Fundamentals Of Power System Economics

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Fundamentals Of Power System Economics

Author : Daniel S. Kirschen
ISBN : 9781119213246
Genre : Technology & Engineering
File Size : 51.57 MB
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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.
Category: Technology & Engineering

Power System Economics

Author : Steven Stoft
ISBN : 0471150401
Genre : Technology & Engineering
File Size : 53.62 MB
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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.
Category: Technology & Engineering

Power System Economic And Market Operations

Author : Jin Zhong
ISBN : 1482299054
Genre : Electric power systems
File Size : 32.57 MB
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"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."--Provided by publisher.
Category: Electric power systems

Economic Fundamentals Of Power Plant Performance

Author : Almas Heshmati
ISBN : 9781136621697
Genre : Business & Economics
File Size : 25.79 MB
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The book analyzes the efficiency differences among generators, plants and business units by using different performance measurement methods and a comprehensive sensitivity analysis.
Category: Business & Economics

Electric Power System Planning

Author : Hossein Seifi
ISBN : 3642179894
Genre : Technology & Engineering
File Size : 37.86 MB
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The present book addresses various power system planning issues for professionals as well as senior level and postgraduate students. Its emphasis is on long-term issues, although much of the ideas may be used for short and mid-term cases, with some modifications. Back-up materials are provided in twelve appendices of the book. The readers can use the numerous examples presented within the chapters and problems at the end of the chapters, to make sure that the materials are adequately followed up. Based on what Matlab provides as a powerful package for students and professional, some of the examples and the problems are solved in using M-files especially developed and attached for this purpose. This adds a unique feature to the book for in-depth understanding of the materials, sometimes, difficult to apprehend mathematically. Chapter 1 provides an introduction to Power System Planning (PSP) issues and basic principles. As most of PSP problems are modeled as optimization problems, optimization techniques are covered in some details in Chapter 2. Moreover, PSP decision makings are based on both technical and economic considerations, so economic principles are briefly reviewed in Chapter 3. As a basic requirement of PSP studies, the load has to be known. Therefore, load forecasting is presented in Chapter 4. Single bus Generation Expansion Planning (GEP) problem is described in Chapter 5. This study is performed using WASP-IV, developed by International Atomic Energy Agency. The study ignores the grid structure. A Multi-bus GEP problem is discussed in Chapter 6 in which the transmission effects are, somehow, accounted for. The results of single bus GEP is used as an input to this problem. SEP problem is fully presented in Chapter 7. Chapter 8 devotes to Network Expansion Planning (NEP) problem, in which the network is planned. The results of NEP, somehow, fixes the network structure. Some practical considerations and improvements such as multi-voltage cases are discussed in Chapter 9. As NEP study is typically based on some simplifying assumptions and Direct Current Load Flow (DCLF) analysis, detailed Reactive Power Planning (RPP) study is finally presented in Chapter 10, to guarantee acceptable ACLF performance during normal as well as contingency conditions. This, somehow, concludes the basic PSP problem. The changing environments due to power system restructuring dictate some uncertainties on PSP issues. It is shown in Chapter 11 that how these uncertainties can be accounted for. Although is intended to be a text book, PSP is a research oriented topic, too. That is why Chapter 12 is devoted to research trends in PSP. The chapters conclude with a comprehensive example in Chapter 13, showing the step-by-step solution of a practical case.
Category: Technology & Engineering

Restructured Electric Power Systems

Author : Xiao-Ping Zhang
ISBN : 1118017072
Genre : Technology & Engineering
File Size : 77.27 MB
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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.
Category: Technology & Engineering

Handbook Of Networks In Power Systems I

Author : Alexey Sorokin
ISBN : 9783642231926
Genre : Mathematics
File Size : 85.99 MB
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Energy has been an inevitable component of human lives for decades. Recent rapid developments in the area require analyzing energy systems not as independent components but rather as connected interdependent networks. The Handbook of Networks in Power Systems includes the state-of-the-art developments that occurred in the power systems networks, in particular gas, electricity, liquid fuels, freight networks, as well as their interactions. The book is separated into two volumes with three sections, where one scientific paper or more are included to cover most important areas of networks in power systems. The first volume covers topics arising in electricity network, in particular electricity markets, smart grid, network expansion, as well as risk management. The second volume presents problems arising in gas networks; such as scheduling and planning of natural gas systems, pricing, as well as optimal location of gas supply units. In addition, the second volume covers the topics of interactions between energy networks. Each subject is identified following the activity on the domain and the recognition of each subject as an area of research. The scientific papers are authored by world specialists on the domain and present either state-of-the-arts reviews or scientific developments.
Category: Mathematics

Electricity Markets And Power System Economics

Author : Deqiang Gan
ISBN : 9781466501706
Genre : Science
File Size : 46.77 MB
Format : PDF
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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.
Category: Science

Convex Optimization Of Power Systems

Author : Joshua Adam Taylor
ISBN : 9781107076877
Genre : Mathematics
File Size : 56.4 MB
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A mathematically rigorous guide to convex optimization for power systems engineering.
Category: Mathematics

Power System Engineering 3e

Author : D P Kothari
ISBN : 9789353165123
Genre : Technology & Engineering
File Size : 33.50 MB
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This hallmark text on Power System Engineering provides the readers a comprehensive account of all key concepts in the field. The book includes latest technology developments and talks about some crucial areas of Power system, such as Transmission & Distribution, Analysis & Stability, and Protection & Switchgear. With its rich content, it caters to the requirements of students, instructors, and professionals.
Category: Technology & Engineering

Smart And Sustainable Power Systems

Author : João P. S. Catalão
ISBN : 9781351830164
Genre : Technology & Engineering
File Size : 67.77 MB
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The smart grid initiative, integrating advanced sensing technologies, intelligent control methods, and bi-directional communications into the contemporary electricity grid, offers excellent opportunities for energy efficiency improvements and better integration of distributed generation, coexisting with centralized generation units within an active network. A large share of the installed capacity for recent renewable energy sources already comprises insular electricity grids, since the latter are preferable due to their high potential for renewables. However, the increasing share of renewables in the power generation mix of insular power systems presents a significant challenge to efficient management of the insular distribution networks, mainly due to the variability and uncertainty of renewable generation. More than other electricity grids, insular electricity grids require the incorporation of sustainable resources and the maximization of the integration of local resources, as well as specific solutions to cope with the inherent characteristics of renewable generation. Insular power systems need a new generation of methodologies and tools to face the new paradigm of large-scale renewable integration. Smart and Sustainable Power Systems: Operations, Planning, and Economics of Insular Electricity Grids discusses the modeling, simulation, and optimization of insular power systems to address the effects of large-scale integration of renewables and demand-side management. This practical book: Describes insular power systems, renewable energies, uncertainty, variability, reserves, and demand response Examines state-of-the-art forecasting techniques, power flow calculations, and scheduling models Covers probabilistic and stochastic approaches, scenario generation, and short-term operation Includes comprehensive testing and validation of the mathematical models using real-world data Explores electric price signals, competitive operation of distribution networks, and network expansion planning Smart and Sustainable Power Systems: Operations, Planning, and Economics of Insular Electricity Grids provides a valuable resource for the design of efficient methodologies, tools, and solutions for the development of a truly sustainable and smart grid.
Category: Technology & Engineering

Modern Music Inspired Optimization Algorithms For Electric Power Systems

Author : Mohammad Kiani-Moghaddam
ISBN : 9783030120443
Genre : Technology & Engineering
File Size : 23.93 MB
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In today’s world, with an increase in the breadth and scope of real-world engineering optimization problems as well as with the advent of big data, improving the performance and efficiency of algorithms for solving such problems has become an indispensable need for specialists and researchers. In contrast to conventional books in the field that employ traditional single-stage computational, single-dimensional, and single-homogeneous optimization algorithms, this book addresses multiple newfound architectures for meta-heuristic music-inspired optimization algorithms. These proposed algorithms, with multi-stage computational, multi-dimensional, and multi-inhomogeneous structures, bring about a new direction in the architecture of meta-heuristic algorithms for solving complicated, real-world, large-scale, non-convex, non-smooth engineering optimization problems having a non-linear, mixed-integer nature with big data. The architectures of these new algorithms may also be appropriate for finding an optimal solution or a Pareto-optimal solution set with higher accuracy and speed in comparison to other optimization algorithms, when feasible regions of the solution space and/or dimensions of the optimization problem increase. This book, unlike conventional books on power systems problems that only consider simple and impractical models, deals with complicated, techno-economic, real-world, large-scale models of power systems operation and planning. Innovative applicable ideas in these models make this book a precious resource for specialists and researchers with a background in power systems operation and planning. Provides an understanding of the optimization problems and algorithms, particularly meta-heuristic optimization algorithms, found in fields such as engineering, economics, management, and operations research; Enhances existing architectures and develops innovative architectures for meta-heuristic music-inspired optimization algorithms in order to deal with complicated, real-world, large-scale, non-convex, non-smooth engineering optimization problems having a non-linear, mixed-integer nature with big data; Addresses innovative multi-level, techno-economic, real-world, large-scale, computational-logical frameworks for power systems operation and planning, and illustrates practical training on implementation of the frameworks using the meta-heuristic music-inspired optimization algorithms.
Category: Technology & Engineering

Energy Storage In Power Systems

Author : Francisco Díaz-González
ISBN : 9781118971307
Genre : Science
File Size : 70.73 MB
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Over the last century, energy storage systems (ESSs) have continued to evolve and adapt to changing energy requirements and technological advances. Energy Storage in Power Systems describes the essential principles needed to understand the role of ESSs in modern electrical power systems, highlighting their application for the grid integration of renewable-based generation. Key features: Defines the basis of electrical power systems, characterized by a high and increasing penetration of renewable-based generation. Describes the fundamentals, main characteristics and components of energy storage technologies, with an emphasis on electrical energy storage types. Contains real examples depicting the application of energy storage systems in the power system. Features case studies with and without solutions on modelling, simulation and optimization techniques. Although primarily targeted at researchers and senior graduate students, Energy Storage in Power Systems is also highly useful to scientists and engineers wanting to gain an introduction to the field of energy storage and more specifically its application to modern power systems.
Category: Science

Electrical Power Systems

Author : P. VENKATESH
ISBN : 9788120345386
Genre : Technology & Engineering
File Size : 84.16 MB
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This textbook introduces electrical engineering students to the most relevant concepts and techniques in three major areas today in power system engineering, namely analysis, security and deregulation. The book carefully integrates theory and practical applications. It emphasizes power flow analysis, details analysis problems in systems with fault conditions, and discusses transient stability problems as well. In addition, students can acquire software development skills in MATLAB and in the usage of state-of-the-art software tools such as Power World Simulator (PWS) and Siemens PSS/E. In any energy management/operations control centre, the knowledge of contingency analysis, state estimation and optimal power flow is of utmost importance. Part 2 of the book provides comprehensive coverage of these topics. The key issues in electricity deregulation and restructuring of power systems such as Transmission Pricing, Available Transfer Capability (ATC), and pricing methods in the context of Indian scenario are discussed in detail in Part 3 of the book. The book is interspersed with problems for a sound understanding of various aspects of power systems. The questions at the end of each chapter are provided to reinforce the knowledge of students as well as prepare them from the examination point of view. The book will be useful to both the undergraduate students of electrical engineering and postgraduate students of power engineering and power management in several courses such as Power System Analysis, Electricity Deregulation, Power System Security, Restructured Power Systems, as well as laboratory courses in Power System Simulation.
Category: Technology & Engineering

Power System Operations

Author : Antonio J. Conejo
ISBN : 9783319694078
Genre : Technology & Engineering
File Size : 37.46 MB
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This textbook provides a detailed description of operation problems in power systems, including power system modeling, power system steady-state operations, power system state estimation, and electricity markets. The book provides an appropriate blend of theoretical background and practical applications, which are developed as working algorithms, coded in Octave (or Matlab) and GAMS environments. This feature strengthens the usefulness of the book for both students and practitioners. Students will gain an insightful understanding of current power system operation problems in engineering, including: (i) the formulation of decision-making models, (ii) the familiarization with efficient solution algorithms for such models, and (iii) insights into these problems through the detailed analysis of numerous illustrative examples. The authors use a modern, “building-block” approach to solving complex problems, making the topic accessible to students with limited background in power systems. Solved examples are used to introduce new concepts and each chapter ends with a set of exercises.
Category: Technology & Engineering

Power Generation Operation And Control

Author : Allen J. Wood
ISBN : 9781118733912
Genre : Technology & Engineering
File Size : 31.72 MB
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A thoroughly revised new edition of the definitive work on power systems best practices In this eagerly awaited new edition, Power Generation, Operation, and Control continues to provide engineers and academics with a complete picture of the techniques used in modern power system operation. Long recognized as the standard reference in the field, the book has been thoroughly updated to reflect the enormous changes that have taken place in the electric power industry since the Second Edition was published seventeen years ago. With an emphasis on both the engineering and economic aspects of energy management, the Third Edition introduces central "terminal" characteristics for thermal and hydroelectric power generation systems, along with new optimization techniques for tackling real-world operating problems. Readers will find a range of algorithms and methods for performing integrated economic, network, and generating system analysis, as well as modern methods for power system analysis, operation, and control. Special features include: State-of-the-art topics such as market simulation, multiple market analysis, contract and market bidding, and other business topics Chapters on generation with limited energy supply, power flow control, power system security, and more An introduction to regulatory issues, renewable energy, and other evolving topics New worked examples and end-of-chapter problems A companion website with additional materials, including MATLAB programs and power system sample data sets
Category: Technology & Engineering

Handbook Of Power Systems Ii

Author : Steffen Rebennack
ISBN : 3642126863
Genre : Mathematics
File Size : 85.18 MB
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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.
Category: Mathematics

Electric Energy Systems

Author : Antonio Gomez-Exposito
ISBN : 9781351754491
Genre : Technology & Engineering
File Size : 40.34 MB
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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.
Category: Technology & Engineering

Artificial Higher Order Neural Networks For Economics And Business

Author : Zhang, Ming
ISBN : 9781599048987
Genre : Computers
File Size : 60.68 MB
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"This book is the first book to provide opportunities for millions working in economics, accounting, finance and other business areas education on HONNs, the ease of their usage, and directions on how to obtain more accurate application results. It provides significant, informative advancements in the subject and introduces the HONN group models and adaptive HONNs"--Provided by publisher.
Category: Computers

Electricity Market Reforms

Author : Lev S. Belyaev
ISBN : 1441956123
Genre : Political Science
File Size : 82.95 MB
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With the global demand for energy skyrocketing, over the past twenty years many countries have restructured their electric power industries, typically moving from a regulated monopoly to a competitive market structure. The results of these reforms vary significantly from country to country depending on the market organization model and national conditions. This book examines the restructuring in both developed and developing nations, with particular focus on the United States, Great Britain, China, and Russia, and addresses the problems arising from these transitions. The book also contains a comprehensive analysis of different electricity market models and their compatibility with the properties of electric power systems and country conditions. As the most thorough and up to date analysis of the theory and practical experience of electricity deregulation, this book is a must-read for academics, students and researchers with an interest in electric power industry restructuring. It also has direct relevance for engineers, regulators and other decision makers in companies and governmental agencies concerned with energy issues.
Category: Political Science