Price-Based Commitment Decisions in the Electricity Market PDF Download
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Author: Eric Allen
Publisher: Springer Science & Business Media
ISBN: 9781852330699
Category : Electric power
Languages : en
Pages : 274
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Book Description
With major structural changes occuring in the electric power industry, many long-standing ways of operation will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.
Author: Eric Allen
Publisher: Springer Science & Business Media
ISBN: 9781852330699
Category : Electric power
Languages : en
Pages : 274
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Book Description
With major structural changes occuring in the electric power industry, many long-standing ways of operation will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.
Author: Eric Allen
Publisher: Springer Science & Business Media
ISBN: 1447105710
Category : Technology & Engineering
Languages : en
Pages : 253
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Book Description
Offering a re-evaluation of the power industry, this book discusses decision-making for problems where a particular decision affects the options available at the next decision time. It covers a wide range of topics, from dynamic programming to future market decisions.
Author: Benjamin F. Hobbs
Publisher: Springer Science & Business Media
ISBN: 0306476630
Category : Business & Economics
Languages : en
Pages : 323
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Book Description
Over the years, the electric power industry has been using optimization methods to help them solve the unit commitment problem. The result has been savings of tens and perhaps hundreds of millions of dollars in fuel costs. Things are changing, however. Optimization technology is improving, and the industry is undergoing radical restructuring. Consequently, the role of commitment models is changing, and the value of the improved solutions that better algorithms might yield is increasing. The dual purpose of this book is to explore the technology and needs of the next generation of computer models for aiding unit commitment decisions. Because of the unit commitment problem's size and complexity and because of the large economic benefits that could result from its improved solution, considerable attention has been devoted to algorithm development in the book. More systematic procedures based on a variety of widely researched algorithms have been proposed and tested. These techniques have included dynamic programming, branch-and-bound mixed integer programming (MIP), linear and network programming approaches, and Benders decomposition methods, among others. Recently, metaheuristic methods have been tested, such as genetic programming and simulated annealing, along with expert systems and neural networks. Because electric markets are changing rapidly, how UC models are solved and what purposes they serve need reconsideration. Hence, the book brings together people who understand the problem and people who know what improvements in algorithms are really possible. The two-fold result in The Next Generation of Electric Power Unit Commitment Models is an assessment of industry needs and new formulations and computational approaches that promise to make unit commitment models more responsive to those needs.
Author: Fereidoon Sioshansi
Publisher: Elsevier
ISBN: 0080557716
Category : Technology & Engineering
Languages : en
Pages : 625
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Book Description
After 2 decades, policymakers and regulators agree that electricity market reform, liberalization and privatization remains partly art. Moreover, the international experience suggests that in nearly all cases, initial market reform leads to unintended consequences or introduces new risks, which must be addressed in subsequent “reform of the reforms. Competitive Electricity Markets describes the evolution of the market reform process including a number of challenging issues such as infrastructure investment, resource adequacy, capacity and demand participation, market power, distributed generation, renewable energy and global climate change. Sequel to Electricity Market Reform: An International Perspective in the same series published in 2006 Contributions from renowned scholars and practitioners on significant electricity market design and implementation issues Covers timely topics on the evolution of electricity market liberalization worldwide
Author: Chris Harris
Publisher: John Wiley & Sons
ISBN: 0470011580
Category : Business & Economics
Languages : en
Pages : 550
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Book Description
Understand the electricity market, its policies and how they drive prices, emissions, and security, with this comprehensive cross-disciplinary book. Author Chris Harris includes technical and quantitative arguments so you can confidently construct pricing models based on the various fluctuations that occur. Whether you?re a trader or an analyst, this book will enable you to make informed decisions about this volatile industry.
Author: Antonio J. Conejo
Publisher: Springer Science & Business Media
ISBN: 1441974210
Category : Business & Economics
Languages : en
Pages : 549
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Book Description
Decision Making Under Uncertainty in Electricity Markets provides models and procedures to be used by electricity market agents to make informed decisions under uncertainty. These procedures rely on well established stochastic programming models, which make them efficient and robust. Particularly, these techniques allow electricity producers to derive offering strategies for the pool and contracting decisions in the futures market. Retailers use these techniques to derive selling prices to clients and energy procurement strategies through the pool, the futures market and bilateral contracting. Using the proposed models, consumers can derive the best energy procurement strategies using the available trading floors. The market operator can use the techniques proposed in this book to clear simultaneously energy and reserve markets promoting efficiency and equity. The techniques described in this book are of interest for professionals working on energy markets, and for graduate students in power engineering, applied mathematics, applied economics, and operations research.
Author: Mohammad Shahidehpour
Publisher: John Wiley & Sons
ISBN: 0471463949
Category : Technology & Engineering
Languages : en
Pages : 552
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Book Description
An essential overview of post-deregulation market operations inelectrical power systems Until recently the U.S. electricity industry was dominated byvertically integrated utilities. It is now evolving into adistributive and competitive market driven by market forces andincreased competition. With electricity amounting to a $200 billionper year market in the United States, the implications of thisrestructuring will naturally affect the rest of the world. Why is restructuring necessary? What are the components ofrestructuring? How is the new structure different from the oldmonopoly? How are the participants strategizing their options tomaximize their revenues? What are the market risks and how are theyevaluated? How are interchange transactions analyzed and approved?Starting with a background sketch of the industry, this hands-onreference provides insights into the new trends in power systemsoperation and control, and highlights advanced issues in thefield. Written for both technical and nontechnical professionals involvedin power engineering, finance, and marketing, this must-haveresource discusses: * Market structure and operation of electric power systems * Load and price forecasting and arbitrage * Price-based unit commitment and security constrained unitcommitment * Market power analysis and game theory applications * Ancillary services auction market design * Transmission pricing and congestion Using real-world case studies, this timely survey offers engineers,consultants, researchers, financial managers, university professorsand students, and other professionals in the industry acomprehensive review of electricity restructuring and how itsradical effects will shape the market.
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: Kwang Y. Lee
Publisher: John Wiley & Sons
ISBN: 1119602297
Category : Science
Languages : en
Pages : 896
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Book Description
Reviews state-of-the-art technologies in modern heuristic optimization techniques and presents case studies showing how they have been applied in complex power and energy systems problems Written by a team of international experts, this book describes the use of metaheuristic applications in the analysis and design of electric power systems. This includes a discussion of optimum energy and commitment of generation (nonrenewable & renewable) and load resources during day-to-day operations and control activities in regulated and competitive market structures, along with transmission and distribution systems. Applications of Modern Heuristic Optimization Methods in Power and Energy Systems begins with an introduction and overview of applications in power and energy systems before moving on to planning and operation, control, and distribution. Further chapters cover the integration of renewable energy and the smart grid and electricity markets. The book finishes with final conclusions drawn by the editors. Applications of Modern Heuristic Optimization Methods in Power and Energy Systems: Explains the application of differential evolution in electric power systems' active power multi-objective optimal dispatch Includes studies of optimization and stability in load frequency control in modern power systems Describes optimal compliance of reactive power requirements in near-shore wind power plants Features contributions from noted experts in the field Ideal for power and energy systems designers, planners, operators, and consultants, Applications of Modern Heuristic Optimization Methods in Power and Energy Systems will also benefit engineers, software developers, researchers, academics, and students.
Author: Zongxiang Lu
Publisher: John Wiley & Sons
ISBN: 1118910079
Category : Technology & Engineering
Languages : en
Pages : 492
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Book Description
An in-depth examination of large scale wind projects and electricity production in China Presents the challenges of electrical power system planning, design, operation and control carried out by large scale wind power, from the Chinese perspective Focuses on the integration issue of large scale wind power to the bulk power system, probing the interaction between wind power and bulk power systems Wind power development is a burgeoning area of study in developing countries, with much interest in offshore wind farms and several big projects under development English translation of the Chinese language original which won the "Fourth China Outstanding Publication Award nomination" in March 2013
