Fundamentals of power system economics / Daniel Kirschen, Goran Strbac.

Format:

Book

Author/Creator:

Kirschen, Daniel Sadi.

Contributor:

Strbac, Goran.

Language:

English

Subjects (All):

Electric utilities.

Electric power distribution.

Interconnected electric utility systems.

Physical Description:

1 online resource (298 p.)

Edition:

1st ed.

Place of Publication:

Chichester, West Sussex, England ; Hoboken, NJ : John Wiley & Sons, c2004.

Language Note:

English

Summary:

Interest in power systems economics is gaining momentum with the recent power supply shortages in America and the rising cost of fossil fuels. The involvement of independent power generators, brokers and distributors has changed the way in which power systems operate. Kirschen and Strbac use a combination of traditional engineering techniques and fundamental economics to address the long-term problems of power system development in a competitive environment. Power system engineers, operators, planners and policy makers working in the deregulated environment will value this practical guide, als

Contents:

Fundamentals of Power System Economics; Contents; PREFACE; 1 INTRODUCTION; 1.1 Why Competition?; 1.2 Dramatis Personae; 1.3 Models of Competition; 1.3.1 Model 1: Monopoly; 1.3.2 Model 2: Purchasing agency; 1.3.3 Model 3: Wholesale competition; 1.3.4 Model 4: Retail competition; 1.3.5 Competition and privatization; 1.4 Open Questions; 1.5 Further Reading; 1.6 Problems; 2 BASIC CONCEPTS FROM ECONOMICS; 2.1 Introduction; 2.2 Fundamentals of Markets; 2.2.1 Modeling the consumers; 2.2.2 Modeling the producers; 2.2.3 Market equilibrium; 2.2.4 Pareto efficiency

2.2.5 Global welfare and dead-weight loss 2.3 Concepts from the Theory of the Firm; 2.3.1 Inputs and outputs; 2.3.2 Long run and short run; 2.3.3 Costs; 2.4 Types of Markets; 2.4.1 Spot market; 2.4.2 Forward contracts and forward markets; 2.4.3 Future contracts and futures markets; 2.4.4 Options; 2.4.5 Contracts for difference; 2.4.6 Managing the price risks; 2.4.7 Market efficiency; 2.5 Markets with Imperfect Competition; 2.5.1 Market power; 2.5.2 Models of imperfect markets; 2.5.3 Monopoly; 2.6 Further Reading; 2.7 Problems; 3 MARKETS FOR ELECTRICAL ENERGY; 3.1 Introduction

3.2 What is the Difference Between a Megawatt-Hour and a Barrel of Oil? 3.3 The Need for a Managed Spot Market; 3.4 Open Electrical Energy Markets; 3.4.1 Bilateral trading; 3.4.2 Electricity pools; 3.4.3 Comparison of pool and bilateral trading; 3.5 The Managed Spot Market; 3.5.1 Obtaining balancing resources; 3.5.2 Gate closure; 3.5.3 Operation of the managed spot market; 3.5.4 Interactions between the managed spot market and the other markets; 3.6 The Settlement Process; 3.7 Further Reading; 3.8 Problems; 4 PARTICIPATING IN MARKETS FOR ELECTRICAL ENERGY; 4.1 Introduction

4.2 The Consumer's Perspective 4.2.1 Retailers of electrical energy; 4.3 The Producer's Perspective; 4.3.1 Perfect competition; 4.3.2 The production versus purchase decision; 4.3.3 Imperfect competition; 4.4 Perspective of Plants with Very Low Marginal Costs; 4.5 The Hybrid Participant's Perspective; 4.6 Further Reading; 4.7 Problems; 5 SYSTEM SECURITY AND ANCILLARY SERVICES; 5.1 Introduction; 5.2 Describing the Needs; 5.2.1 Balancing issues; 5.2.2 Network issues; 5.2.3 System restoration; 5.3 Obtaining Ancillary Services; 5.3.1 Compulsory provision of ancillary services

5.3.2 Market for ancillary services 5.3.3 Demand-side provision of ancillary services; 5.4 Buying Ancillary Services; 5.4.1 Quantifying the needs; 5.4.2 Co-optimization of energy and reserve in a centralized electricity market; 5.4.3 Allocating the costs; 5.5 Selling Ancillary Services; 5.6 Further Reading; 5.7 Problems; 6 TRANSMISSION NETWORKS AND ELECTRICITY MARKETS; 6.1 Introduction; 6.2 Decentralized Trading Over a Transmission Network; 6.2.1 Physical transmission rights; 6.2.2 Problems with physical transmission rights; 6.3 Centralized Trading Over a Transmission Network

6.3.1 Centralized trading in a two-bus system

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9786610275021

9781280275029

1280275022

9780470020586

047002058X

9781601199065

1601199066

9780470020593

0470020598

OCLC:

56717686