Electricity Markets and Power System Economics 1st Edition by Deqiang Gan, Donghan Feng, Jun Xie 1466501707 9781466501706
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Product details:
ISBN 10: 1466501707
ISBN 13: 9781466501706
Author: Deqiang Gan, Donghan Feng, Jun Xie
After the first power plant in history was commissioned for commercial operation by Thomas Edison on Pearl Street in New York in 1882, electricity was sold as a consumer product at market prices. After a period of rapid development, electricity had become such a fundamental product that regulation was believed to be necessary.
Table of contents:
1 Introduction
1.1 Demand and Supply
1.2 Market Equilibrium
1.3 Price Elasticity and Competitive Markets
1.4 Economy of Scale and Natural Monopoly
1.5 Brief History of Electricity Markets
References
2 Fundamentals of Power System Operation
2.1 Economic Dispatch
2.2 Load Flow Calculation
2.3 Load Flow under Outages
2.4 Fundamentals of Constrained Optimization
2.5 Security-Constrained Economic Dispatch
2.6 Load Frequency Control
2.7 Spinning Reserve
2.8 Generation Scheduling
2.9 Calculation of Transfer Capabilities of Transmission Interfaces
2.9.1 Description of Min-Max Transfer Capability Problems
2.9.2 Optimality Condition and Algorithm
2.9.3 Bi-Sectioning Search Algorithm
2.9.4 Difference between Min-Max and Maximum Transfer Capability
2.9.5 Conditional Min-Max Transfer Capabilities
2.9.6 Results of Search Algorithm
2.10 Overview of Power System Operation
Appendix 2A: Determining Requirements of Ancillary Services
Appendix 2B: Constraint Regularity Conditions for Non-Linear Programming
References
Bibliography
3 Market Design: Spot Energy Market
3.1 Organization after Deregulation
3.2 Uniform Pricing
3.2.1 Model for Uniform Pricing
3.2.2 Bilateral Trading in Pool-Based Electricity Markets
3.3 Nodal Pricing
3.3.1 Model for Nodal Pricing
3.3.2 Selection of a Reference Node
3.3.3 Sparse Form of Nodal Pricing
3.4 Multiple Block Bidding
3.5 Demand Side Bidding
3.6 Day-Ahead Market
3.6.1 Basic Principles
3.6.2 Multi-Settlement System
3.7 Ex Post Spot Pricing
3.8 Transmission Losses
3.9 Bilateral Trading in the United Kingdom
3.9.1 Motivation
3.9.2 Structure and Mechanism
3.9.3 Real-Time Balancing
3.9.4 Performance
3.10 Electricity Market Reform in California
References
Bibliography
4 Market Design: Procurement of Ancillary Services
4.1 Reserve Market
4.2 AGC Market
4.3 Energy, Reserve, and AGC Co-Optimization Market
4.4 Compensation without Competition
Appendix 4A: Australia National Electricity Market
References
Bibliography
5 Market Design: Common Cost Allocations
5.1 Background
5.2 Transmission Costs
5.2.1 Postage Stamp Methodology
5.2.2 MW Mile Methodology
5.2.3 Benefit Factors Methodology
5.2.4 Cooperative Game Methodology
5.3 Unit Start-Up Cost
5.3.1 Rationality of Allocations and Cores
5.3.2 Allocation Based on Nucleolus and Shapley Value
5.4 Peaking Cost Compensation
5.4.1 Peaking Values of Generators
5.4.1.1 Operations Scheduling of NCPS
5.4.1.2 Quantification of Peaking Values of Generators
5.4.2 Peaking Cost Compensation: Cooperative Game-Based Mechanism
5.4.2.1 Cooperative Game
5.4.2.2 Properties of the Peaking Cost Compensation Game
5.4.2.3 Methods for Reducing Computational Effort in Shapley Value Computation
5.4.3 Peaking Cost Compensation: Engineering-Based Mechanism
5.4.3.1 Indices for Measuring Peaking Capabilities of Generators
5.4.3.2 Peaking Cost Compensation
5.4.3.3 Simulation Results
5.5 Transmission Rights
Appendix 5A: Proofs
Appendix 5B: Empirical Data for Start-Up Costs
Appendix 5C: Standard Market Design in the U.S
References
Bibliography
6 Microeconomic Analysis
6.1 Background
6.2 Fundamentals of Non-Cooperative Game Theory
6.3 Game Models for Market Analysis
6.3.1 System Dispatch Model
6.3.2 Game Model
6.3.3 Equilibrium Analysis
6.4 Market Power Analysis
6.4.1 Market Power Measurement Indices
6.4.2 Market Power Analysis
6.5 Electricity Market Experiments
Appendix 6A: Fixed Point Theory and the Existence of Market Equilibrium
References
Bibliography
7 Price Forecast and Risk Management
7.1 Forecasting Electricity Prices
7.1.1 Short-Term Price Forecasting
7.1.2 Mid- and Long-Term Forecasting Using Linear Regression
7.2 Managing Price Risk through Trading Portfolio Optimization
7.2.1 A Simulation-Based Method
7.2.2 Application and Comparison
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Tags: Deqiang Gan, Donghan Feng, Jun Xie, Electricity