Rasool Heydari - Student member,IEEE
Mostafa Rajabi Mashhadi - Khorasan Regional Electrical Company
Iman Khoshian - Electrical Department, Faculty of Engineering

The stability and reliability of the Smart Grid system is depends on the reliability of the measurement system which is used to monitor the reliability and stability of the Smart Grid. Recently, the wide-area measurement system (WAMS) based on phasor measurement units (PMUs) is becoming an important component for the monitoring, control, and protection functions in Smart Grid. Power system faults cause changes in power system frequency and/or voltages due to the loss of generation or/and load. Generation and load shedding acting are one of the essential actions in frequency control of power system. This paper focused on the generation shedding schedule. In recent year in Iran, IGMC (ISO) does not pay the costs of generation shedding for participating generator units. Then generators mandatorily participate for generation shedding. In this paper, we introduce a competitive model for participating generators in generation shedding market and Payment strategies will be compared by Monte Carlo technique. The simulation results show not only the cost of generation shedding decreases but also generators satisfied for participating in this competitive market.

Wide Area Protection scheme (WAPs) Generation Shedding, Smart Grid, Payment Strategies, Monte Carlo technique