Distributed Methods and Software For Balancing Supply and Demand In An Electric Power Network

Methods and software for managing electric power networks in a distributed manner. A supply and demand balancing scheme is used across a network of agents to facilitate agreement on the optimal incremental price for energy provision in an electric power network subject to the constraint that the total generation in the electric power network matches the total network demand. A multi-step optimization approach is provided that incorporates inter-temporal constraints, allowing for optimal integration of flexible power loads and power storage entities and taking into account power generation ramp rate constraints at individual generation entities. The approach is extended to cope with line flow constraints imposed by the physical system topology and transmission line limits/capacities.