¹Economics and Management Department, North China Electric Power University, Baoding City, China
²Department of Economic and Trade, Hebei Finance University, Baoding City, China

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Abstract—Power system reliability has been a widespread concern. With the continuous development of the electricity market, there has been a serious conflict, which between social obligations and necessary requirement. The so-called social obligation is that the power industry must ensure the power system operation reliability; the so-called necessary requirement is that the power industry must solve the power market operation economics. The power system operation reliability is serious challenge, so we must establish a new mechanism adapting to the electricity market, and ensure the power system operation reliability. In this paper, we have researched the model and method based on the principal-agent mechanism from three aspects, which are the reliability principal-agent model starting point, principal-agent model analysis and design, and information transparency level impact analysis. On this basis, we proposed the reliability management model based on the principal-agent mechanism, and carried out example analysis. The example analysis shows that through establishing the principal-agent relationship between power enterprises and the user, the entire power system reliability resources would be more efficient configuration to further enhance the entire society electricity reliability benefits. Further evidence that the principal-agent mechanism is scientific and applicability in the power system reliability study.

Index Terms—power systems, reliability models, principalagent model, users, electric power enterprises

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Cite: Shaomei Yang, Qian Zhu, and Zhibin Liu, "Research on Application of Power System Reliability Model Based on Principal-agent Mechanism," Journal of Software vol. 7, no. 2, pp. 339-345, 2012.