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Market Operations in Electric Power Systems. Forecasting, Scheduling, and Risk Management. Edition No. 1. IEEE Press

  • ID: 2172745
  • Book
  • April 2002
  • 552 Pages
  • John Wiley and Sons Ltd
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.
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Chapter 1: Market Overview in Electric Power Systems.

Chapter 2: Short-Term Load Forecasting.

Chapter 3: Electricity Price Forecasting.

Chapter 4: Price-Based Unit Commitment.

Chapter 5: Arbitrage in Electricity Markets.

Chapter 6: Market Power Analysis Based on Game Theory.

Chapter 7: Generation Asset Valuation and Risk Analysis.

Chapter 8: Security-Constrained Unit Commitment.

Chapter 9: Ancillary Services Auction Market Design.

Chapter 10: Transmission Congestion Management and Pricing.

Appendix A: List of Symbols.

Appendix B: Mathematical Derivation.

Appendix C: RTS Load Data.

Appendix D: Example Systems Data.

Appendix E: Game Theory Concepts.

Appendix F: Congestion Charges Calculation.


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Mohammad Shahidehpour Electrical and Computer Engineering Department, Illinois Institute of Technology, Chicago, Illinois.

Hatim Yamin Energy Information System Department, ABB Information System, Raleigh, North Carolina.

Zuyi Li Research and Development Department, Global Energy Markets Solutions (GEMS), Minneapolis, Minnesota.
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