The latest practical applications of electricity marketequilibrium models in analyzing electricity markets
Electricity market deregulation is driving the power energyproduction from a monopolistic structure into a competitive marketenvironment. The development of electricity markets hasnecessitated the need to analyze market behavior and power.Restructured Electric Power Systems reviews the latestdevelopments in electricity market equilibrium models and discussesthe application of such models in the practical analysis andassessment of electricity markets.
Drawing upon the extensive involvement in the research andindustrial development of the leading experts in the subject area,the book starts by explaining the current developments ofelectrical power systems towards smart grids and then relates theoperation and control technologies to the aspects in electricitymarkets. It explores:
- The problems of electricity market behavior and market power
- Mathematical programs with equilibrium constraints (MPEC) andequilibrium problems with equilibrium constraints (EPEC)
- Tools and techniques for solving the electricity marketequilibrium problems
- Various electricity market equilibrium models
- State-of-the-art techniques for computing the electricity marketequilibrium problems
- The application of electricity market equilibrium models inassessing the economic benefits of transmission expansions formarket environments, forward and spot markets, short-term powersystem security, and analysis of reactive power impact
Also featured are computational resources to allow readers todevelop algorithms on their own, as well as future researchdirections in modeling and computational techniques in electricitymarket analysis. Restructured Electric Power Systems is aninvaluable reference for electrical engineers and power systemeconomists from power utilities and for professors, postgraduatestudents, and undergraduate students in electrical powerengineering, as well as those responsible for the design,engineering, research, and development of competitive electricitymarkets and electricity market policy.
About the Author
Xiao-Ping Zhang, PhD, is a reader and director of the Institute for Energy Research and Policy at the University of Birmingham, United Kingdom. He is a senior member of the IEEE, as well as an IEEE PES Distinguished Lecturer.
Table of Contents
1 FUNDAMENTALS OF ELECTRIC POWER SYSTEMS (Xiao-PingZhang).
1.1 Introduction of Electric Power Systems.
1.2 Electric Power Generation.
1.3 Structure of Electric Power Systems.
1.4 Ultra-High Voltage Power Transmission.
1.5 Modeling of Electric Power Systems.
1.6 Power Flow Analysis.
1.7 Optimal Operation of Electric Power Systems.
1.8 Operation and Control of Electric PowerSystems—SCADA/EMS.
1.9 Active Power and Frequency Control.
1.10 Voltage Control and Reactive Power Management.
1.11 Applications of Power Electronics to Power SystemControl.
2 RESTRUCTURED ELECTRIC POWER SYSTEMS AND ELECTRICITY MARKETS(Kwok W. Cheung, Gary W. Rosenwald, Xing Wang, and David I.Sun).
2.1 History of Electric Power Systems Restructuring.
2.2 Structure of Electricity Markets.
2.3 Design of Electricity Markets.
2.4 Operation of Electricity Markets.
2.5 Computation Tools for Electricity Markets.
2.6 Final Remarks.
3 OVERVIEW OF ELECTRICITY MARKET EQUILIBRIUM PROBLEMS AND MARKETPOWER ANALYSIS (Xiao-Ping Zhang).
3.1 Game Theory and Its Applications.
3.2 Electricity Markets and Market Power.
3.3 Market Power Monitoring, Modeling, and Analysis.
3.4 Application of the Equilibrium Models in the ElectricityMarkets.
3.5 Computational Tools for Electricity Market EquilibriumModeling and Market Power Analysis.
3.6 Solution Techniques for MPECs.
3.7 Solution Techniques for EPECs.
3.8 Technical Challenges for Solving MPECs and EPECs.
3.9 Software Resources for Large-Scale NonlinearOptimization.
4 COMPUTING THE ELECTRICITY MARKET EQUILIBRIUM: USES OF MARKETEQUILIBRIUM MODELS (Ross Baldick).
4.2 Model Formulation.
4.3 Market Operation and Price Formation.
4.4 Equilibrium Defi nition.
4.6 Diffi culties with Equilibrium Models.
4.7 Uses of Equilibrium Models.
5 HYBRID BERTRAND-COURNOT MODELS OF ELECTRICITY MARKETS WITHMULTIPLE STRATEGIC SUBNETWORKS AND COMMON KNOWLEDGE CONSTRAINTS(Jian Yao, Shmuel S. Oren, and Benjamin F. Hobbs).
5.2 Role of the ISO.
5.3 The Hybrid Subnetwork Model.
5.4 Numerical Example for the Subnetworks Model.
5.5 Bertrand Model with Common Knowledge Constraints.
5.6 Numerical Example of Equilibrium with Common KnowledgeConstraints.
5.7 Concluding Remarks.
6 ELECTRICITY MARKET EQUILIBRIUM WITH REACTIVE POWER CONTROL(Xiao-Ping Zhang).
6.2 AC Power Flow Model in the Rectangular Coordinates.
6.3 Electricity Market Analysis Using AC Optimal Power Flow inthe Rectangular Coordinates.
6.4 Electricity Market Equilibrium Analysis.
6.5 Computing the Electricity Market Equilibrium with AC NetworkModel.
6.6 Implementation Issues of Electricity Market EquilibriumAnalysis with AC Network Model.
6.7 Numerical Examples.
7 USING MARKET SIMULATIONS FOR ECONOMIC ASSESSMENT OFTRANSMISSION UPGRADES: APPLICATION OF THE CALIFORNIA ISO APPROACH(Mohamed Labib Awad, Keith E. Casey, Anna S. Geevarghese,Jeffrey C. Miller, A. Farrokh Rahimi, Anjali Y. Sheffrin, MingxiaZhang, Eric Toolson, Glenn Drayton, Benjamin F. Hobbs, and Frank A.Wolak).
7.2 Five Principles.
7.3 Palo Verde-Devers NO. 2 Study.
7.4 Recent Applications of Team to Renewables.
What People are Saying About This
"Restructured Electric Power Systems is an invaluable reference for electrical engineers and power system economists from power utilities and for professors, postgraduate students, and undergraduate students in electrical power engineering, as well as those responsible for the design, engineering, research, and development of competitive electricity markets and electricity market policy." (PR-inside.com, 28 October 2010)