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A new edition of the classic text explaining the fundamentals of competitive electricity markets�now updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sourcesThe introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants� strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investments�discussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. Retains the highly praised first edition�s focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planningIncludes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sourcesAddresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storageDiscusses the effects of the increased uncertainty on system operationBroadens its coverage of transmission investment and generation investmentSupports self-study with end-of-chapter problems and instructors with solutions manual via companion websiteFundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.
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Fresh perspective on power systems, dealing with uncertainty, power electronics, and electricity marketsPower Systems is a highly accessible textbook on a subject that helps students understand how power systems work and the fundamental constraints that guide its operation and design. In a rapidly developing field, this unique approach equips readers to understand why things might be done in a certain way to help develop new solutions to modern problems. To aid in reader comprehension, the text contains examples that reinforce the understanding of the fundamental concepts, informative and attractive illustrations, and problems of increasing levels of difficulty. An accompanying website includes a complete solution manual, teaching slides, and open-source simulation tools and a variety of examples, exercises, and projects of various levels of difficulty. Written by a leading figure in the power system community with a strong track record of writing for the student reader, Power Systems covers some important classical topics, such as the modeling of components, power flow, fault calculations, and stability. In addition, it includes: A detailed discussion of the demand for electricity and how it affects the operation of power systems.An overview of the various forms of conventional and renewable energy conversion.A primer on modern power electronic power conversion.A careful analysis of the technical and economic issues involved in load generation balancing.An introduction to electricity markets.With its up-to-date, accessible, and highly comprehensive coverage, Power Systems is an ideal textbook for various courses on power systems, such as Power Systems Design and Operation, Introduction to Electric Power Systems, Power System Analysis, and Power System Operation and Economics.
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1 390 kr
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“Where economic theory meets the physics of electricity—everything you need to understand why power markets are unlike any other.” —Jesse Jenkins, Princeton University “Fundamentals of Power System Economics caters to a wide diversity of students; it can speak to economists and engineers alike.” —François Bouffard, McGill University “Perfectly bridges principles of economics with the power system.”—Chongqing Kang, Tsinghua University Understand competitive electricity markets in a decarbonizing energy landscape Designing successful electricity markets requires mastery of both power systems engineering and market economics. Now in its third edition, Fundamentals of Power System Economics explains competitive market principles while contrasting them against the monopoly model as a reference framework. Written by two leading researchers in power system economics, this new edition addresses markets where carbon-free generation predominates. This edition adds coverage of decarbonization economics, government market interventions, and market clearing with high renewable penetration. New material addresses transmission investment cost allocation, generation investment challenges in energy-only markets, and system operator tools including SCED and SCUC. A new chapter on retail markets covers prosumer interactions, flexible consumers, and energy equity. The book also includes: Reorganized structure covering fundamental principles, short-term operational economics, and long-term investment economics across three distinct partsDetailed analysis of wholesale market structures including demand-side bidding mechanisms and examples showing different renewable generation proportionsCoverage of transmission network integration with system operator responsibilities and optimal power flow methodologies explained in monopoly contextsDiscussion of retail electricity tariffs for residential and commercial consumers alongside emerging prosumer business models and flexibility servicesExtensive end-of-chapter exercises and discussion points designed to reinforce concepts and enhance understanding of complex market dynamicsDesigned for graduate and undergraduate students in electrical and power engineering, this book serves power system engineers, operators, planners, and policymakers working in deregulated environments. Fundamentals of Power System Economics provides the analytical foundation needed to navigate electricity markets during the transition to low-carbon generation.