A new edition of the classic text explaining the fundamentals of competitive electricity markets—now 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 investments—discussing 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 edition’s 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 Updates end-of-chapter problems and accompanying solutions manual 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.
The Nash theorem states that such games always have at least one Nash equilibrium . An equilibrium of an exchange market will be defined to be a Nash equilibrium , a situation in which no player could do ...
It addresses topics widely treated in the literature, hence it is important to outline its distinctive features compared to other similar books. The book is well structured and well balanced." —Alfredo Vaccaro, University of Sannio, Italy
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.
Chris Harris has delivered some of the most interesting talks on the conference circuit for years and his enthusiasm for his subject material shines through in this book." —Dr Chris Strickland, Director, Lacima Group
Arranged in four parts, this book addresses both traditional regulatory frameworks and also liberalized and re-regulated environments.
This book covers the fundamentals of power systems—which are the pillars for smart grids —with a focus on defining the smart grid with theoretical and experimental electrical concepts.
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 ...
This is a comprehensive textbook for the new trend of distributed power generation systems and renewable energy sources in electric power systems.
Explains the economics of electricity at each step of the supply chain: production, transportation and distribution, and retail.
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.