The introduction of competition into the electricity supply
industry has fundamentally changed the way it works. In light of
these changes this book provides a clear and comprehensive
explanation of the basic principles underpinning the design and
operation of modern competitive electricity markets.
Assuming no prior knowledge of economics, "Fundamentals of Power
System Economics" discusses the organization of markets for
electrical energy as well as the operational and investment
decisions that companies participating in these markets must
make.
Features include: An introduction to the relevant
microeconomics concepts and the theory of the firm. An introduction
to the organisation and operation of electricity markets. A clear
explanation of the concepts of system security and of the markets
for ancillary services. A lucid treatment of the effect of network
congestion on electricity markets, including a detailed discussion
of locational marginal pricing. A tutorial treatment of the issues
surrounding investment in generation and transmission. Numerous
illustrative examples. This is a book written by engineers,
primarily for engineers, and has been designed in a textbook style
with a problem and answer section at the end of each chapter to aid
learning. The accessible tutorial style makes this book essential
reading for both postgraduate and undergraduate students,
professors and practicing engineers alike.
General
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