Economic Market Design And Planning For Electric Power Systems
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Economic Market Design And Planning For Electric Power Systems
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Author : James A. Momoh
language : en
Publisher: John Wiley & Sons
Release Date : 2009-11-19
Economic Market Design And Planning For Electric Power Systems written by James A. Momoh and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-19 with Technology & Engineering categories.
Discover cutting-edge developments in electric power systems Stemming from cutting-edge research and education activities in the field of electric power systems, this book brings together the knowledge of a panel of experts in economics, the social sciences, and electric power systems. In ten concise and comprehensible chapters, the book provides unprecedented coverage of the operation, control, planning, and design of electric power systems. It also discusses: A framework for interdisciplinary research and education Modeling electricity markets Alternative economic criteria and proactive planning for transmission investment in deregulated power systems Payment cost minimization with demand bids and partial capacity cost compensations for day-ahead electricity auctions Dynamic oligopolistic competition in an electric power network and impacts of infrastructure disruptions Reliability in monopolies and duopolies Building an efficient, reliable, and sustainable power system Risk-based power system planning integrating social and economic direct and indirect costs Models for transmission expansion planning based on reconfiguration capacitor switching Next-generation optimization for electric power systems Most chapters end with a bibliography, closing remarks, conclusions, or future work. Economic Market Design and Planning for Electric Power Systems is an indispensable reference for policy-makers, executives and engineers of electric utilities, university faculty members, and graduate students and researchers in control theory, electric power systems, economics, and the social sciences.
The Economics Of Electricity Markets
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Author : Darryl R. Biggar
language : en
Publisher: John Wiley & Sons
Release Date : 2014-07-10
The Economics Of Electricity Markets written by Darryl R. Biggar and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-10 with Science categories.
Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes
Fundamentals Of Power System Economics
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Author : Daniel S. Kirschen
language : en
Publisher: John Wiley & Sons
Release Date : 2018-09-24
Fundamentals Of Power System Economics written by Daniel S. Kirschen and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-24 with Technology & Engineering categories.
A new edition of the classic text explaining the fundamentals of competitive electricity marketsnow updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sources The introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investmentsdiscussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. Retains the highly praised first editions focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planning Includes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sources Addresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storage Discusses the effects of the increased uncertainty on system operation Broadens its coverage of transmission investment and generation investment Supports self-study with end-of-chapter problems and instructors with solutions manual via companion website Fundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.
Electricity Markets
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Author : Jeremy Lin
language : en
Publisher: John Wiley & Sons
Release Date : 2017-10-09
Electricity Markets written by Jeremy Lin and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-09 with Science categories.
A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques Electricity Markets: Theories and Applications offers students and practitioners a clear understanding of the fundamental concepts of the economic theories, particularly microeconomic theories, as well as information on some advanced optimization methods of electricity markets. The authors—noted experts in the field—cover the basic drivers for the transformation of the electricity industry in both the United States and around the world and discuss the fundamentals of power system operation, electricity market design and structures, and electricity market operations. The text also explores advanced topics of power system operations and electricity market design and structure including zonal versus nodal pricing, market performance and market power issues, transmission pricing, and the emerging problems electricity markets face in smart grid and micro-grid environments. The authors also examine system planning under the context of electricity market regime. They explain the new ways to solve problems with the tremendous amount of economic data related to power systems that is now available. This important resource: Introduces fundamental economic concepts necessary to understand the operations and functions of electricity markets Presents basic characteristics of power systems and physical laws governing operation Includes mathematical optimization methods related to electricity markets and their applications to practical market clearing issues Electricity Markets: Theories and Applications is an authoritative text that explores the basic concepts of the economic theories and key information on advanced optimization methods of electricity markets.
Market Operations In Electric Power Systems
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Author : Mohammad Shahidehpour
language : en
Publisher: John Wiley & Sons
Release Date : 2003-05-28
Market Operations In Electric Power Systems written by Mohammad Shahidehpour and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-28 with Technology & Engineering categories.
An essential overview of post-deregulation market operations inelectrical power systems Until recently the U.S. electricity industry was dominated byvertically integrated utilities. It is now evolving into adistributive and competitive market driven by market forces andincreased competition. With electricity amounting to a $200 billionper year market in the United States, the implications of thisrestructuring will naturally affect the rest of the world. Why is restructuring necessary? What are the components ofrestructuring? How is the new structure different from the oldmonopoly? How are the participants strategizing their options tomaximize their revenues? What are the market risks and how are theyevaluated? How are interchange transactions analyzed and approved?Starting with a background sketch of the industry, this hands-onreference provides insights into the new trends in power systemsoperation and control, and highlights advanced issues in thefield. Written for both technical and nontechnical professionals involvedin power engineering, finance, and marketing, this must-haveresource discusses: * Market structure and operation of electric power systems * Load and price forecasting and arbitrage * Price-based unit commitment and security constrained unitcommitment * Market power analysis and game theory applications * Ancillary services auction market design * Transmission pricing and congestion Using real-world case studies, this timely survey offers engineers,consultants, researchers, financial managers, university professorsand students, and other professionals in the industry acomprehensive review of electricity restructuring and how itsradical effects will shape the market.
Power System Economics
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Author : Steven Stoft
language : en
Publisher: Wiley-IEEE Press
Release Date : 2002-05-28
Power System Economics written by Steven Stoft and has been published by Wiley-IEEE Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-05-28 with Technology & Engineering categories.
The first systematic presentation of electricity market design-from the basics to the cutting edge. Unique in its breadth and depth. Using examples and focusing on fundamentals, it clarifies long misunderstood issues-such as why today's markets are inherently unstable. The book reveals for the first time how uncoordinated regulatory and engineering policies cause boom-bust investment swings and provides guidance and tools for fixing broken markets. It also takes a provocative look at the operation of pools and power exchanges. * Part 1 introduces key economic, engineering and market design concepts. * Part 2 links short-run reliability policies with long-run investment problems. * Part 3 examines classic designs for day-ahead and real-time markets. * Part 4 covers market power, and * Part 5 covers locational pricing, transmission right and pricing losses. The non-technical introductions to all chapters allow easy access to the most difficult topics. Steering an independent course between ideological extremes, it provides background material for engineers, economists, regulators and lawyers alike. With nearly 250 figures, tables, side bars, and concisely-stated results and fallacies, the 44 chapters cover such essential topics as auctions, fixed-cost recovery from marginal cost, pricing fallacies, real and reactive power flows, Cournot competition, installed capacity markets, HHIs, the Lerner index and price caps. About the Author Steven Stoft has a Ph.D. in economics (U.C. Berkeley) as well as a background in physics, math, engineering, and astronomy. He spent a year inside FERC and now consults for PJM, California and private generators. Learn more at www.stoft.com.
Electricity Economics And Planning
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Author : Tom W. Berrie
language : en
Publisher: IET
Release Date : 1992
Electricity Economics And Planning written by Tom W. Berrie and has been published by IET this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
Explores fundamental changes that have taken place worldwide in electricity economics and planning since the publication of the author's initial book on the subject, "Power System Economics", in 1983. It introduces the planning options likely to arise in the 1990s and beyond.
Smart Grid
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Author : James A. Momoh
language : en
Publisher: John Wiley & Sons
Release Date : 2012-03-07
Smart Grid written by James A. Momoh and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-07 with Technology & Engineering categories.
The book is written as primer hand book for addressing the fundamentals of smart grid. It provides the working definition the functions, the design criteria and the tools and techniques and technology needed for building smart grid. The book is needed to provide a working guideline in the design, analysis and development of Smart Grid. It incorporates all the essential factors of Smart Grid appropriate for enabling the performance and capability of the power system. There are no comparable books which provide information on the “how to” of the design and analysis. The book provides a fundamental discussion on the motivation for the smart grid development, the working definition and the tools for analysis and development of the Smart Grid. Standards and requirements needed for designing new devices, systems and products are discussed; the automation and computational techniques need to ensure that the Smart Grid guarantees adaptability, foresight alongside capability of handling new systems and components are discussed. The interoperability of different renewable energy sources are included to ensure that there will be minimum changes in the existing legacy system. Overall the book evaluates different options of computational intelligence, communication technology and decision support system to design various aspects of Smart Grid. Strategies for demonstration of Smart Grid schemes on selected problems are presented.
Power System Operations And Electricity Markets
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Author : Fred I. Denny
language : en
Publisher: CRC Press
Release Date : 2017-12-19
Power System Operations And Electricity Markets written by Fred I. Denny and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-19 with Technology & Engineering categories.
The electric power industry in the U.S. has undergone dramatic changes in recent years. Tight regulations enacted in the 1970's and then de-regulation in the 90's have transformed it from a technology-driven industry into one driven by public policy requirements and the open-access market. Now, just as the utility companies must change to ensure their survival, engineers and other professionals in the industry must acquire new skills, adopt new attitudes, and accommodate other disciplines. Power System Operations and Electricity Markets provides the information engineers need to understand and meet the challenges of the new competitive environment. Integrating the business and technical aspects of the restructured power industry, it explains, clearly and succinctly, how new methods for power systems operations and energy marketing relate to public policy, regulation, economics, and engineering science. The authors examine the technologies and techniques currently in use and lay the groundwork for the coming era of unbundling, open access, power marketing, self-generation, and regional transmission operations. The rapid, massive changes in the electric power industry and in the economy have rendered most books on the subject obsolete. Based on the authors' years of front-line experience in the industry and in regulatory organizations, Power System Operations and Electricity Markets is current, insightful, and complete with Web links that will help readers stay up to date.
Electricity Markets And Power System Economics
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Author : Deqiang Gan
language : en
Publisher: CRC Press
Release Date : 2013-11-12
Electricity Markets And Power System Economics written by Deqiang Gan and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-12 with Science categories.
After the first power plant in history was commissioned for commercial operation by Thomas Edison on Pearl Street in New York in 1882, electricity was sold as a consumer product at market prices. After a period of rapid development, electricity had become such a fundamental product that regulation was believed to be necessary. Since then, the power industry had been considered a natural monopoly and undergone periods of tight regulation. Deregulation started in the early 1980s and as a result, most developed countries run their power industries using a market approach. With the theories and rules of electricity markets developing rapidly, it is often difficult for beginners to start learning and difficult for those in the field to keep up. Bringing together information previously scattered among various journals and scholarly articles, Electricity Markets and Power System Economics provides a comprehensive overview of the current state of development in the electricity market. It introduces the fundamental principles of power system operation so that even those with a basic understanding can benefit from the book. The book includes a series of consistent mathematical models of market operation of power systems, and original cases with solutions. Systematically describing the basic building blocks of electricity market theory, the book provides a guide to underlying theory and mainstream market rules.