Bridges the knowledge gap between engineering and economics in a
complex and evolving deregulated electricity industry, enabling
readers to understand, operate, plan and design a modern power
system
With an accessible and progressive style written in
straight-forward language, this book covers everything an engineer
or economist needs to know to understand, operate within, plan and
design an effective liberalized electricity industry, thus serving
as both a useful teaching text and a valuable reference. The book
focuses on principles and theory which are independent of any one
market design. It outlines where the theory is not implemented in
practice, perhaps due to other over-riding concerns. The book
covers the basic modelling of electricity markets, including the
impact of uncertainty (an integral part of generation investment
decisions and transmission cost-benefit analysis). It draws out the
parallels to the Nordpool market (an important point of reference
for Europe). Written from the perspective of the policy-maker, the
first part provides the introductory background knowledge required.
This includes an understanding of basic economics concepts such as
supply and demand, monopoly, market power and marginal cost. The
second part of the book asks how a set of generation, load, and
transmission resources should be efficiently operated, and the
third part focuses on the generation investment decision. Part 4
addresses the question of the management of risk and Part 5
discusses the question of market power. Any power system must be
operated at all times in a manner which can accommodate the next
potential contingency. This demands responses by generators and
loads on a very short timeframe. Part 6 of the book addresses the
question of dispatch in the very short run, introducing the
distinction between preventive and corrective actions and why
preventive actions are sometimes required. The seventh part deals
with pricing issues that arise under a regionally-priced market,
such as the Australian NEM. This section introduces the notion of
regions and interconnectors and how to formulate constraints for
the correct pricing outcomes (the issue of "constraint
orientation"). Part 8 addresses the fundamental and difficult issue
of efficient transmission investment, and finally Part 9 covers
issues that arise in the retail market.
- Bridges the gap between engineering and economics in
electricity, covering both the economics and engineering knowledge
needed to accurately understand, plan and develop the electricity
market- Comprehensive coverage of all the key topics in the
economics of electricity markets- Covers the latest research and
policy issues as well as description of the fundamental concepts
and principles that can be applied across all markets globally-
Numerous worked examples and end-of-chapter problems Companion
website holding solutions to problems set out in the book, also the
relevant simulation (GAMS) codes
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