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

1 | |

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 |

495 | |

509 | |

CHAPTER 9 Ancillary Services Auction Market Design | 311 |

CHAPTER 10 Transmission Congestion Management and Pricing | 369 |

### Other editions - View all

Market Operations in Electric Power Systems: Forecasting, Scheduling, and ... Mohammad Shahidehpour,Hatim Yamin,Zuyi Li No preview available - 2003 |

Market Operations in Electric Power Systems: Forecasting, Scheduling, and ... Mohammad Shahidehpour,Hatim Yamin,Zuyi Li No preview available - 2002 |

### Common terms and phrases

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

### Popular passages

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