With major structural changes will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting occuring in the electric power industry, many long-standing ways of operation increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.

The Smart Grid has the potential to revolutionize electricity delivery systems, and the security of its infrastructure is a vital concern not only for cyber-security practitioners, engineers, policy makers, and utility executives, but also for the media and consumers. Smart Grid Security: An End-to-End View of Security in the New Electrical Grid explores the important techniques, challenges, and forces that will shape how we achieve a secure twenty-first century electric grid. Includes a Foreword by Michael Assante, President and CEO, National Board of Information Security ExaminersFollowing an overview of the components of the Smart Grid, the book delves into the evolution of security standards and regulations and examines ways in which the Smart Grid might be regulated. The authors discuss the technical details about how metering technology is being implemented and the likely threats and vulnerabilities that utilities will face. They address the home area network (HAN) and examine distribution and transmission-the foundation for the delivery of electricity, along with distributed generation, micro-grids, and operations. The book explores future concepts-such as energy storage and the use of plug-in electric vehicles (PEVs)-in addition to the concomitant risk for fraud and manipulation with stored energy. Consumer-related issues are discussed as they pertain to emerging ways of receiving and generating energy. The book examines dysfunctions ranging from inadvertent outages to cyber-attack and presents recommendations on how to respond to these incidents. It concludes with speculation of future cyber-security challenges and discusses new ways that the grid can be defended, such as better key management and protection. Written in a style rigorous enough for the practitioner yet accessible to a broad audience, this comprehensive volume covers a topic that is becoming more critical to industry and consumers everywhere.

Over the past 50 years the US economy has experienced economic dynamism and technological change at a dizzying pace, driven substantially by innovation in digital communication technology. This dynamism has had limited effects in the electricity industry, and institutional change within the industry to adapt to these changes has been variable. Many states in the U.S. do not participate in open wholesale markets, and even more states have either no retail markets or have implemented such a restricted and politicized version of retail markets that potential retail market entrants still face substantial entry barriers. This book explores institutional design and regulatory policies in the US electricity industry that can adapt to unknown and changing conditions produced by economic, social, and technological change. Whereas the dominant regulatory paradigm has traditionally been centralized economic and physical control based on natural monopoly theory and power systems engineering, the ideas presented and synthesized by Kiesling compose a different paradigm - decentralized economic and physical coordination through contracts, transactions, price signals, and integrated intertemporal wholesale and retail markets. Digital communication technology, and its increasing pervasiveness and affordability, make this decentralized coordination possible. Kiesling argues that with decentralized coordination, distributed agents themselves control part of the system, and in aggregate their actions produce order. Technology makes this order feasible, but the institutions, the rules governing the interaction of agents in the system, contribute substantially to whether or not order can emerge from this decentralized coordination process.

Stability of the electricity industry is crucial for economic growth of all nations. Sustainable economic growth cannot be accomplished without secured energy supply. The book underlines how management of the electricity industry should be conducted and the efficient form of electricity market structure. The book also studies the electricity industry in Korea which has been a strongly supportive and vital factor in the economic development of Korea for the last few decades. The book focuses on the three market players of the electricity market and they are the suppliers, consumers and the government-related organizations. It includes detailed information on generation and finances at the generator level and analyzes the efficiency differences among generators, plants and business units by using different performance measurement methods. It identifies and analyzes different production factors' effectiveness and relationships in generation. The comprehensive analysis helps to provide explanations in the differences in the performance of the studied units. The book also discusses the implications of the findings for future resource allocation and how we can further enhance the efficiency of the industry. The book will appeal to those interested in energy and energy policies, as well as researchers and practitioners in the economic development and electricity and utilities industry.

Effective policy is vital for creating greener economies, new jobs and industries, for securing energy supplies and for protecting the climate and environment. As renewable energy is fundamental to achieving all of these objectives, it too needs the best possible policy to drive it. Feed-in tariffs have proven to deliver the fastest, most cost-effective and inclusive deployment, by allowing anyone to sell renewable energy into the grid and get a long term, guaranteed return for it. This book, from authors who have spent years working on feed-in tariff design and advocacy, provides a broad and detailed resource on feed-in tariffs and other renewable energy support schemes. It shares many lessons on good and bad design and implementation, as well as discussing the challenges faced by policy, and renewable energy in general. Powering the Green Economy: - Situates renewable energy and feed-in tariffs within the context of the global moves towards a green economy - Provides an introduction to feed-in tariffs and brings developments in key countries around the world up to date - Investigates effective design for developed and emerging economies - Explores technical, social and political issues - Analyses other support schemes - Describes the barriers to renewable energy - Presents a blueprint for campaigning successfully for feed-in tariffs Written in a clear, practical style, this is a must-read for policymakers, businesses, investors, campaigners, academics, community groups and anyone concerned with creating successful and sustainable energy policy.

Effective policy is vital for creating greener economies, new jobs and industries, for securing energy supplies and for protecting the climate and environment. As renewable energy is fundamental to achieving all of these objectives, it too needs the best possible policy to drive it. Feed-in tariffs have proven to deliver the fastest, most cost-effective and inclusive deployment, by allowing anyone to sell renewable energy into the grid and get a long term, guaranteed return for it. This book, from authors who have spent years working on feed-in tariff design and advocacy, provides a broad and detailed resource on feed-in tariffs and other renewable energy support schemes. It shares many lessons on good and bad design and implementation, as well as discussing the challenges faced by policy, and renewable energy in general. Powering the Green Economy: - Situates renewable energy and feed-in tariffs within the context of the global moves towards a green economy - Provides an introduction to feed-in tariffs and brings developments in key countries around the world up to date - Investigates effective design for developed and emerging economies - Explores technical, social and political issues - Analyses other support schemes - Describes the barriers to renewable energy - Presents a blueprint for campaigning successfully for feed-in tariffs Written in a clear, practical style, this is a must-read for policymakers, businesses, investors, campaigners, academics, community groups and anyone concerned with creating successful and sustainable energy policy.

A practical, accessible introduction to the evolving electric power industry

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 other challenges

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 privatepower service sectors, including engineers, lawyers, systems specialists, economists, financial analysts, policy analysts, and applied mathematicians.

Over the past 50 years the US economy has experienced economic dynamism and technological change at a dizzying pace, driven substantially by innovation in digital communication technology. This dynamism has had limited effects in the electricity industry, and institutional change within the industry to adapt to these changes has been variable. Many states in the U.S. do not participate in open wholesale markets, and even more states have either no retail markets or have implemented such a restricted and politicized version of retail markets that potential retail market entrants still face substantial entry barriers. This book explores institutional design and regulatory policies in the US electricity industry that can adapt to unknown and changing conditions produced by economic, social, and technological change. Whereas the dominant regulatory paradigm has traditionally been centralized economic and physical control based on natural monopoly theory and power systems engineering, the ideas presented and synthesized by Kiesling compose a different paradigm - decentralized economic and physical coordination through contracts, transactions, price signals, and integrated intertemporal wholesale and retail markets. Digital communication technology, and its increasing pervasiveness and affordability, make this decentralized coordination possible. Kiesling argues that with decentralized coordination, distributed agents themselves control part of the system, and in aggregate their actions produce order. Technology makes this order feasible, but the institutions, the rules governing the interaction of agents in the system, contribute substantially to whether or not order can emerge from this decentralized coordination process.

The markets for electricity, gas and temperature have distinctive features, which provide the focus for countless studies. For instance, electricity and gas prices may soar several magnitudes above their normal levels within a short time due to imbalances in supply and demand, yielding what is known as spikes in the spot prices. The markets are also largely influenced by seasons, since power demand for heating and cooling varies over the year. The incompleteness of the markets, due to nonstorability of electricity and temperature as well as limited storage capacity of gas, makes spot-forward hedging impossible. Moreover, futures contracts are typically settled over a time period rather than at a fixed date. All these aspects of the markets create new challenges when analyzing price dynamics of spot, futures and other derivatives.This book provides a concise and rigorous treatment on the stochastic modeling of energy markets. Ornstein-Uhlenbeck processes are described as the basic modeling tool for spot price dynamics, where innovations are driven by time-inhomogeneous jump processes. Temperature futures are studied based on a continuous higher-order autoregressive model for the temperature dynamics. The theory presented here pays special attention to the seasonality of volatility and the Samuelson effect. Empirical studies using data from electricity, temperature and gas markets are given to link theory to practice.

Douglas F. Barnes and his team of development experts provide an essential guide that can help improve the quality of life of the estimated 1.3 billion rural people in the world who are without electricity.

The difficulties in bringing electricity to rural areas are formidable: Low population densities result in high capital and operating costs. Consumers are often poor and their electricity consumption is low. Politicians interfere with the planning and operations of programs, insisting on favored constituents. Yet, as Barnes and his contributors demonstrate, many countries have overcome these obstacles. The Challenge of Rural Electrification provides lessons from successful programs in Bangladesh, Chile, China, Costa Rica, Mexico, the Philippines, Thailand, and Tunisia, as well as Ireland and the United States. These insights are presented in a format that is accessible to a broad range of policy makers, development professionals, and community advocates.

Barnes and his contributors do not provide a single formula for bringing electricity to rural areas. They do not recommend a specific set of institutional arrangements for the participation of public sector companies, cooperatives, and private firms. They argue instead that successful programs follow a flexible but still well-defined set of principles: a financially viable plan that clearly accounts for any subsidies; a cooperative relationship between electricity providers and local communities; and an operational separation from day-to-day government and politics.

- Describes the design and use of a particular management model for electricity services in isolated rural communities This book describes an innovative model for the organization of electricity services, developed and tested by Practical Action as part of its research and development into access to electricity services in remote rural areas and the sustainability of these services. This small enterprise model was designed with the clear objective of ensuring efficient financial and technical management to take into account the social and economic environment, and to encourage the committed participation of the community. The concept of private management is introduced, where a micro-enterprise is responsible for the running of the system and receives payment in exchange for the management of the service. To date, the model has been piloted in five small hydroelectric plants in the north of Peru, with very positive results. It is proposed that this model could also be used successfully in other energy-generating systems (diesel, solar, wind-powered) with only minor changes. This book will be of interest to all stakeholders in rural electrification: rural electrification organizations at government and private level, researchers on sustainable energy, implementers of rural energy schemes, policy makers, and also students and teachers of courses related to rural energy.

Power distribution and quality remain the key challenges facing the electric utilities industry. Choosing the right equipment and architecture for a given application means the difference between success and failure. Comprising chapters carefully selected from the best-selling Electric Power Distribution Handbook, Electric Power Distribution Equipment and Systems provides an economical, sharply focused reference on the technologies and infrastructures that enable reliable, efficient distribution of power, from traversing vast distances to local power delivery. The book works inward from broad coverage of overall power systems all the way down to specific equipment application. It begins by laying a foundation in the fundamentals of distribution systems, explaining configurations, substations, loads, and differences between European and US systems. It also includes a look at the development of the field as well as future problems and challenges to overcome. Building on this groundwork, the author elaborates on both overhead and underground distribution networks, including the underlying concepts and practical issues associated with each. Probing deeper into the system, individual chapters explore transformers, voltage regulation, and capacitor application in detail, from basic principles to operational considerations. With clear explanations and detailed information, Electric Power Distribution Equipment and Systems gathers critical concepts, technologies, and applications into a single source that is ideally suited for immediate implementation.

Power for the People examines the tension between the social and political interests of states and the market in the case of energy policy. The author has conducted extensive research on California's experience with electricity restructuring, and assesses how the diverging interests of the market vs. the state resulted in that notable failure of energy deregulation. She includes overviews of many other states, and offers analysis on how states can balance their own interests with the market without imposing high costs on their citizens or the environment. This is the first book to look at deregulation from the point of view of the consumer and the states. Exceptionally clear, balanced, and well-written, it is essential reading for anyone interested in public policy, energy studies, and government deregulation of services, and would also be an ideal supplement for any courses in these areas.

Today’s need-to-know optimization techniques, at your fingertips

The use of optimization methods is familiar territory to academicians and researchers. Yet, in today’s world of deregulated electricity markets, it’s just as important for electric power professionals to have a solid grasp of these increasingly relied upon techniques.

Making those techniques readily accessible is the hallmark of Optimization Principles: Practical Applications to the Operation and Markets of the Electric Power Industry.

With deregulation, market rules and economic principles dictate that commodities be priced at the marginal value of their production. As a result, it’s necessary to work with ever-more-sophisticated algorithms using optimization techniques–either for the optimal dispatch of the system itself, or for pricing commodities and the settlement of markets. Succeeding in this new environment takes a good understanding of methods that involve linear and nonlinear optimization, including optimal power flow, locational marginal prices for energy, and the auction of hedging instruments.

In its comprehensive, skill-building overview of optimization techniques, Optimization Principles puts you on the same footing with algorithm-savvy software developers. Starting with a helpful look at matrix algebra fundamentals, this just-in-time reference covers:

• Deregulated electricity markets: terminology and acronyms
• Solution of equations, inequalities, and linear programs
• Unconstrained and constrained nonlinear optimization
• Applications to practical problems addressing system dispatch, market design, and material procurement
• And related topics

As an aid to the uninitiated, appendices provide a brief description of basic principles of electricity, and the development of network equations.

Optimization Principles allows you to learn optimization methods at your own pace using Microsoft Excel or MATLAB software, and it includes an FTP web site with downloadable Excel spreadsheets and problems. After mastering these practical applications, you can then refer to chapters that highlight the theoretical background of the algorithms and resulting solutions. The book also includes a Web site with downloadable files of all example problems and solved problems.

Ideal for engineers, other electric power professionals, and advanced engineering students, Optimization Principles demystifies the electric power industry under deregulation–and delivers a complete, learn-as-you-go tutorial of optimization techniques that no other resource can match.

Power for the People examines the tension between the social and political interests of states and the market in the case of energy policy. The author has conducted extensive research on California's experience with electricity restructuring, and assesses how the diverging interests of the market vs. the state resulted in that notable failure of energy deregulation. She includes overviews of many other states, and offers analysis on how states can balance their own interests with the market without imposing high costs on their citizens or the environment. This is the first book to look at deregulation from the point of view of the consumer and the states. Exceptionally clear, balanced, and well-written, it is essential reading for anyone interested in public policy, energy studies, and government deregulation of services, and would also be an ideal supplement for any courses in these areas.

This book addresses the fundamental issues underlying the debate over electric power regulation and deregulation. After decades of the presumption that the electric power industry was a natural monopoly, recent times have seen a trend of deregulation followed by panicked re-regulation. This important book critically analyses this controversial area from a legal and economic perspective.

Originally published in 1979, this study develops a model that explains the rate of adoption of an innovation in an industry - i.e the impact of technological change upon the utilization of selected materials and energy resources in the steel, alluminium and metal can industries. Each of the three industries is examined and in subsequent chapters the model is developed, applied and evaluated.

The electric power industry in the U.S. has undergone dramatic changes in recent years. Tight regulations enacted in the 1970's and then de-regulation in the 90's have transformed it from a technology-driven industry into one driven by public policy requirements and the open-access market. Now, just as the utility companies must change to ensure their survival, engineers and other professionals in the industry must acquire new skills, adopt new attitudes, and accommodate other disciplines.

Power System Operations and Electricity Markets provides the information engineers need to understand and meet the challenges of the new competitive environment. Integrating the business and technical aspects of the restructured power industry, it explains, clearly and succinctly, how new methods for power systems operations and energy marketing relate to public policy, regulation, economics, and engineering science. The authors examine the technologies and techniques currently in use and lay the groundwork for the coming era of unbundling, open access, power marketing, self-generation, and regional transmission operations.

The rapid, massive changes in the electric power industry and in the economy have rendered most books on the subject obsolete. Based on the authors' years of front-line experience in the industry and in regulatory organizations, Power System Operations and Electricity Markets is current, insightful, and complete with Web links that will help readers stay up to date.

On one level, this is an intriguing account of expat life in Shanghai's International settlement in the early 20th century. On another level is charted the introduction and growth of new western technologies and companies in China. And the backdrop to these stories is early 20th century China itself: the hopes, fears, turmoil and grandeur of the age.

This open access book discusses the eroding economics of nuclear power for electricity generation as well as technical, legal, and political acceptance issues. The use of nuclear power for electricity generation is still a heavily disputed issue. Aside from technical risks, safety issues, and the unsolved problem of nuclear waste disposal, the economic performance is currently a major barrier. In recent years, the costs have skyrocketed especially in the European countries and North America. At the same time, the costs of alternatives such as photovoltaics and wind power have significantly decreased.

As fundamental changes in supplier-purchaser relationships are sweeping the industry, this newly revised handbook offers timely analysis and practical strategies for operating in this new environment.Written by electric regulation specialists from the Washington law firm of Reid & Priest, this edition includes all new coverage of least-cost planning, emissions allowances and trading, transmission access and energy imports. Explains the development of power purchasing options; provides sample power purchase agreements and describes key provisions; and reviews the current state of law in the field.

A Shock to the System is a guide to the decisions that will be faced by electricity providers, customers, and policymakers. Produced by a team of analysts at Resources for the Future, this concise and balanced work provides background necessary to understand the increasing role of competition in electricity markets. The authors introduce important concepts and terminology, and offer the history of public policy regarding electricity. They identify the significant proposals for implementing competition, and examine the potential consequences for regulation, industry structure, cost recovery, and the environment.

Originally published in 1979, this study develops a model that explains the rate of adoption of an innovation in an industry - i.e the impact of technological change upon the utilization of selected materials and energy resources in the steel, alluminium and metal can industries. Each of the three industries is examined and in subsequent chapters the model is developed, applied and evaluated.

Originally published in 1968, this book was one of the first full-scale published studies of the principles of investment planning and of the structure of marginal costs in a public enterprise. The concepts involved were more developed and applied in the world's electricity industries than elsewhere, and this book will be of interest to both engineers and administrators who are concerned with electricity supply, by setting out the characteristics of investment planning in this sector and the implications for cost analysis.

The unprecedented financial pressures facing today's electric utilities have encouraged the evolution of conservation as a planning strategy. Electric Utility Conservation Programs is the first book to isolate the problems electric utilities encounter and document the solutions they are finding throughout the design, operation, marketing, and evaluation stages of their conservation programs. Including coverage of customer acceptance of their programs and how they can be monitored, this new work is a practical guide for anyone connected with electrical utilities, such as regulatory agencies, researchers, policymakers, and strategists. Topics include: energy conservation, electric utility conservation programs, demand-side planning, demand-side management, and energy utilization.