Fundamentals of Power System Economics

Fundamentals of Power System Economics

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 ...

Author: Daniel S. Kirschen

Publisher: John Wiley & Sons

ISBN: 9781119213246

Category: Technology & Engineering

Page: 344

View: 672

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.
Categories: Technology & Engineering

Power System Economics

Power System Economics

The volume breaks new ground in its analysis of price spikes, market-based unit commitment, and the prediction of market power. Power System Economics includes five parts.

Author: Steven Stoft

Publisher: Wiley-IEEE Press

ISBN: 0471150401

Category: Technology & Engineering

Page: 496

View: 597

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.
Categories: Technology & Engineering

Power System Economic and Market Operations

Power System Economic and Market Operations

Power system operation is one of the important issues in the power industry. The book aims to provide readers with the methods and algorithms to save the total cost in electricity generation and transmission.

Author: Jin Zhong

Publisher:

ISBN: 1482299046

Category: Electric power distribution

Page: 237

View: 943

Power system operation is one of the important issues in the power industry. The book aims to provide readers with the methods and algorithms to save the total cost in electricity generation and transmission. It begins with traditional power systems and builds into the fundamentals of power system operation, economic dispatch (ED), optimal power flow (OPF), and unit commitment (UC). The book covers electricity pricing mechanisms, such as nodal pricing and zonal pricing, based on Security-Constrained ED (SCED) or SCUC. The operation of energy market and ancillary service market are also explored. "It covers a wide range of interesting topics, which could be very useful for understanding the main phenomena ruling power systems economy (such as Optimal Power Flow analysis and unit Commitments). It addresses topics widely treated in the literature, hence it is important to outline its distinctive features compared to other similar books. The book is well structured and well balanced." ¿Alfredo Vaccaro, University of Sannio, Italy
Categories: Electric power distribution

Restructured Electric Power Systems

Restructured Electric Power Systems

Power markets and market power. Energy Journal 1995;16(3):41-66. 7. Kirschen DS, Strbac G. Fundamentals of Power System Economics.

Author: Xiao-Ping Zhang

Publisher: John Wiley & Sons

ISBN: 1118017072

Category: Technology & Engineering

Page: 307

View: 179

The latest practical applications of electricity market equilibrium models in analyzing electricity markets Electricity market deregulation is driving the power energy production from a monopolistic structure into a competitive market environment. The development of electricity markets has necessitated the need to analyze market behavior and power. Restructured Electric Power Systems reviews the latest developments in electricity market equilibrium models and discusses the application of such models in the practical analysis and assessment of electricity markets. Drawing upon the extensive involvement in the research and industrial development of the leading experts in the subject area, the book starts by explaining the current developments of electrical power systems towards smart grids and then relates the operation and control technologies to the aspects in electricity markets. It explores: The problems of electricity market behavior and market power Mathematical programs with equilibrium constraints (MPEC) and equilibrium problems with equilibrium constraints (EPEC) Tools and techniques for solving the electricity market equilibrium problems Various electricity market equilibrium models State-of-the-art techniques for computing the electricity market equilibrium problems The application of electricity market equilibrium models in assessing the economic benefits of transmission expansions for market environments, forward and spot markets, short-term power system security, and analysis of reactive power impact Also featured are computational resources to allow readers to develop algorithms on their own, as well as future research directions in modeling and computational techniques in electricity market analysis. Restructured Electric Power Systems is an invaluable reference for electrical engineers and power system economists from power utilities and for professors, postgraduate students, and undergraduate students in electrical power engineering, as well as those responsible for the design, engineering, research, and development of competitive electricity markets and electricity market policy.
Categories: Technology & Engineering

Electricity Markets and Power System Economics

Electricity Markets and Power System Economics

Fundamentals. of. Power. System. Operation. The physical constraints of modern power systems set electricity markets apart from other traditional markets.

Author: Deqiang Gan

Publisher: CRC Press

ISBN: 9781466501706

Category: Science

Page: 220

View: 770

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.
Categories: Science

Convex Optimization of Power Systems

Convex Optimization of Power Systems

References [1] P. L. Joskow and R. Schmalensee, Markets for Power ... [8] D. Kirschen and G. Strbac, Fundamentals of Power System Economics. Wiley, 2004.

Author: Joshua Adam Taylor

Publisher: Cambridge University Press

ISBN: 9781107076877

Category: Mathematics

Page: 209

View: 315

A mathematically rigorous guide to convex optimization for power systems engineering.
Categories: Mathematics

Electrical Power Systems

Electrical Power Systems

In A Clear And Systematic Manner, This Book Presents An Exhaustive Exposition Of The Various Dimensions Of Electrical Power Systems.

Author: C L Wadhwa

Publisher: New Age International

ISBN: 8122417736

Category: Electric power

Page: 906

View: 415

In A Clear And Systematic Manner, This Book Presents An Exhaustive Exposition Of The Various Dimensions Of Electrical Power Systems. Both Basic And Advanced Topics Have Been Thoroughly Explained And Illustrated Through Solved Examples.Salient Features * Fundamentals Of Power Systems, Line Constant Calculations And Performance Of Overhead Lines Have Been Discussed * Mechanical Design Of Lines, Hvdc Lines, Corona, Insulators And Insulated Cables Have Been Explained * Voltage Control, Neutral Grounding And Transients In Power Systems Explained * Fault Calculation, Protective Relays Including Digital Relays And Circuit Breakers Discussed In That Order * Power Systems Synchronous Stability And Voltage Stability Explained * Insulation Coordination And Over Voltage Protection Explained * Modern Topics Like Load Flows, Economic Load Dispatch, Load Frequency Control And Compensation In Power System Nicely Developed And Explained Using Flow Charts Wherever Required * Zbus Formulation, Power Transformers And Synchronous Machines As Power System Elements Highlighted * Large Number Of Solved Examples, Practice Problems And Multiple Choice Questions Included. Answers To Problems And Multiple-Choice Questions ProvidedWith All These Features, This Is An Invaluable Textbook For Undergraduate Electrical Engineering Students Of Indian And Foreign Universities. Amie, Gate, All Competitive Examination Candidates And Practising Engineers Would Also Find This Book Very Useful.
Categories: Electric power

Handbook of Power Systems II

Handbook of Power Systems II

IEEE Trans Power Syst 5:46–52 Kirschen DS, Strbac G (2004) Fundamentals of power system economics. Wiley, Chichester Niu N, Baldick R, Guidong Z (2005) ...

Author: Steffen Rebennack

Publisher: Springer Science & Business Media

ISBN: 3642126863

Category: Mathematics

Page: 492

View: 846

Energy is one of the world`s most challenging problems, and power systems are an important aspect of energy related issues. This handbook contains state-of-the-art contributions on power systems modeling and optimization. The book is separated into two volumes with six sections, which cover the most important areas of energy systems. The first volume covers the topics operations planning and expansion planning while the second volume focuses on transmission and distribution modeling, forecasting in energy, energy auctions and markets, as well as risk management. The contributions are authored by recognized specialists in their fields and consist in either state-of-the-art reviews or examinations of state-of-the-art developments. The articles are not purely theoretical, but instead also discuss specific applications in power systems.
Categories: Mathematics

Electric Energy Systems

Electric Energy Systems

M. Shahidehpour and Z. Li, Electricity Market Economics, John Wiley & Sons, New York, 2005. 11. D. S. Kirschen and G. Strbac, Fundamentals of Power System ...

Author: Antonio Gomez-Exposito

Publisher: CRC Press

ISBN: 9781351754491

Category: Technology & Engineering

Page: 718

View: 124

Electric Energy Systems, Second Edition provides an analysis of electric generation and transmission systems that addresses diverse regulatory issues. It includes fundamental background topics, such as load flow, short circuit analysis, and economic dispatch, as well as advanced topics, such as harmonic load flow, state estimation, voltage and frequency control, electromagnetic transients, etc. The new edition features updated material throughout the text and new sections throughout the chapters. It covers current issues in the industry, including renewable generation with associated control and scheduling problems, HVDC transmission, and use of synchrophasors (PMUs). The text explores more sophisticated protections and the new roles of demand, side management, etc. Written by internationally recognized specialists, the text contains a wide range of worked out examples along with numerous exercises and solutions to enhance understanding of the material. Features Integrates technical and economic analyses of electric energy systems. Covers HVDC transmission. Addresses renewable generation and the associated control and scheduling problems. Analyzes electricity markets, electromagnetic transients, and harmonic load flow. Features new sections and updated material throughout the text. Includes examples and solved problems.
Categories: Technology & Engineering

Electric Power Systems Research

Electric Power Systems Research

Power Syst. 1998, 13, 184–189. [CrossRef] 5. Kirschen, D.S.; Strbac, G. Fundamentals of Power System Economics; John Wiley & Sons: Chichester, UK, 2004; pp.

Author: Ying-Yi Hong

Publisher: MDPI

ISBN: 9783038424055

Category:

Page: 372

View: 389

This book is a printed edition of the Special Issue "Electric Power Systems Research" that was published in Energies
Categories:

Economics of Electricity

Economics of Electricity

The Electricity Journal, 11(6), 34–43. Kirschen D. S. and Strbac, G. (2004). Fundamentals of Power System Economics. New York: John Wiley & Sons.

Author: Anna Cretì

Publisher: Cambridge University Press

ISBN: 9781107185654

Category: Business & Economics

Page: 366

View: 839

This comprehensive and up-to-date book explains the economic rationale behind the production, delivery and exchange of electricity. Cret and Fontini explain why electricity markets exist, outlining the economic principles behind the exchange and supply of power to consumers and firms. They identify the specificities of electricity, as compared to other goods, and furthermore suggest how markets should be optimally designed to produce and deliver electricity effectively and efficiently. The authors also address key issues, including how electricity can be decarbonized. Written in a technical yet accessible style, this book will appeal to readers studying power system economics and the economics of electricity, as well as those more generally interested in energy economics, including engineering and management students looking to gain an understanding of electricity market analysis.
Categories: Business & Economics

Electricity Markets with Increasing Levels of Renewable Generation Structure Operation Agent based Simulation and Emerging Designs

Electricity Markets with Increasing Levels of Renewable Generation  Structure  Operation  Agent based Simulation and Emerging Designs

2(4), 39–46 (2004) Wooldridge, M.: An Introduction to Multi-agent Systems. ... D., Strbac, G.: Fundamentals of Power System Economics.

Author: Fernando Lopes

Publisher: Springer

ISBN: 9783319742632

Category: Technology & Engineering

Page: 325

View: 341

This book describes the common ground between electricity markets (EMs) and software agents (or artificial intelligence generally). It presents an up-to-date introduction to EMs and intelligent agents, and offers a comprehensive description of the research advances and key achievements related to existing and emerging market designs to reliably and efficiently manage the potential challenges of variable generation (VG). Most EMs are unique in their complex relationships between economics and the physics of energy, but were created without the notion that large penetrations of variable generation (VG) would be part of the supply mix. An advanced multi-agent approach simulates the behavior of power markets over time, particularly markets with large-scale penetrations of renewable resources. It is intended as a reference book for researchers, academics and industry practitioners, but given the scope of the chapters and the highly accessible style, the book also provides a coherent foundation for several different graduate courses.
Categories: Technology & Engineering

Game Theoretic Analysis of Congestion Safety and Security

Game Theoretic Analysis of Congestion  Safety and Security

IEEE Trans Power Syst 20(4):2026–2033 Conejo AJ, Milano F, García-Bertrand R (2008) Congestion ... Strbac G (2004) Fundamentals of power system economics.

Author: Kjell Hausken

Publisher: Springer

ISBN: 9783319130095

Category: Technology & Engineering

Page: 310

View: 287

Maximizing reader insights into the roles of intelligent agents in networks, air traffic and emergency departments, this volume focuses on congestion in systems where safety and security are at stake, devoting special attention to applying game theoretic analysis of congestion to: protocols in wired and wireless networks; power generation, air transportation and emergency department overcrowding. Reviewing exhaustively the key recent research into the interactions between game theory, excessive crowding, and safety and security elements, this book establishes a new research angle by illustrating linkages between the different research approaches and serves to lay the foundations for subsequent analysis. Congestion (excessive crowding) is defined in this work as all kinds of flows; e.g., road/sea/air traffic, people, data, information, water, electricity, and organisms. Analysing systems where congestion occurs – which may be in parallel, series, interlinked, or interdependent, with flows one way or both ways – this book puts forward new congestion models, breaking new ground by introducing game theory and safety/security into proceedings. Addressing the multiple actors who may hold different concerns regarding system reliability; e.g. one or several terrorists, a government, various local or regional government agencies, or others with stakes for or against system reliability, this book describes how governments and authorities may have the tools to handle congestion, but that these tools need to be improved whilst additionally ensuring safety and security against various threats. This game-theoretic analysis sets this two volume book apart from the current congestion literature and ensures that the work will be of use to postgraduates, researchers, 3rd/4th-year undergraduates, policy makers, and practitioners.
Categories: Technology & Engineering

HVDC Grids

HVDC Grids

This has led to more flows on the transmission system which are furthermore ... D. S. Kirschen and S. Goran, Fundamentals of Power System Economics.

Author: Dirk Van Hertem

Publisher: John Wiley & Sons

ISBN: 9781119115229

Category: Technology & Engineering

Page: 528

View: 905

This book discusses HVDC grids based on multi-terminal voltage-source converters (VSC), which is suitable for the connection of offshore wind farms and a possible solution for a continent wide overlay grid. HVDC Grids: For Offshore and Supergrid of the Future begins by introducing and analyzing the motivations and energy policy drives for developing offshore grids and the European Supergrid. HVDC transmission technology and offshore equipment are described in the second part of the book. The third part of the book discusses how HVDC grids can be developed and integrated in the existing power system. The fourth part of the book focuses on HVDC grid integration, in studies, for different time domains of electric power systems. The book concludes by discussing developments of advanced control methods and control devices for enabling DC grids. Presents the technology of the future offshore and HVDC grid Explains how offshore and HVDC grids can be integrated in the existing power system Provides the required models to analyse the different time domains of power system studies: from steady-state to electromagnetic transients This book is intended for power system engineers and academics with an interest in HVDC or power systems, and policy makers. The book also provides a solid background for researchers working with VSC-HVDC technologies, power electronic devices, offshore wind farm integration, and DC grid protection.
Categories: Technology & Engineering

Economic Fundamentals of Power Plant Performance

Economic Fundamentals of Power Plant Performance

Cramton, P. (2003) “Electricity market design: the good, the bad, and the ugly,” Proceedings of the Hawaii International Conference on System Sciences, ...

Author: Almas Heshmati

Publisher: Routledge

ISBN: 9781136621697

Category: Business & Economics

Page: 352

View: 775

The book analyzes the efficiency differences among generators, plants and business units by using different performance measurement methods and a comprehensive sensitivity analysis.
Categories: Business & Economics

Highlights of Practical Applications of Cyber Physical Multi Agent Systems

Highlights of Practical Applications of Cyber Physical Multi Agent Systems

The first part of the case study analyzes a system with thermal power plants only. ... Kirschen, D., Strbac, G.: Fundamentals of Power System Economics.

Author: Javier Bajo

Publisher: Springer

ISBN: 9783319602851

Category: Computers

Page: 496

View: 732

This book constitutes the refereed proceedings of the nine workshops co-located with the 15th International Conference on Practical Applications of Agents and Multi-Agent Systems, PAAMS 2017, held in Porto, Portugal, in June 2017.The 41 full papers presented were carefully reviewed and selected from 80 submissions. The volume presents the papers that have been accepted for the following workshops: Workshop on Agent based Applications for Air Transport and Application of Agents to Passenger Transport; Workshop on Agent-based Artificial Markets Computational Economics; Workshop on Agents and Multi-agent Systems for AAL and e-HEALTH; Workshop on Agent-Based Solutions for Manufacturing and Supply Chain; Workshop on MAS for Complex Networks and Social Computation; Workshop on Decision Making in Dynamic Information Environments; Workshop on Multi-agent based Applications for Smart Grids and Sustainable Energy Systems; Workshop on Multiagent System based Learning Environments; Workshop on Smart Cities and Intelligent Agents.
Categories: Computers

Harmony Search and Nature Inspired Optimization Algorithms

Harmony Search and Nature Inspired Optimization Algorithms

Kirschen D.S., Strbac, G.: Fundamentals of Power System Economics. Wiley (2004) 3. Mathur, S., Arya, A., Dubey, M.: Optimal Bidding Strategy for Price ...

Author: Neha Yadav

Publisher: Springer

ISBN: 9789811307614

Category: Computers

Page: 1238

View: 523

The book covers different aspects of real-world applications of optimization algorithms. It provides insights from the Fourth International Conference on Harmony Search, Soft Computing and Applications held at BML Munjal University, Gurgaon, India on February 7–9, 2018. It consists of research articles on novel and newly proposed optimization algorithms; the theoretical study of nature-inspired optimization algorithms; numerically established results of nature-inspired optimization algorithms; and real-world applications of optimization algorithms and synthetic benchmarking of optimization algorithms.
Categories: Computers

Electricity Markets

Electricity Markets

J.V. Kumar, D.V. Kumar, Optimal bidding strategy in an open electricity market ... D.S. Kirschen, G. Strbac, Fundamentals of Power System Economics (Wiley, ...

Author: Sayyad Nojavan

Publisher: Springer Nature

ISBN: 9783030369798

Category: Business & Economics

Page: 270

View: 770

This book analyzes new electricity pricing models that consider uncertainties in the power market due to the changing behavior of market players and the implementation of renewable distributed generation and responsive loads. In-depth chapters examine the different types of market players including the generation, transmission, and distribution companies, virtual power plants, demand response aggregators, and energy hubs and microgrids. Expert authors propose optimal operational models for short-term performance and scheduling and present readers with solutions for pricing challenges in uncertain environments. This book is useful for engineers, researchers and students involved in integrating demand response programs into smart grids and for electricity market operation and planning. Proposes optimal operation models; Discusses the various players in today's electricity markets; Describes the effects of demand response programs in smart grids.
Categories: Business & Economics

Distributed Computing and Artificial Intelligence 15th International Conference

Distributed Computing and Artificial Intelligence  15th International Conference

Stoft, S.: Power Systyem Economis: Designing Markets for Electricity. ... Kirschen, D., Strbac, G.: Fundamentals of Power System Economics.

Author: Fernando De La Prieta

Publisher: Springer

ISBN: 9783319946498

Category: Computers

Page: 367

View: 362

The 15th International Symposium on Distributed Computing and Artificial Intelligence 2018 (DCAI 2018) is a forum to present applications of innovative techniques for studying and solving complex problems. The exchange of ideas between scientists and technicians from both the academic and industrial sector is essential to facilitate the development of systems that can meet the ever-increasing demands of today’s society. The present edition brings together past experience, current work and promising future trends associated with distributed computing, artificial intelligence and their application in order to provide efficient solutions to real problems. This symposium is organized by the University of Castilla-La Mancha, the Osaka Institute of Technology and the University of Salamanca. The present edition was held in Toledo, Spain, from 20th – 22nd June, 2018.
Categories: Computers

Energy Security and Green Energy

Energy Security and Green Energy

World Trade Rev 17(2):215–237 Kirschen D, Strbac G (2004) Fundamentals of power system economics. Wiley, Hoboken Kulovesi K (2014) International trade ...

Author: Angelica Rutherford

Publisher: Springer Nature

ISBN: 9783030455552

Category: Business & Economics

Page: 169

View: 313

This book shows how the links between energy security and national and international law and policies on green energy pose challenges to a transition towards a green energy system. Based on empirical work carried out in two very different country case studies – Great Britain and Brazil – this book attempts to foster a better understanding of the role played by energy security in constructing and deconstructing green energy policy initiatives. The broad range of views raised in national contexts leads to legal disputes in international forums when attempts are made to address the issues of this energy security/green energy interplay. As such, building on the findings of the case studies, this book then analyses the interplay between energy security and green energy development in international trade law as encapsulated in the law of the World Trade Organisation (WTO). Finally, the author proposes a way forward in creating the legal space in the law of the WTO for trade restrictive measures aimed at ensuring green energy security.
Categories: Business & Economics