Thursday, August 8, 2019

Electricity Markets and Power System Economics (Free PDF)

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The notion of electricity marketing is not new at all. After the first power plant in history was commissioned for commercial operation by Thomas Edison on Pearl Street in New York in 1882, electricity was sold as a consumer product at market prices. After a period of rapid development, electricity became such a fundamental product that regulation was believed to be necessary. Since then, the power industry had been considered a natural monopoly and undergone periods of tight regulation. Deregulation started in the early 1980s and as a result, most developed countries run their power industries using a market approach.

The practices involved in marketing electricity markets change quickly. Market rules are published every year, then updated and published again. Additionally, relevant publications and research reports are reviewed and archived. The need to describe the basic building blocks of electricity market theory systematically is obvious and this book was written to meet the need. After reading this book, an electric power professional should understand the ramifications of mainstream market rules and be able to read scholarly articles.

About half the material covered in the book came from our research results. However, the book is more of a textbook and clarity is the top priority when writing a text. The intended audiences are senior undergraduate students and first-year graduate students. Chapters 1 through 3 provide a basis for understanding the rest of the book. The remaining chapters can be read almost independently. Figure 0.1 depicts the dependency of the chapters in this book.

1. Introduction
2. Fundamentals of Power System Operation
3. Market Design: Spot Energy Market
4. Market Design: Procurement of Ancillary Services
5. Market Design: Common Cost Allocations
6. Microeconomic Analysis
7. Price Forecast and Risk Management

Author Details
"Deqiang Gan"

"Donghan Feng"

"Jun Xie"

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