Market Operations in Electric Power Systems: Forecasting, Scheduling, and Risk Management
John Wiley & Sons, May 28, 2003 - Technology & Engineering - 552 pages
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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CHAPTER 3 Electricity Price Forecasting
CHAPTER 4 PriceBased Unit Commitment
CHAPTER 5 Arbitrage in Electricity Markets
CHAPTER 6 Market Power Analysis Based on Game Theory
CHAPTER 7 Generation Asset Valuation and Risk Analysis
CHAPTER 8 SecurityConstrained Unit Commitment
CHAPTER 9 Ancillary Services Auction Market Design
CHAPTER 10 Transmission Congestion Management and Pricing
Other editions - View all
Market Operations in Electric Power Systems: Forecasting, Scheduling, and ...
Mohammad Shahidehpour,Hatim Yamin,Zuyi Li
No preview available - 2003
allocate Alt1 ancillary services auction arbitrage bidding price bidding strategy bilateral contracts buses calculated congestion charges consider corresponding curve dispatch distribution of price economic dispatch electricity market electricity price energy bid energy market example expected value factors forecasted price fuel constraints function GENCO hour impact input Lagrangian Lagrangian multiplier layer line flows line limit load forecasting loading level MAPE marginal cost marginal pricing market participants maximum MBtu minimize Nash equilibrium neurons non-spinning reserve operation optimal outages participant’s payoff PBUC power flow power market power system price difference price forecast level Price MWh probability distribution profit purchase ramp rate rational buyer auction reactive power real-time regulation schedule SCUC shown in Table simulation solution spark spread spinning reserve spot market price spot price subproblem temperature transaction transmission congestion unit commitment utility valuation vector voltage zone
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