (14) and (17), the covariance matrix
as follows:

(18)
Using (15) and (17),

can be determined as

The inexact LevenbergMarquardt algorithm is based on the

recently developed theory for solving semismooth systems formulated by the NCP. The algorithm falls into the Newton-type
method and is proven to be quadratically convergent on the solution of the NCP [13]. Due to the nonsmooth function of
(17), the notion of subdifferential is introduced in this algorithm
to determine the search direction and only the approximate solution of a linear system is required at each iteration of LevenbergMarquardt algorithm, which makes the algorithm quite
inapplicable to the large-scale cases. Note that the symbol
dicates the Euclidean vector norm or its associated matrix norm.
The natural merit function is defined as
(22)
In spite of the nonsmoothness of , the function turns out
to be continuously differentiable. A nonmonotone line search to
minimize is performed to globalize the local method [14].
A. Computational Procedure

(19)

The POPF model is reformulated by (17) and (18) with the

following relationship:
(20)
(21)
can be derived from (19), and
where the covariance matrix
the statistic property of random vector can be described by the
mean vector and the covariance matrix
of nodal injection
is composed of the variances of all nodal powers
powers.
along the diagonal and the covariances between nodal powers
in the off diagonal positions.
The semismooth function exists in the POPF model, so
inexact LevenbergMarquardt algorithm attempts to solve the
semismooth system (20) and (21). At the solution point of POPF
problem, we are able to compute the mean and variance of each
variable as well as the covariances between all variables. The
probabilistic information is of increasing interest in market systems. For example, the fluctuation of electricity price due to

The procedure of the inexact LevenbergMarquardt algorithm for solving the POPF problem can be summarized in the
following steps.
,
,
,
,
Step 1) Initialization: Set
, choose a starting point
, and compute
the covariance matrix
by the standardized daily
operating curves.
, compute the
Step 2) Stopping criterion: If
and stop; otherwise, go to step
covariance matrix
3).
Step 3) Search direction calculation: Select an element
and then find a solution
of
the system

(23)
is the LevenbergMarquardt pawhere
is the residual vector. Set
rameter and
if the following condition (24) is not satisfied:
(24)

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995

Step 4) Nonmonotone line search: Find the smallest

such that

TABLE I
COMPARISONS OF COMPUTATIONAL PERFORMANCE

(25)
where

.
Step 5) Variables update: The variable
follows:

is updated as

(26)
then go to step 2).
B. Specifying
The gradient of merit function is shown as
(27)
where
is either element among B-subdifferential
can be obtained is exof at . How an element of
plained in [12]. Let
be the index set.
Then, the matrix is defined by

main procedures for the 2PEM, MCS and proposed method

were listed as follows.
1) The means and standard deviations of random load and
generation powers were obtained from the nodal power operating curves [15]. Then, the 2PEM was used to account
for the uncertainties and the POPF problem was solved.
2) In all cases, assuming normal distribution with the means
and standard deviations provided by (1), the random
samples were generated. Subsequently, MCS with 10 000
samples was implemented to solve the POPF problem,
repeating the process of deterministic OPF calculation.
3) The covariance matrix of nodal powers was obtained from
the random samples, and the proposed method was carried
out.
Using the results obtained from MCS method as the basis, two
performance indices, denoted as , , are used to ascertain the
performance of the proposed method. The relative errors ,
for the mean and standard deviation, respectively, are defined as

(28)
(31)
where
,
,
,
and
are
diagonal matrices
whose th diagonal elements are given, respectively, by
if
if
(29)
if
if
(30)
where

IV. NUMERICAL EXAMPLES

A computer program was implemented in MATLAB to solve
the POPF problem. The proposed method was tested on three
systems, i.e., a five-bus system, the IEEE 30-bus, and IEEE
118-bus systems. The tests were conducted on an advanced
micro devices (AMD) 1.80 GHz with 480 Mbytes of RAM. We
,
,
,
and
.
set
In order to demonstrate accuracy and efficiency of the proposed method, the comparisons with the 2PEM and MCS were
performed. In the 2PEM, every uncertain variable is replaced
with only two deterministic points placed on each side of the
corresponding mean, which enables the use of the deterministic
OPF [1]. With the bus power injections uncertainties considered,

where

indicates the absolute value.

,
and
,
are the means and standard deviations for
the MCS and proposed method, respectively.
Table I shows the comparisons of computational performance
about the OPF and POPF on three test systems. Compared with
the deterministic OPF, the POPF has the slightly extra computing about the covariance matrices in (21), and the solution
of the means in (20) is not different from the deterministic OPF.
Thus, POPF does not consume the more computational time.
Due to the same initial operating state applied, the OPF and
POPF have the identical iteration.
A five-bus and the IEEE 30-bus systems were used as the
sample systems to verify the proposed method. Without specification, all data were taken as per-unit value and the fiducial
value was 100 MVA.
A. Five-Bus System
A five-bus system is shown in Fig. 1. Bus 5 is the slack bus.
Standardized daily operating curves shown in Figs. 2 and 3 were
used to obtain the means and standard deviations of the uncertain power injections. Then the 2PEM can be executed. Using
the means and standard deviations, random samples are generof nodal
ated to perform the MCS. The covariance matrix
powers in (19) can be obtained from the random samples to implement the proposed method.

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IEEE TRANSACTIONS ON POWER SYSTEMS, VOL. 23, NO. 3, AUGUST 2008

Fig. 1. Five-bus system.

Fig. 4. PDF of spot price at bus 1.

Fig. 2. Daily curves of load powers.

Fig. 3. Daily curve of G4 generation power.

Two different cases, i.e., line current limits are not reached
and are reached, are considered to analyze the influence of the
maximum line current constraints on spot prices, respectively.
Case 1: In the first case, line current limits are not reached
with a maximum current constraint of 2.5 at line 12. According
to the performance indices in (31), Table II summarizes the error
comparisons of spot prices obtained from the proposed method
and 2PEM for five-bus system. Table III shows the execution
times of different methods.

From Table II it can be seen that the errors in the standard

deviations obtained for the proposed method and 2PEM with
respect to the MCS results are well below 1%, whereas the errors
in the means never exceed 0.2%. The proposed method has the
roughly similar results with the 2PEM. The errors for standard
deviation obtained from the proposed method and 2PEM deviate
slightly from the results of the MCS with 10 000 samples. It
can be seen from Table III that the proposed method has less
execution time than the 2PEM and is about 800 times faster than
the MCS. The results from Tables II and III also indicate that
the proposed method and 2PEM have the similar accuracy and
require approximate computational effort.
Table II also shows that bus 2 and 4 have the same errors.
Since the line 24 only includes the transformer with the reactance, which leads to the same incremental transmission losses
between bus 2 and 4, and then the same spot prices. Bus 3 and
bus 5 have the similar case.
The probability density function (PDF) of spot price at bus
1, obtained from the proposed method, 2PEM and MCS, is represented and shown in Fig. 4. The solid curve is the result of
the proposed method. The dash-dotted curve is the result of the
2PEM and the dotted curve is the curve fitted to the MCS results
with a normal distribution (MCS fit). The histogram is a result
of the MCS. From Fig. 4 it can be seen that different methods
yield almost the same PDF and the proposed method gives good
results.
Case 2: In the second case, line current limit is reached. In the
proposed method, the maximum current limit of line 12 is decreased to 2.036 and the current of line 12 is exactly computed
as 2.036. Thus, the limit is reached and the transmission congestion occurs, which leads to the spot price of bus 1 increasing. In
the MCS, the maximum current limit of line 12 is also set as
2.036. The PDF of spot price at bus 1 obtained from MCS is
shown in Fig. 5.
It can be seen from Fig. 5 that the results of the MCS have two
spikes which are caused by 10 000 different random samples.
The first spike is taken as the results of part of samples which
give the constant spot prices without limit reached, whereas the
second spike is generated by other samples which give the rising

LI et al.: ANALYSIS OF PROBABILISTIC OPTIMAL POWER FLOW

Fig. 5. PDF of spot price at bus 1 with limit reached.

997

Fig. 6. Mean errors of spot prices.

TABLE II
ERROR COMPARISONS OF SPOT PRICES OBTAINED FROM
DIFFERENT METHODS FOR FIVE-BUS SYSTEM

TABLE III
EXECUTION TIMES OF DIFFERENT METHODS FOR FIVE-BUS SYSTEM

Fig. 7. Standard deviation errors of spot prices.

prices of bus 1 because line limit is reached. Note that the PDF
obtained from the MCS has a long tail on the right-hand side
of the first spike. It is caused by the different degrees of line congestions. The more serious congestions lead to the higher spot
prices. With the transmission congestion, the proposed method
and 2PEM can only plot the bell-shaped PDF curve of spot price
according to the assumption of normal distribution, and then reveal the inadequate results.
It is above mentioned that line current reaches its limit. Other
than the case, there are other cases existing in the POPF analysis,
e.g., the demand being at its upper limit, which was explained
in detail by Verbic in [1].
B. IEEE 30-Bus System
The proposed method was also applied to the IEEE 30-bus
system from MATPOWER [16]. Different daily operating
curves, similar to Figs. 2 and 3, were assigned for nodal
powers, including 36 load active and reactive powers and ten
generation active and reactive powers. According to the curves
the means and standard deviations of uncertain nodal powers
can be computed to pursue the 2PEM. Then random samples
are generated to execute the proposed method and MCS.

According to the performance indices in (31), the error comparisons of spot prices obtained from the proposed method and
2PEM for IEEE 30-bus system are shown in Figs. 6 and 7. It
can be seen from Figs. 6 and 7 that the errors in the means obtained for the proposed method and 2PEM with respect to the
MCS results are well below 0.25%, whereas the errors in the
standard deviations at bus 16, 17, 18, 19, 20 obtained for the
2PEM with respect to the MCS results exceed 7%. Compared
with the bad behavior of the 2PEM, the proposed method is well
behaved with the errors in the standard deviations being below
7% and almost half of errors being below 3%. The 2PEM does
not perform better for IEEE 30-bus system than five-bus system
because of the large number of uncertain variables. It can be
also founded in [1] that G. Verbic pointed out the results of the
2PEM were not sufficiently accurate when the number of uncertain variables was large.
The MCS with 1000 samples was also carried out for comparison. Using the results obtained from MCS with 10 000 sam,
ples as the basis, other five performance indices, denoted as
, , , , are used to ascertain the performance of the proposed method. Average relative errors
, measured in terms

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IEEE TRANSACTIONS ON POWER SYSTEMS, VOL. 23, NO. 3, AUGUST 2008

TABLE IV
PERFORMANCE COMPARISONS OF DIFFERENT METHODS FOR 30-BUS SYSTEM

earity caused by higher-order Taylor series certainly will significantly increase the computational expense. How to reach the
balance between the computational precision and time will be
researched as the future work.
in (21), the correlaAccording to the covariance matrix
tion matrix of all output variables can be obtained. The corre, which explains the linear relation belation coefficient
tween the variable
and the variable , can be computed as
(32)
where

TABLE V
EXECUTION TIMES OF DIFFERENT METHODS FOR 30-BUS SYSTEM

TABLE VI
CORRELATION COEFFICIENTS

of percentages of the actual values obtained from the MCS, are

taken among the active powers corresponding to the system genand standard deerator buses considering parameters mean
. Average relative errors
are taken among the
viation
reactive powers corresponding to the system generator buses.
are taken among the transAverage relative errors , ,
former ratios, the real and the imaginary of voltage phasors corresponding to all buses, respectively.
Tables IV and V show the performance comparisons of different methods. In this test, the statistical characteristics of all
control variables and state variables for 30-bus system obtained
from different methods are used for computing the performance
indices. It can be seen from Tables IV and V that the proposed
method has smaller errors in estimating POPF solution than the
2PEM and is about 40 times faster than the 2PEM. Due to the
large number of uncertain variables, the 2PEM do not perform
well. Taking into account more initial operating states in one
numerical calculation, the proposed method is also the fastest
one among all methods with being about 500 times faster than
the MCS with 1000 samples and about 5000 times faster than
the MCS with 10 000 samples. The MCS with 1000 samples has
more computational burden although it has smaller errors. The
results from Tables IV and V also indicate that the proposed
method has a more accurate result and has less computational
effort than the 2PEM.
To obtain more accurate results, the Taylor series expansion
with higher-order items can be used to compute the covariances between the uncertain variables. However, the nonlin-

is the covariance between

and ,
and
are the variances of
and , respectively. Table VI
shows the correlation coefficients between some variables.
and
are the active and reactive powers of
In Table VI,
is the transformer ratio located between the bus 6 and
bus 2,
9, and are the real and the imaginary of voltage phasors of
and
are the active and reactive spot prices
the bus 2, and
of the corresponding buses . Table VI means the correlation coefficients between the left column variables and the upper line
variables. The correlation coefficients absolute value which is
equal or equal approximately one indicates that two variables
are well related linearly. If the correlation coefficients absolute
value is close to zero, two variables are weakly related linearly.
shows that
and
are
For example,
shows that
and
correlated whereas
are badly correlated. The correlation analysis between the spot
prices and other variables is useful for the suppliers to ensure
the economical operating of the system according to the information provided.
Complicated correlation indeed exists between nodal powers
for various reasons. For example, there is a certain degree of
dependence between a group of bus/area loads. A linear relation,
which is assumed for this statistical dependence, can simplify
the formulated model and make it easier to solve the model.
Using the results of the proposed method, the interval estimators for output variables can be performed. For example,
the confidence intervals for the spot prices can be found for the
certain confidence probability. The probabilistic analysis of the
spot prices can truly reflect the electric power supply cost and
the demand information, and provide the price signal for the
customers and suppliers. Consequently, it is significant in electricity market to guide the customers to adopt a reasonable electric consume pattern and optimize the plant output and the network operation.
V. CONCLUSION
This paper has presented a formulation of a POPF problem
using the FOSMM to account for the uncertainties and correlations of the system load. By introducing the NCP function, the
KKT conditions of POPF system were transformed equivalently
into a set of nonsmooth nonlinear algebraic equations. Using the
subdifferential, the nonsmooth functions can be solved by an inexact LevenbergMarquardt algorithm. The proposed method
was tested on a five-bus system, the IEEE 30-bus and IEEE
118-bus systems.
The proposed method shows good performances provided
that no transmission congestion occurs in test systems. If the

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999

case appears, the proposed method may not be sufficiently accurate due to the exceptional spot prices caused by the congestion.
Other than the 2PEM, due to taking into account more initial
operating states in one numerical calculation, the proposed
method has minor computational expense regardless of the
number of uncertain variables. The proposed method is also
computationally significantly faster than the MCS. Numerical
examples show the proposed method is feasible and effective.
It should be noted that the proposed method could be extended to the real size power networks, using sparsity techniques
[17], [18] storing the nodal admittance matrix and the coefficient matrix in (23) to save the memory and improve the computational efficiency. In addition, other than load uncertainties,
considering the uncertainties of other parameters in power systems could be a interesting subject for future research.
APPENDIX
Considering a -bus system, the objective function of the
POPF problem is formulated as the minimization of the total
fuel cost for generation
(33)
where
is the set of power generation,
,
and
are
the generation cost coefficients. The equality constraints of the
POPF problem are the power flow equations in the rectangular
coordinates

slack (34)
and
are the active and reactive generation outwhere
and
are the active and reactive load,
puts, respectively,
and
are expressed as the function
and the nodal powers
of the real and the imaginary of voltage phasors and the
transformer ratios . Real and reactive power generations, ratios,
voltage amplitudes and line currents are limited due to equipment and system constraints

(35)
and
are the set of the transformers, the system
where ,
nodes and the restricted line, respectively.
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Xue Li received the B.Eng. degree and the M.Eng. degree in electrical engineering from Zhengzhou University, Zhengzhou, China, in 2002 and 2006, respectively. She is currently pursuing the Ph.D. degree at Shanghai University,
Shanghai, China.
Her research interests are in power market and power system analysis and
operation.

Yuzeng Li graduated from Fudan University, Shanghai, China, in 1968. He

received the M.S. degree from the Mathematics and Physics Department,
Academia Sinica, Shanghai, in 1982 and the Ph.D. degree in electrical engineering from Hong Kong Polytechnic in 1993.
He is currently a Professor at Shanghai University. His research interests include game analysis for power markets, power system economics, and power
system analysis and operation.

Shaohua Zhang received the B.Eng. degree from Xian Jiao Tong University,
Xian, China, in 1988, the M.Eng. degree from Shanghai University of Technology, Shanghai, in 1991, and the Ph.D. degree from Shanghai University in
2001, all in electrical engineering.
He is currently a Professor at Shanghai University. His research interests are
in power system restructuring, pricing, and reliability.