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Electric Power Planning for Regulated and Deregulated Markets

ISBN: 978-0-470-11882-5
313 pages
April 2007, Wiley-IEEE Press
Electric Power Planning for Regulated and Deregulated Markets (0470118822) cover image


As the industry environment transforms from a completely regulated setting to a broader, deregulated marketplace, new market participants must understand planning and operations of power systems to effectively participate in markets.  This industry overview provides a description of utility operations and traditional planning, and then explains asset management, investment analysis, and risk management within the context of a market environment. Written to provide a broad, working knowledge of the industry, Electric Power Planning for Regulated and Deregulated Markets:
  • Includes descriptions of generation and transmission network equipment
  • Provides an overview of the regulatory framework, system design and systems operations for ensuring reliable delivery of power
  • Presents system planning across different time horizons with the objective of minimizing power production costs
  • Explains the principles and architecture of a market environment coupling operational imperatives with financial transactions
  • Addresses  approaches of various participants, including power producers, retailers, and integrated energy companies toward bidding in day ahead markets, managing risks in forward markets, portfolio development and investment analysis
  • Provides numerous examples addressing cost minimization, price forecasting, contract valuation, portfolio risk measurement and others 
  • Examines past news events and explains what went wrong at Three Mile Island, the Northeast blackout of 2003, and the California energy crisis

This is an ideal reference for professionals in the public and private power service sectors such as engineers, lawyers, systems specialists, economists, financial analysts, policy analysts, and applied mathematicians.

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Table of Contents



Figure Citations.

About the Author.

1. Overview.

1.1 The Power Delivery Chain in a Vertically Integrated Utility.

1.2 The Power Delivery Chain in a Market Environment.

2. Energy, Load, and Generation Technologies.

2.1 Energy, Power, and their Measurements.

2.2 Load.

2.3 Generation Technologies.

3. The Grid.

3.1 Fundamentals: Load, Generation, and Alternating Current.

3.2 Grid Equipment.

3.3 Grid Reliability and Contingency Requirements.

3.4 Grid Confi guration.

3.5 Grid Operations.

3.6 Blackout August 14, 2003.

4. Short-Term Utility Planning.

4.1 Planning and Execution of Dispatch: Day-Ahead Planning Through Real-Time Delivery.

4.2 Day-Ahead Demand Forecasting: Load and Ancillary Service Requirements.

4.3 Least-Cost Dispatch in a Single Control Area: A Simple Model.

4.4 A Solution Using Profi t Maximization.

4.5 Least-Cost Dispatch in a Single Control Area with Operating Constraints.

4.6 Least-Cost Dispatch in a Single Node with Spinning Reserve and Regulation.

4.7 Least-Cost Dispatch in a Network.

4.8 Real Time.

5. Long-Term Utility Planning.

5.1 Project Development.

5.2 The Planning Process.

5.3 Long-Term Load Forecasting.

5.4 A Simplifi ed Look at Generation Capacity Additions.

5.5 Generation Additions and Retirements Within a Single Control Area.

5.6 Generation Additions and Retirements with Transmission to a Single Control Area.

5.7 Generation Additions and Retirements and Transmission Additions Within a Network.

5.8 Reserve Reuqirements.

6. Midterm Utility Planning.

6.1 Informational Requirements.

6.2 Formulation of the Optimization Problem.

7. A Market Environment.

7.1 Principles and Architecture.

7.2 Short-Term Market Design: Day-Ahead Scheduling Through Real-Time Delivery.

7.3 Long-Term Market Design: No Clear Solutions.

7.4 Midterm Market Design.

8. Asset Management in Short-Term Markets.

8.1 Retailers.

8.2 Power Producers.

8.3 Integrated Energy Companies.

9. Investment Analysis: Long-Term Planning in a Market Environment.

9.1 Investment Setting in Utility and Market Environments.

9.2 Project Analysis for a Merchant Plant.

9.3 Power Purchase Agreements (Long-Term Contracts).

10. Risk Management in the Midterm Markets.

10.1 Retailer Risk.

10.2 Power Producer Risk.

10.3 A Quick Risk Primer in Statistics for Risk Management.

10.4 Risk Management in Midterm Markets: Retailers.

10.5 Risk Management in Midterm Markets: Power Producers.

10.6 Risk Management in Midterm Markets: Integrated Electricity Suppliers.

11. The California Experience.

11.1 Market Fundamentals.

11.2 Short-Term Market Structure: The CALPX, CAISO, and Other Market Participants.

11.3 Fatboy, Get Shorty, Ricochet, and Death Star.

11.4 Market Contrast: PJM and California.



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Author Information

Arthur Mazer, PhD, MBA, is Manager of Forward Transactions Planning at Southern California Edison, where he oversees the risk assessment of SCE's power, gas, and customer portfolio, as well as valuation and selection of power and gas contracts. He previously held positions at Electrabel, Progress Energy, and Entergy Power Marketing Corp. Additionally, he was visiting assistant professor at Utah State University and a lecturer at Singapore Polytechnic, both in the Department of Mathematics.
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"…'an ideal reference for professionals and private service sectors.' Thus it is for power industry professionals." (CHOICE, September 2007)

"...a comprehensive book by an insider..." (Electrical Apparatus, July 2007)

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