Electricity Markets Theories and Applications
<p> <b>A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques</b> <p> <i>Electricity Markets: Theories and Applications</i> offers students an...
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| Main Authors: | , |
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| Format: | eBook Book |
| Language: | English |
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Hoboken, NJ
Wiley
2017
Piscataway, NJ IEEE Press John Wiley & Sons, Incorporated Wiley-Blackwell |
| Edition: | 1 |
| Series: | IEEE Press Series on Power Engineering |
| Subjects: | |
| ISBN: | 1119179351, 9781119179351 |
| Online Access: | Get full text |
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| Abstract | <p> <b>A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques</b> <p> <i>Electricity Markets: Theories and Applications</i> 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&#8212;noted experts in the field&#8212;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. <p> 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: <ul> <li>Introduces fundamental economic concepts necessary to understand the operations and functions of electricity markets</li> <li>Presents basic characteristics of power systems and physical laws governing operation</li> <li>Includes mathematical optimization methods related to electricity markets and their applications to practical market clearing issues</li> </ul> <br> <p> <i>Electricity Markets: Theories and Applications</i> is an authoritative text that explores the basic concepts of the economic theories and key information on advanced optimization methods of electricity markets. |
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| AbstractList | 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. <p> <b>A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques</b> <p> <i>Electricity Markets: Theories and Applications</i> 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&#8212;noted experts in the field&#8212;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. <p> 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: <ul> <li>Introduces fundamental economic concepts necessary to understand the operations and functions of electricity markets</li> <li>Presents basic characteristics of power systems and physical laws governing operation</li> <li>Includes mathematical optimization methods related to electricity markets and their applications to practical market clearing issues</li> </ul> <br> <p> <i>Electricity Markets: Theories and Applications</i> is an authoritative text that explores the basic concepts of the economic theories and key information on advanced optimization methods of electricity markets. 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 | Magnago, Fernando H Lin, Jeremy |
| Author_xml | – sequence: 1 givenname: Jeremy surname: Lin fullname: Lin, Jeremy – sequence: 2 givenname: Fernando H surname: Magnago fullname: Magnago, Fernando H |
| BackLink | https://cir.nii.ac.jp/crid/1130000795767837568$$DView record in CiNii http://www.econis.eu/PPNSET?PPN=1024589080$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| Copyright | 2017 Opt Out |
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| DOI | 10.1002/9781119179382 |
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| Discipline | Economics |
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| Keywords | Resource to electricity markets microeconomic theories of electricity markets Jeremy Lin drivers of the electricity markets understanding electricity markets economic theories of electricity markets power systems operation of electricity markets concepts of electricity markets electricity structures smart electricity grids electricity market design power system operations Electricity Markets transmission pricing in electricity markets solving problems within electricity markets physical laws governing the operation of electricity markets market power performance emerging problems electricity markets zonal versus nodal pricing in electricity markets Fernando H. Magnago market power issues characteristics of power system of electricity markets micro-grid electricity environments system planning in electricity markets electricity market operation |
| LCCN | 2018300581 |
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| Language | English |
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| Notes | Includes bibliographical references and index |
| OCLC | 1003264638 |
| PQID | EBC5015533 |
| PageCount | 352 |
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| PublicationPlace | Hoboken, NJ Piscataway, NJ |
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| PublicationSeriesTitle | IEEE Press Series on Power Engineering |
| PublicationYear | 2017 |
| Publisher | Wiley IEEE Press John Wiley & Sons, Incorporated Wiley-Blackwell |
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| Snippet | <p> <b>A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques</b>... A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques Electricity Markets: Theories... |
| SourceID | askewsholts econis proquest nii ieee |
| SourceType | Aggregation Database Index Database Publisher |
| SubjectTerms | Electric industries Electric utilities Electric utilities -- Costs Electric utilities -- Economic aspects Elektrizitätswirtschaft Energiemarkt Energy policy Energy policy -- Economic aspects General Topics for Engineers Power, Energy and Industry Applications Theorie United States USA Welt |
| Subtitle | Theories and Applications |
| TableOfContents | About the Authors ix Preface xi 1 Introduction 1 2 Electric Power System 29 3 Microeconomic Theories 57 4 Power System Unit Commitment 97 5 Power System Economic Dispatch 119 6 Optimal Power Flow 147 7 Design, Structure, and Operation of an Electricity Market 173 8 Pricing, Modeling, and Simulation of an Electricity Market 211 9 Evaluation of an Electricity Market 239 10 Transmission Planning Under Electricity Market Regime 255 11 Electricity Market under a Future Grid 293 Index 315 10.2.3 Generation Resources -- 10.2.4 Market Efficiency -- 10.2.5 Interregional Coordination -- 10.2.6 Operational Performance -- 10.2.7 Public Policy -- 10.2.8 Other Drivers -- 10.3 Reliability-Based Transmission Planning -- 10.3.1 Establishing a Reference System -- 10.3.2 Reliability Analysis of a Reference System -- 10.3.3 Near-Term Reliability Review -- 10.3.4 Long-Term Reliability Review -- 10.4 Market-Based Transmission Planning -- 10.4.1 Market Efficiency Model -- 10.4.2 Model Benchmarking -- 10.4.3 Market Efficiency Analysis -- 10.4.4 System Economic Output -- 10.4.5 Various Definitions of Economic Benefits -- 10.4.6 Economic Criteria -- 10.5 Cross-Border Transmission Planning -- 10.5.1 Reliability -- 10.5.2 Economics -- 10.5.3 Methodology for Cross-Border Transmission Planning -- 10.6 Competitive Transmission Planning -- 10.6.1 Regulated Transmission Business -- 10.6.2 FERC Order 1000 -- 10.6.3 Competitive Bidding Process -- 10.7 Transmission Planning in Europe -- 10.8 Further Discussions -- Further Reading -- 11 Electricity Market under a Future Grid -- 11.1 Renewable Energy Technologies -- 11.1.1 Types of Renewable Energy Sources -- 11.1.2 Growth Drivers of Renewable Energy Sources -- 11.1.3 The Impact of Renewable Energy on Electricity Markets -- 11.2 Smart Grid -- 11.2.1 Microgrid -- 11.2.2 Active Demand Response -- 11.2.3 Impact of Active Demand Response -- 11.2.4 Energy Storage Systems -- 11.2.5 Electric Vehicles -- 11.2.6 Smart Meters -- 11.2.7 Electricity Market at Distribution System Level -- 11.2.8 Smart Grid Policies and Programs -- 11.2.9 Market Implementation -- 11.3 Final Thoughts -- Further Reading -- Index -- EULA 3.4.1 Perfect Competition -- 3.4.2 Pure Monopoly -- 3.4.3 Monopolistic Competition -- 3.4.4 Monopsony -- 3.5 Game Theory -- 3.5.1 Nash Equilibrium -- 3.5.2 Bayesian Nash Equilibrium -- 3.6 Oligopoly -- 3.6.1 Cournot Model -- 3.6.2 Stackelberg Model -- 3.6.3 Bertrand Model -- 3.6.4 Collusion Model -- 3.7 Auction Theory -- 3.8 Further Discussions -- Further Reading -- 4 Power System Unit Commitment -- 4.1 Introduction -- 4.2 Unit Commitment -- 4.3 Mathematical Formulation for Unit Commitment -- 4.4 Numerical Methods for Unit Commitment Problem -- 4.4.1 Heuristic Methods -- 4.4.2 Dynamic Programming -- 4.4.3 Dual Methods: Lagrange Relaxation -- 4.4.4 Mixed Integer Programming Method -- 4.5 New Challenges for UC Problem -- Further Reading -- 5 Power System Economic Dispatch -- 5.1 Introduction -- 5.2 Generation Cost -- 5.2.1 Input-Output Curve -- 5.2.2 Fuel Cost Curve -- 5.2.3 Heat Rate Curve -- 5.2.4 Incremental Cost Curve -- 5.3 Mathematical Formulation for Economic Dispatch -- 5.4 Economic Dispatch Problem -- 5.5 Lossless Economic Dispatch Formulation -- 5.6 Numerical Methods for Economic Dispatch -- 5.6.1 Lambda Iteration Method -- 5.6.2 Newton-Raphson Method -- 5.6.3 Reduced Gradient Methods -- 5.7 Inclusion of Transmission Losses -- 5.7.1 Total and Incremental Loss Calculation -- 5.8 New Advances in Economic Dispatch Calculations -- Further Reading -- 6 Optimal Power Flow -- 6.1 Introduction -- 6.2 Generic Formulation for OPF Problem -- 6.3 Solution Methods for OPF Problem -- 6.3.1 Primal Methods -- 6.3.2 Penalty and Barrier Methods -- 6.3.3 Linear Programming-Based Methods -- 6.3.4 Linear Programming -- 6.4 OPF Applied to Competitive Electricity Markets -- 6.5 Further Discussions about OPF Calculations -- 6.6 Algebraic Modeling Languages and Solvers -- Further Reading -- 7 Design, Structure, and Operation of an Electricity Market 7.1 Electricity Market Overview -- 7.2 Electricity Market Models -- 7.2.1 Power Pool Model -- 7.2.2 Power Exchange Model -- 7.3 Energy Markets -- 7.3.1 Day-Ahead Energy Market -- 7.3.2 Real-Time Energy Market -- 7.4 Two-Settlement System -- 7.5 Market Operation Timeline -- 7.6 Tools for Market Operation -- 7.6.1 Security-Constrained Economic Dispatch -- 7.6.2 Reliability Unit Commitment -- 7.6.3 Network Security Analysis -- 7.6.4 Consideration of Transmission Constraints -- 7.7 Financial Transmission Rights Market -- 7.8 Capacity Market -- 7.9 Ancillary Service Markets -- 7.9.1 Regulation Service Market -- 7.9.2 Primary Reserve Markets -- 7.10 Additional Services -- 7.10.1 Reactive Power Service and Voltage Control -- 7.10.2 Black Start Service -- 7.11 Further Discussions -- Further Reading -- 8 Pricing, Modeling, and Simulation of an Electricity Market -- 8.1 Market-Clearing -- 8.1.1 Zonal Pricing -- 8.1.2 Nodal Pricing -- A: Penalty Factor -- B: Delivery Factor -- A: Unconstrained Network Case -- B: Constrained Network Case -- C: Constrained Network Case with Different Reference Bus -- 8.1.3 Uniform-Price Auction -- 8.1.4 Discriminatory Pricing -- 8.2 Modeling and Simulation of an Electricity Market -- 8.2.1 Fundamental Models -- 8.2.2 Market Equilibrium Models -- A: Equivalent Nonlinear Programming Formulation -- B: Penalization -- C: Example -- 8.3 Further Discussions -- Further Reading -- 9 Evaluation of an Electricity Market -- 9.1 Market Competitiveness -- 9.2 Market Power -- 9.3 Structure-Conduct-Performance Model -- 9.3.1 Structure -- 9.3.2 Conduct -- 9.3.3 Performance -- 9.4 Other Market Power Issues -- 9.5 Further Discussions -- Further Reading -- 10 Transmission Planning Under Electricity Market Regime -- 10.1 Overview -- 10.2 Key Drivers for Transmission Planning -- 10.2.1 Load Forecast -- 10.2.2 Demand Resources Intro -- Electricity Markets -- Contents -- About the Authors -- Preface -- 1 Introduction -- 1.1 Electric Power System -- 1.2 Electricity Industry Restructuring in the United States -- 1.2.1 Key Drivers for Electricity Industry Restructuring -- 1.2.2 Pre-Federal Energy Regulatory Commission Order 2000 -- 1.2.3 Post-Federal Energy Regulatory Commission Order 2000 -- 1.2.4 Regional Transmission Organization -- 1.2.5 Post-Regional Transmission Organization -- 1.3 Electricity Industry Restructuring in Latin America -- 1.3.1 Chile -- 1.3.2 Argentina -- 1.3.3 Brazil -- 1.3.4 Mexico -- 1.4 Electricity Industry Restructuring in Europe -- 1.4.1 The United Kingdom -- 1.4.2 Nordic Countries -- 1.4.3 France -- 1.5 Electricity Industry Restructuring in Asia -- 1.5.1 South Korea -- 1.6 Reliability as a Paramount Goal -- 1.6.1 Reliability via the Electricity Market Mechanism -- 1.7 Further Discussions -- Further Reading -- 2 Electric Power System -- 2.1 Electric Power System Components -- 2.2 Electricity Generation -- 2.3 Power System Load -- 2.4 Transmission Lines -- 2.4.1 Structures and Types of Transmission Lines -- 2.4.2 Electrical Parameters of Transmission Lines -- 2.4.3 Electric Network Models of Transmission Lines -- 2.5 Power Transformers -- 2.6 Synchronous Generators -- 2.7 Network Analysis -- 2.7.1 Impedance Diagram -- 2.7.2 Bus Admittance Matrix -- 2.7.3 Power Flow Analysis -- 2.7.4 Control of Power Flow -- Further Reading -- 3 Microeconomic Theories -- 3.1 Preliminaries -- 3.2 Theory of Consumer Behavior -- 3.2.1 Individual and Market Demand -- 3.2.2 Consumer Surplus -- 3.3 Theory of a Firm -- 3.3.1 Profit Maximization Assumption -- 3.3.2 Cost of Production -- 3.3.3 Demand and Marginal Revenue for a Competitive Firm -- 3.3.4 Choosing Output in the Short Run -- 3.3.5 Producer Surplus -- 3.3.6 Social Welfare -- 3.4 Theory of a Market |
| Title | Electricity Markets |
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