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Author: Anke Weidlich
Publisher: Springer Science & Business Media
ISBN: 3790820687
Category : Technology & Engineering
Languages : en
Pages : 181
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Book Description
Due to the characteristics of electricity, power markets rank among the most complex markets operated at present. The requirements of an environmentally sustainable, economically efficient, and secure energy supply have resulted in the emergence of several interrelated markets that have to be carefully engineered in order to ensure efficient market outcomes. This book presents an agent-based simulation model that facilitates electricity market research. Simulation outcomes from this model are validated against price data from German power markets. The results significantly contribute to existing research in agent-based simulation and electricity market modeling, and provide insights into the impact of the market structure and market design on electricity prices. The book addresses researchers, lecturers and students who are interested in applying agent-based simulation to power markets. It provides a thorough discussion of the methodology and helpful details for model implementation.
Author: Anke Weidlich
Publisher: Springer Science & Business Media
ISBN: 3790820687
Category : Technology & Engineering
Languages : en
Pages : 181
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Book Description
Due to the characteristics of electricity, power markets rank among the most complex markets operated at present. The requirements of an environmentally sustainable, economically efficient, and secure energy supply have resulted in the emergence of several interrelated markets that have to be carefully engineered in order to ensure efficient market outcomes. This book presents an agent-based simulation model that facilitates electricity market research. Simulation outcomes from this model are validated against price data from German power markets. The results significantly contribute to existing research in agent-based simulation and electricity market modeling, and provide insights into the impact of the market structure and market design on electricity prices. The book addresses researchers, lecturers and students who are interested in applying agent-based simulation to power markets. It provides a thorough discussion of the methodology and helpful details for model implementation.
Author: Jeremy Lin
Publisher: John Wiley & Sons
ISBN: 1119179351
Category : Science
Languages : en
Pages : 348
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Book Description
A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques Electricity Markets: Theories and Applications offers students and practitioners a clear understanding of the fundamental concepts of the economic theories, particularly microeconomic theories, as well as information on some advanced optimization methods of electricity markets. The authors—noted experts in the field—cover the basic drivers for the transformation of the electricity industry in both the United States and around the world and discuss the fundamentals of power system operation, electricity market design and structures, and electricity market operations. The text also explores advanced topics of power system operations and electricity market design and structure including zonal versus nodal pricing, market performance and market power issues, transmission pricing, and the emerging problems electricity markets face in smart grid and micro-grid environments. The authors also examine system planning under the context of electricity market regime. They explain the new ways to solve problems with the tremendous amount of economic data related to power systems that is now available. This important resource: Introduces fundamental economic concepts necessary to understand the operations and functions of electricity markets Presents basic characteristics of power systems and physical laws governing operation Includes mathematical optimization methods related to electricity markets and their applications to practical market clearing issues Electricity Markets: Theories and Applications is an authoritative text that explores the basic concepts of the economic theories and key information on advanced optimization methods of electricity markets.
Author: Darryl R. Biggar
Publisher: John Wiley & Sons
ISBN: 1118775724
Category : Science
Languages : en
Pages : 493
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Book Description
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
Author: Henner Gimpel
Publisher: Springer Nature
ISBN: 3030666611
Category : Computers
Languages : en
Pages : 244
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Book Description
This open access book provides a broad range of insights on market engineering and information management. It covers topics like auctions, stock markets, electricity markets, the sharing economy, information and emotions in markets, smart decision-making in cities and other systems, and methodological approaches to conceptual modeling and taxonomy development. Overall, this book is a source of inspiration for everybody working on the vision of advancing the science of engineering markets and managing information for contributing to a bright, sustainable, digital world. Markets are powerful and extremely efficient mechanisms for coordinating individuals’ and organizations’ behavior in a complex, networked economy. Thus, designing, monitoring, and regulating markets is an essential task of today’s society. This task does not only derive from a purely economic point of view. Leveraging market forces can also help to tackle pressing social and environmental challenges. Moreover, markets process, generate, and reveal information. This information is a production factor and a valuable economic asset. In an increasingly digital world, it is more essential than ever to understand the life cycle of information from its creation and distribution to its use. Both markets and the flow of information should not arbitrarily emerge and develop based on individual, profit-driven actors. Instead, they should be engineered to serve best the whole society’s goals. This motivation drives the research fields of market engineering and information management. With this book, the editors and authors honor Professor Dr. Christof Weinhardt for his enormous and ongoing contribution to market engineering and information management research and practice. It was presented to him on the occasion of his sixtieth birthday in April 2021. Thank you very much, Christof, for so many years of cooperation, support, inspiration, and friendship.
Author: Tiago Pinto
Publisher: Academic Press
ISBN: 0128226668
Category : Business & Economics
Languages : en
Pages : 474
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Book Description
Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. Delineates key components shaping the design and implementation of local electricity market structure Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation
Author: Fernando Lopes
Publisher: Springer
ISBN: 3319742639
Category : Technology & Engineering
Languages : en
Pages : 342
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Book Description
This book describes the common ground between electricity markets (EMs) and software agents (or artificial intelligence generally). It presents an up-to-date introduction to EMs and intelligent agents, and offers a comprehensive description of the research advances and key achievements related to existing and emerging market designs to reliably and efficiently manage the potential challenges of variable generation (VG). Most EMs are unique in their complex relationships between economics and the physics of energy, but were created without the notion that large penetrations of variable generation (VG) would be part of the supply mix. An advanced multi-agent approach simulates the behavior of power markets over time, particularly markets with large-scale penetrations of renewable resources. It is intended as a reference book for researchers, academics and industry practitioners, but given the scope of the chapters and the highly accessible style, the book also provides a coherent foundation for several different graduate courses.
Author: Massimiliano Coppo
Publisher:
ISBN: 9788893851824
Category : Business & Economics
Languages : en
Pages : 272
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Book Description
Author: John Collins
Publisher: Springer Nature
ISBN: 303139707X
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
The world is moving away from demand-driven electricity markets supplied by centralized generation and distribution of fossil-fuel-produced electricity. Increasing reliance on weather-dependent renewable sources will require a shift toward a supply-driven paradigm, while beneficial electrification, including widespread adoption of electric vehicles, heat pumps, and batteries will offer considerable but widely distributed demand flexibility that can be used to compensate for supply variability. The open-source Power Trading Agent Competition (Power TAC) platform simulates a decentralized future, modeling the high complexity of future retail electricity markets. This book describes a variety of approaches to profitable trading in realistic wholesale and retail electricity markets. It presents actionable insights from extensive exploration of policies and business models for retail electricity markets gained from a decade of Power TAC tournaments, and from research inspired by the Power TAC experience. Featuring contributions from tournament designers, competitors, and scientists combining best practices from computer science and economics and management science, this book is of benefit to academics, researchers, practitioners and policy makers in sustainable energy and wholesale and retail electricity markets.
Author: Daniel S. Kirschen
Publisher: John Wiley & Sons
ISBN: 1119309883
Category : Technology & Engineering
Languages : en
Pages : 344
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Book Description
A new edition of the classic text explaining the fundamentals of competitive electricity marketsnow updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sources The introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investmentsdiscussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. Retains the highly praised first editions focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planning Includes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sources Addresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storage Discusses the effects of the increased uncertainty on system operation Broadens its coverage of transmission investment and generation investment Supports self-study with end-of-chapter problems and instructors with solutions manual via companion website Fundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.
Author: Mohammad Shahidehpour
Publisher: CRC Press
ISBN: 1482271028
Category : Technology & Engineering
Languages : en
Pages : 535
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Book Description
An examination of key issues in electric utilities restructuring. It covers: electric utility markets in and out of the USA; the Open Access Same-time Information System; tagging transactions; trading energy; hedging tools for managing risks in various markets; pricing volatility, risk and forecasting; regional transmission organization; and more. The text contains acronyms, a contract specifications sample, examples, and nearly 500 bibliographic citations, tables, and drawings.