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THE ECONOMICS OF ELECTRICITY MARKETS EDITED BY Darryl R. Biggar and Mohammad Reza Hesamzadeh
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THE ECONOMICS OF ELECTRICITY MARKETS EDITED BY Darryl R. Biggar and Mohammad Reza Hesamzadeh
THE ECONOMICS OF ELECTRICITY MARKETS EDITED BY Darryl R. Biggar and Mohammad Reza Hesamzadeh

About Of The Book :

This paradigm has changed and will change further. Around the world, a number of regions have chosen to introduce competition and competitive markets into the generation of electricity. In most of these regions, the operation of generation and transmission is coordinated through market mechanisms. This required a substantial change in the way the electricity industry is organised and operated. However, further transformations are underway. With increasing pressure for decarbonisation of the energy sector, there is increasing penetration of renewable generation and increasing take-up of electric vehicles. Changes in battery technology threatens to substantially change the way electricity is stored and consumed. Just as importantly, the IT and communication revolutions have opened up the scope for a host of new devices and appliances, allowing small-scale consumers for the first time to respond to local electricity market conditions. 

The full benefits of these developments will only be achieved if the electricity industry completes its transition. From a paradigm of one-way managed electricity supply, the electricity industry is transforming to a new service model. In this new paradigm the industry exists to provide a platform for the two-way trade of electricity, with all customers large and small, integrated with and responding to local market conditions. This is an exciting time to be studying the electricity industry. In preparing this text, we found three themes that were important and that shaped the material. 

The first of these was symmetry between generators and loads. In the future, the historic distinction between electricity producers and electricity consumers will diminish. It seems likely to us that an increasing number of participants in the electricity industry will be able to produce and consume electricity, switching between net injection and net withdrawals from the system according to local market conditions. In such a world, it seems to us essential that there be symmetry in the treatment of generators and loads. Rather than distinguishing generators and loads, we prefer to view them all as electricity market participants. The key distinction that will remain is not between generators and loads but between large and small market participants.

Contents Of The Book :

1 Introduction to Micro-economics
2 Introduction to Electric Power Systems
3 Electricity Industry Market Structure and Competition
4 Efficient Short-Term Operation of an Electricity Industry with no Network Constraints
5 Achieving Efficient Use of Generation and Load Resources using a Market Mechanism in an Industry with no Network Constraints
6 Representing Network Constraints
7 Efficient Dispatch of Generation and Consumption Resources in the Presence of Network Congestion
8 Efficient Network Operation
9 Efficient Investment in Generation and Consumption Assets
10 Market-Based Investment in Electricity Generation
11 Efficient Operation of the Power System in the Very Short-Run
12 Frequency-Based Dispatch of Balancing Services
13 Managing Intertemporal Price Risks
14 Managing Interlocational Price Risk
15 Market Power in Electricity Markets
16 Market Power and Network Congestion
17 Detecting, Modelling and Mitigating Market Power
18 Efficient Investment in Network Assets
19 Regional Pricing and Its Problems
20 The Smart Grid and Efficient Pricing of Distribution Networks

Information Of The Book :

File Size :  6.6 MB
language : English
Page :  240
Format : PDF
Author :  Biggar and Mohammad Reza Hesamzadeh