Probabilistic locational marginal price by monte carlo simulation with latin hypercube sampling and scenario reduction techniques

his fast forward selection algorithm is needed to cut down the number of samples while keeping most of the stochastic information embedded in such samples. The LHS-FFS-based P-LMP is investigated using IEEE 6-bus and 24-bus systems. This method is compared with SRS and LHS only. The LHS-FFS approach is found to be efficient and flexible; therefore, it has the potential to be applied in many power system probabilistic problems.