Integrating Renewables in Electricity Markets

Operational Problems

Author: Juan M. Morales,Antonio J. Conejo,Henrik Madsen,Pierre Pinson,Marco Zugno

Publisher: Springer Science & Business Media

ISBN: 1461494117

Category: Business & Economics

Page: 429

View: 5366

This addition to the ISOR series addresses the analytics of the operations of electric energy systems with increasing penetration of stochastic renewable production facilities, such as wind- and solar-based generation units. As stochastic renewable production units become ubiquitous throughout electric energy systems, an increasing level of flexible backup provided by non-stochastic units and other system agents is needed if supply security and quality are to be maintained. Within the context above, this book provides up-to-date analytical tools to address challenging operational problems such as: • The modeling and forecasting of stochastic renewable power production. • The characterization of the impact of renewable production on market outcomes. • The clearing of electricity markets with high penetration of stochastic renewable units. • The development of mechanisms to counteract the variability and unpredictability of stochastic renewable units so that supply security is not at risk. • The trading of the electric energy produced by stochastic renewable producers. • The association of a number of electricity production facilities, stochastic and others, to increase their competitive edge in the electricity market. • The development of procedures to enable demand response and to facilitate the integration of stochastic renewable units. This book is written in a modular and tutorial manner and includes many illustrative examples to facilitate its comprehension. It is intended for advanced undergraduate and graduate students in the fields of electric energy systems, applied mathematics and economics. Practitioners in the electric energy sector will benefit as well from the concepts and techniques explained in this book.

Power System Optimization

Large-scale Complex Systems Approaches

Author: Haoyong Chen,Honwing Ngan,Yongjun Zhang

Publisher: John Wiley & Sons

ISBN: 1118724771

Category: Technology & Engineering

Page: 392

View: 6685

An original look from a microeconomic perspective for power system optimization and its application to electricity markets Presents a new and systematic viewpoint for power system optimization inspired by microeconomics and game theory A timely and important advanced reference with the fast growth of smart grids Professor Chen is a pioneer of applying experimental economics to the electricity market trading mechanism, and this work brings together the latest research A companion website is available Edit

Convex Optimization of Power Systems

Author: Joshua Adam Taylor

Publisher: Cambridge University Press

ISBN: 131624069X

Category: Mathematics

Page: N.A

View: 4652

Optimization is ubiquitous in power system engineering. Drawing on powerful, modern tools from convex optimization, this rigorous exposition introduces essential techniques for formulating linear, second-order cone, and semidefinite programming approximations to the canonical optimal power flow problem, which lies at the heart of many different power system optimizations. Convex models in each optimization class are then developed in parallel for a variety of practical applications like unit commitment, generation and transmission planning, and nodal pricing. Presenting classical approximations and modern convex relaxations side-by-side, and a selection of problems and worked examples, this is an invaluable resource for students and researchers from industry and academia in power systems, optimization, and control.


Author: Klaus Endrullat,Peter Epinatjeff,Dieter Petzold,Hubertus Protz

Publisher: Springer-Verlag

ISBN: 3662070278

Category: Technology & Engineering

Page: 468

View: 8825

Die rationelle Energieverwendung im Bereich wärmetechnischer Systeme hat im mittel europäischen Raum einen hohen Stellenwert, da bei der überwiegenden Anzahl der Haus halte und Gewerbebetriebe der Energieverbrauch zur Wärmeerzeugung den größten An teil am Gesamtenergieverbrauch hat. Das Ziel des vorliegenden Bandes ist es, dem Leser die Vorgehensweise 'zur Beurteilung wärmetechnischer Systeme und energiesparender Maßnahmen zu vermitteln. Schwerpunktmäßig werden die Heiz- und Raumlufttechnik im Umfeld des Menschen behandelt, während das Gebiet der Prozeßwärme für die indu strielle Anwendung aus Gründen des Umfanges nur ansatzweise erörtert werden konnte. Der Anspruch dieses Buches liegt auf einer Ebene, welche bewußt nicht die Einzellösung hervorhebt, da sich das Optimum eines Gesamtsystems noch längst nicht einstellen muß, wenn die Teilsysteme optimiert sind. Das Verständnis der Verzahntheit des vorliegenden Gebietes mit anderen Fachgebieten ist deshalb eine wesentliche Voraussetzung für ko ordinierte Maßnahmen zur rationellen Energieverwendung. Diesem Umstand wird durch zahlreiche qualitative Systembetrachtungen und Zahlenbeispiele Rechnung getragen. Im ersten Abschnitt werden die speziellen Grundlagen der Heiz- und Raumlufttechnik be handelt. Dazu zählen Kenntnisse über technische Funktionsabläufe und die Behaglich keitsanforderungen des Menschen, zu deren Aufrechterhaltung diese Anlagen gebaut werden. Anlagentechnische Maßnahmen zur Energieeinsparung müssen sich immer an der Erfüllung der Behaglichkeitsanforderungen messen lassen. Weiterhin gehört es auch zu einer wirkungsvollen Energieberatung, Maßnahmen an gebäudetechnischen Anlagen als Teilmaßnahme am Gesamtsystem Gebäude zu verstehen, weil durch den Umfang der Systemverbesserung (energetisch-ökonomisch) letztlich die Rangfolge der durchzuführen den Maßnahmen bestimmt wird.

The Economics of Electricity Markets

Author: Darryl R. Biggar,Mohammad Reza Hesamzadeh

Publisher: John Wiley & Sons

ISBN: 1118775724

Category: Science

Page: 432

View: 5574

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

Electricity Markets

Theories and Applications

Author: Jeremy Lin,Fernando H. Magnago

Publisher: John Wiley & Sons

ISBN: 1119179351

Category: Science

Page: 352

View: 7841

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.

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

Author: Fernando Lopes,Helder Coelho

Publisher: Springer

ISBN: 3319742639

Category: Technology & Engineering

Page: 325

View: 8953

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.

Power Generation, Operation, and Control

Author: Allen J. Wood,Bruce F. Wollenberg,Gerald B. Sheblé

Publisher: John Wiley & Sons

ISBN: 1118733916

Category: Technology & Engineering

Page: 656

View: 1345

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

Locational Marginal Pricing (LMP) in Electricity Markets

Author: Zuyi Li

Publisher: Wiley-IEEE Press

ISBN: 9781118359426

Category: Technology & Engineering

Page: 350

View: 1055

Presents a detailed and in-depth introduction to the economic and technical foundations of modern electricity markets operating with locational marginal price (LMP). Based on the author’s graduate-level course and written to fill the gap in the market for a book that not only describes the fundamentals of LMP but also the most up-to-date research. It analyses the planning and operation of an electricity markets cleared through locational marginal prices (LMPs). Microeconomic background is provided, also a number of decision-making models relevant for electricity market operations and for long-term planning. These models are related to the market operator and to the market agents. After an introduction to power system economics and market operations, the book covers the fundamentals in Microeconomics in Chapter Two. Power market architecture and the fundamentals of locational marginal price (LMP) are presented in detail next. Chapter Five discusses advanced models for LMP. Market power and bidding strategy is looked at in the middle of the book, then LMP in practices. The last chapter covers market-based integrated planning for generation and transmission. Presents a detailed and in-depth introduction to the economic and technical foundations of modern electricity markets operating with locational marginal price (LMP), the key to understanding today’s market operation Covers the important topics of transmissions and financial transmission rights (FTR), planning issues, and the relation to renewable sources Includes various illustrative examples and end-of-chapter problems for use as homework exercises Companion website holds a link to the author’s own page which includes further research in power markets and LMP, class projects, MATLAB code and an solutions manual Essential reading for Senior undergraduate students and graduate students in electrical power engineering, smart grid and renewable energy, as well as Professionals, practicing engineers and analysts in power utilities and independent system operators (ISO) who would like to understand how LMPs are calculated.


Author: N.A

Publisher: N.A


Category: Electric engineering

Page: N.A

View: 5369


Smart Grid

Communication-Enabled Intelligence for the Electric Power Grid

Author: Stephen F. Bush

Publisher: John Wiley & Sons

ISBN: 111882024X

Category: Technology & Engineering

Page: 576

View: 7686

This book bridges the divide between the fields of power systems engineering and computer communication through the new field of power system information theory. Written by an expert with vast experience in the field, this book explores the smart grid from generation to consumption, both as it is planned today and how it will evolve tomorrow. The book focuses upon what differentiates the smart grid from the "traditional" power grid as it has been known for the last century. Furthermore, the author provides the reader with a fundamental understanding of both power systems and communication networking. It shows the complexity and operational requirements of the evolving power grid, the so-called "smart grid," to the communication networking engineer; and similarly, it shows the complexity and operational requirements for communications to the power systems engineer. The book is divided into three parts. Part One discusses the basic operation of the electric power grid, covering fundamental knowledge that is assumed in Parts Two and Three. Part Two introduces communications and networking, which are critical enablers for the smart grid. It also considers how communication and networking will evolve as technology develops. This lays the foundation for Part Three, which utilizes communication within the power grid. Part Three draws heavily upon both the embedded intelligence within the power grid and current research, anticipating how and where computational intelligence will be implemented within the smart grid. Each part is divided into chapters and each chapter has a set of questions useful for exercising the readers' understanding of the material in that chapter. Key Features: Bridges the gap between power systems and communications experts Addresses the smart grid from generation to consumption, both as it is planned today and how it will likely evolve tomorrow Explores the smart grid from the perspective of traditional power systems as well as from communications Discusses power systems, communications, and machine learning that all define the smart grid It introduces the new field of power system information theory

Power System Restructuring and Deregulation

Trading, Performance and Information Technology

Author: Loi Lei Lai

Publisher: John Wiley & Sons

ISBN: 9780471495000

Category: Law

Page: 468

View: 6409

The restructuring and deregulation of the power utility industry is resulting in significant competitive, technological and regulatory changes. Independent power producers, power marketers and brokers have added a new and significant dimension to the task of maintaining a reliable electric system. Power System Restructuring and Deregulation provides comprehensive coverage of the technological advances, which have helped redesign the ways in which utility companies manage their business. With the aid of practical case studies, an international panel of contributors address the most up to date problems and their solutions in a cohesive manner, making this book indispensable to graduates and engineers in the power industry field. Presents state of the art techniques in power industry restructuring Includes applications of new technology in power industry deregulation Includes practical examples of changes in load forecasting techniques and methods International contributors offer a global perspective detailing power utility restructuring and deregulation from various countries

Market Operations in Electric Power Systems

Forecasting, Scheduling, and Risk Management

Author: Mohammad Shahidehpour,Hatim Yamin,Zuyi Li

Publisher: John Wiley & Sons

ISBN: 0471463949

Category: Technology & Engineering

Page: 552

View: 1353

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 Markets and Economics

Energy Costs, Trading, Emissions

Author: Barrie Murray

Publisher: John Wiley & Sons

ISBN: 9780470743010

Category: Business & Economics

Page: 324

View: 8298

It is now almost twenty years since liberalisation and the introduction of competition was proposed for electricity utilities. Some form of restructuring has been widely adopted around the world to suit local objectives. The industry now faces new challenges associated with global warming, rising prices and escalating energy demand from developing countries like China and India. The industry will have to cope with; managing emissions; managing variable energy sources like wind, dev eloping clean coal technology; accommodating distributed generation and new nuclear stations and managing the impact of these developments on the distribution and transmission networks. It is now necessary to consider how the various market structures that were adopted have performed and how they will address some of these new issues and what further changes might be necessary. This volume presents an all-inclusive analysis of the electricity market structures that have been adopted around the world and how they are performing. It provides an up-to-date analysis of the cost of competing technologies, the operation of energy and ancillary service markets and the impact of renewable sources and emission restrictions. It takes a forward look at likely future developments necessary to cope with the new emerging issues. Part One introduces industry infrastructure, analysing state utilities, the motives behind liberalisation and the resulting structures. Part Two considers generation costs, including renewable generation costs, and investigates the cost of restricting emissions as well as transmission and distribution costs. Part Three discusses market operation, describing how costs affect the organisation of power generation. It covers trading arrangements, ancillary services, international trading and investment. Part Four looks to future markets and technological developments that will shape the industry through the next twenty years. This includes the appraisal of investment opportunities for global power companies and implications for market performance. Written by an internationally renowned consultant engineer, this book is full of expert insight and balances fundamental methodology and academic theory with practical information and diverse worked examples. This is an excellent reference on the topic for power system engineers, regulators, banks, investors, and government energy agencies. With its many worked examples, it is also a brilliant tutorial accessible for postgraduates and senior undergraduates in electrical and power engineering.

Restructured Electric Power Systems

Analysis of Electricity Markets with Equilibrium Models

Author: Xiao-Ping Zhang

Publisher: John Wiley & Sons

ISBN: 9781118017074

Category: Technology & Engineering

Page: 307

View: 7574

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.

Power Grid Operation in a Market Environment

Economic Efficiency and Risk Mitigation

Author: Hong Chen

Publisher: John Wiley & Sons

ISBN: 1118984544

Category: Science

Page: 288

View: 3685

"This book examines both system operation and market operation perspectives, focusing on the interaction between the two. It incorporates up-to-date field experiences, presents challenges, and summarizes the latest theoretical advancements. The book id divided into four parts. The first part deals with the fundamentals of integrated system and market operations, including market power mitigation, market efficiency evaluation, and the implications of operation practices in electricity markets. The second part discusses developing technologies to strengthen the use of the grid in electricity markets. System volatility and economic impact introduced by the intermittency of wind and solar generation are also addressed. The third part focuses on stochastic applications, exploring new approaches of handling uncertainty in Security Constrained Unit Commitment (SCUC), as well as the reserves needed for power system operation. The fourth part presents ongoing efforts of utilizing transmission facilities to improve market efficiency, via transmission topology control, transmission switching, transmission outage scheduling, and advanced transmission technologies. [...]" (source : 4ème de couverture).

Electricity markets

investment, performance, and analysis

Author: Barrie Murray

Publisher: John Wiley & Sons Inc

ISBN: 9780471985075

Category: Business & Economics

Page: 276

View: 2752

The impact of deregulation on the theory and practice of investment appraisal is addressed in this comprehensive treatment of the restructuring of the electricity supply industry. Demonstrating that the classical approach to generation investment appraisal is no longer valid, a new approach is developed using three economic models to represent differing market conditions. Highlighting the impact on the organisation of the utilities and their suppliers, Electricity Markets offers essential advice for survival in the deregulated environment worldwide. Features include: * Examination of the alternative market structures and their mechanisms * Methods for investment appraisal and market simulation to support the assessment of market strategies by generators, distributors and suppliers * Use of game theory to predict market behaviour and competitive interaction * Coverage of the analytical and technical aspects of grid deregulation plus a look ahead to the long term productivity and structure of the industry * Discussion of the regulatory framework and its limitations in improving efficiency and encouraging optimum levels of investment This timely book will enlighten a broad audience ranging from utility managers and suppliers involved in deregulation to consultants and academics concerned with managing change.

Smart Data Pricing

Author: Soumya Sen,Carlee Joe-Wong,Sangtae Ha,Mung Chiang

Publisher: John Wiley & Sons

ISBN: 1118899334

Category: Technology & Engineering

Page: 536

View: 3439

A comprehensive text addressing the high demand for network, cloud, and content services through cutting-edge research on data pricing and business strategies Smart Data Pricing tackles the timely issue of surging demand for network, cloud, and content services and corresponding innovations in pricing these services to benefit consumers, operators, and content providers. The pricing of data traffic and other services is central to the core challenges of network monetization, growth sustainability, and bridging the digital divide. In this book, experts from both academia and industry discuss all aspects of smart data pricing research and development, including economic analyses, system development, user behavior evaluation, and business strategies. Smart Data Pricing: • Presents the analysis of leading researchers from industry and academia surrounding the pricing of network services and content. • Discusses current trends in mobile and wired data usage and their economic implications for content providers, network operators, end users, government regulators, and other players in the Internet ecosystem. • Includes new concepts and background technical knowledge that will help researchers and managers effectively monetize their networks and improve user quality-of-experience. • Provides cutting-edge research on business strategies and initiatives through a diverse collection of perspectives. • Combines academic and industry expertise from multiple disciplines and business organizations. The ideas and background of the technologies and economic principles discussed within these chapters are of real value to practitioners, researchers, and managers in identifying trends and deploying new pricing and network management technologies, and will help support managers in identifying new business directions and innovating solutions to challenging business problems.

Modelling Prices in Competitive Electricity Markets

Author: Derek W Bunn,Derek W. Bunn

Publisher: John Wiley & Sons Incorporated


Category: Business & Economics

Page: 337

View: 8859

Electricity markets are structurally different to othercommodities, and the real-time dynamic balancing of the electricitynetwork involves many external factors. Because of this, it is nota simple matter to transfer conventional models of financial timeseries analysis to wholesale electricity prices. The rationale for this compilation of chapters frominternational authors is, therefore, to provide econometricanalysis of wholesale power markets around the world, to givegreater understanding of their particular characteristics, and toassess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the bookan invaluable guide to the most important state-of-the-artmodelling techniques which are converging to define the specialapproaches necessary for unravelling and forecasting the behaviourof electricity prices. It is a high-quality synthesis of the workof financial engineering, industrial economics and power systemsanalysis, as they relate to the behaviour of competitiveelectricity markets.