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Fundamentals of Power System Economics

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In light of changes caused by competition in the electricity supply industry, Kirschen and Strbac (University of Manchester Institute of Science & Technology, UK) explain the basic principles underpinning the design and operation of modern electricity markets. Assuming no prior knowledge of economics, they discuss the organization of markets for electrical energy as well as the operational and investment decisions that companies participating in these markets must make. Written primarily fo...