Market Operations in Electric Power Systems: Forecasting, Scheduling, and Risk ManagementISBN: 978-0-471-44337-7
552 pages
April 2002, Wiley-IEEE Press
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Description
An essential overview of post-deregulation market operations inelectrical power systems
Until recently the U.S. electricity industry was dominated byvertically integrated utilities. It is now evolving into adistributive and competitive market driven by market forces andincreased competition. With electricity amounting to a $200 billionper year market in the United States, the implications of thisrestructuring will naturally affect the rest of the world.
Why is restructuring necessary? What are the components ofrestructuring? How is the new structure different from the oldmonopoly? How are the participants strategizing their options tomaximize their revenues? What are the market risks and how are theyevaluated? How are interchange transactions analyzed and approved?Starting with a background sketch of the industry, this hands-onreference provides insights into the new trends in power systemsoperation and control, and highlights advanced issues in thefield.
Written for both technical and nontechnical professionals involvedin power engineering, finance, and marketing, this must-haveresource discusses:
* Market structure and operation of electric power systems
* Load and price forecasting and arbitrage
* Price-based unit commitment and security constrained unitcommitment
* 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 professorsand students, and other professionals in the industry acomprehensive review of electricity restructuring and how itsradical effects will shape the market.
Until recently the U.S. electricity industry was dominated byvertically integrated utilities. It is now evolving into adistributive and competitive market driven by market forces andincreased competition. With electricity amounting to a $200 billionper year market in the United States, the implications of thisrestructuring will naturally affect the rest of the world.
Why is restructuring necessary? What are the components ofrestructuring? How is the new structure different from the oldmonopoly? How are the participants strategizing their options tomaximize their revenues? What are the market risks and how are theyevaluated? How are interchange transactions analyzed and approved?Starting with a background sketch of the industry, this hands-onreference provides insights into the new trends in power systemsoperation and control, and highlights advanced issues in thefield.
Written for both technical and nontechnical professionals involvedin power engineering, finance, and marketing, this must-haveresource discusses:
* Market structure and operation of electric power systems
* Load and price forecasting and arbitrage
* Price-based unit commitment and security constrained unitcommitment
* 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 professorsand students, and other professionals in the industry acomprehensive review of electricity restructuring and how itsradical effects will shape the market.
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Table of Contents
Preface.
Chapter 1: Market Overview in Electric Power Systems.
Chapter 2: Short-Term Load Forecasting.
Chapter 3: Electricity Price Forecasting.
Chapter 4: Price-Based 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: Security-Constrained Unit Commitment.
Chapter 9: Ancillary Services Auction Market Design.
Chapter 10: Transmission Congestion Management and Pricing.
Appendix A: List of Symbols.
Appendix B: Mathematical Derivation.
Appendix C: RTS Load Data.
Appendix D: Example Systems Data.
Appendix E: Game Theory Concepts.
Appendix F: Congestion Charges Calculation.
References.
Index.
Chapter 1: Market Overview in Electric Power Systems.
Chapter 2: Short-Term Load Forecasting.
Chapter 3: Electricity Price Forecasting.
Chapter 4: Price-Based 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: Security-Constrained Unit Commitment.
Chapter 9: Ancillary Services Auction Market Design.
Chapter 10: Transmission Congestion Management and Pricing.
Appendix A: List of Symbols.
Appendix B: Mathematical Derivation.
Appendix C: RTS Load Data.
Appendix D: Example Systems Data.
Appendix E: Game Theory Concepts.
Appendix F: Congestion Charges Calculation.
References.
Index.
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Author Information
MOHAMMAD SHAHIDEHPOUR is Professor of Electrical and ComputerEngineering at the Illinois Institute of Technology. He is a Fellowof the IEEE and has served as a consultant for major energycompanies during the last twenty years.
HATIM YAMIN, PhD, is with ABB Energy Information Systems, a globalunit of the energy industry worldwide, and has served as a facultymember in the Power Engineering Department at Yarmouk University inJordan.
ZUYI LI, PhD, is with Global Energy Market Solutions, Inc. and hasbeen affiliated with the Electric Power and Power ElectronicsCenter at the Illinois Institute of Technology.
HATIM YAMIN, PhD, is with ABB Energy Information Systems, a globalunit of the energy industry worldwide, and has served as a facultymember in the Power Engineering Department at Yarmouk University inJordan.
ZUYI LI, PhD, is with Global Energy Market Solutions, Inc. and hasbeen affiliated with the Electric Power and Power ElectronicsCenter at the Illinois Institute of Technology.
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