Market Operations in Electric Power Systems: Forecasting, Scheduling, and Risk Management

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John Wiley & Sons, Jun 11, 2003 - Technology & Engineering - 552 pages
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An essential overview of post-deregulation market operations in electrical power systems

Until recently the U.S. electricity industry was dominated by vertically integrated utilities. It is now evolving into a distributive and competitive market driven by market forces and increased competition. With electricity amounting to a $200 billion per year market in the United States, the implications of this restructuring will naturally affect the rest of the world.

Why is restructuring necessary? What are the components of restructuring? How is the new structure different from the old monopoly? How are the participants strategizing their options to maximize their revenues? What are the market risks and how are they evaluated? How are interchange transactions analyzed and approved? Starting with a background sketch of the industry, this hands-on reference provides insights into the new trends in power systems operation and control, and highlights advanced issues in the field.

Written for both technical and nontechnical professionals involved in power engineering, finance, and marketing, this must-have resource discusses:
* Market structure and operation of electric power systems
* Load and price forecasting and arbitrage
* Price-based unit commitment and security constrained unit commitment
* 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 professors and students, and other professionals in the industry a comprehensive review of electricity restructuring and how its radical effects will shape the market.
 

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Contents

CHAPTER 1 Market Overview in Electric Power Systems
1
CHAPTER 2 ShortTerm Load Forecasting
21
CHAPTER 3 Electricity Price Forecasting
57
CHAPTER 4 PriceBased Unit Commitment
115
CHAPTER 5 Arbitrage in Electricity Markets
161
CHAPTER 6 Market Power Analysis Based on Game Theory
191
CHAPTER 7 Generation Asset Valuation and Risk Analysis
233
CHAPTER 8 SecurityConstrained Unit Commitment
275
APPENDIX A List of Symbols
455
APPENDIX B Mathematical Derivation
461
APPENDIX C RTS Load Data
467
APPENDIX D Example Systems Data
469
APPENDIX E Game Theory Concepts
483
APPENDIX F Congestion Charges Calculation
489
References
495
Index
509

CHAPTER 9 Ancillary Services Auction Market Design
311
CHAPTER 10 Transmission Congestion Management and Pricing
369

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Popular passages

Page 503 - Evaluation of alternatives for power system coordination and pooling in a competitive environment', IEEE Transactions on Power Systems, Vol.l2, 1997, pp.605-613.
Page 505 - RT Jenkins, RA Babb and WD Bayless, "Production Costing Using the Cumulant Method of Representing the Equivalent Load Curve," IEEE Transactions on Power Apparatus and Systems.
Page 499 - HANDBOOK OF SEMI-DEFINITE PROGRAMMING: Theory, Algorithms, and Applications Hobbs, BF & Meier, P./ ENERGY DECISIONS AND THE ENVIRONMENT: A Guide to the Use of Multicriteria Methods...
Page 501 - Games and Decisions: Introduction and Critical Survey (John Wiley & Sons, New York, NY, 509 pp., 1957) 89.
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Page 495 - An intelligent forecasting system of stock price using neural networks,
Page 498 - Haurie, A., Loulou, R., and Savard, G., 1992, "A Two-Player Game Model of Power Cogeneration in New England," IEEE Transactions on Automatic Control, Vol.

About the author (2003)

MOHAMMAD SHAHIDEHPOUR is Professor of Electrical and Computer Engineering at the Illinois Institute of Technology. He is a Fellow of the IEEE and has served as a consultant for major energy companies during the last twenty years.

HATIM YAMIN, PhD, is with ABB Energy Information Systems, a global unit of the energy industry worldwide, and has served as a faculty member in the Power Engineering Department at Yarmouk University in Jordan.

ZUYI LI, PhD, is with Global Energy Market Solutions, Inc. and has been affiliated with the Electric Power and Power Electronics Center at the Illinois Institute of Technology.

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