The Economics of Electricity Markets 1st Edition by Darryl R Biggar, Mohammad Reza Hesamzadeh – Ebook PDF Instant Download/Delivery: 9781118775752
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ISBN 13: 9781118775752
Author: Darryl R Biggar, Mohammad Reza Hesamzadeh
With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of “constraint orientation”). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market.
The Economics of Electricity Markets 1st Table of contents:
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Part I: Concepts and Principles
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Chapter 1: An Overview of Electricity Industry Restructuring
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Introduction to Deregulation and Liberalization
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Goals and Challenges of Market Reform
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Models of Market Design
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Chapter 2: The Economic Fundamentals of Electricity Markets
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Characteristics of Electricity as a Commodity
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Supply and Demand in Electricity Markets
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Marginal Cost Pricing
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Market Power Issues
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Chapter 3: Transmission and Congestion Management
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The Role of Transmission in Deregulated Markets
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Physical and Economic Congestion
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Congestion Management Mechanisms (e.g., Locational Marginal Pricing – LMP)
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Chapter 4: Ancillary Services Markets
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Need for Ancillary Services (Frequency Regulation, Reserve, Voltage Control)
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Design of Ancillary Service Markets
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Chapter 5: Market Power Assessment and Mitigation
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Sources of Market Power
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Measures of Market Power
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Regulatory Tools for Mitigation
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Part II: Market Design and Mechanisms
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Chapter 6: Wholesale Spot Markets
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Day-Ahead and Real-Time Markets
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Market Clearing Mechanisms
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Role of Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs)
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Chapter 7: Forward and Futures Markets
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Hedging Price Risk
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Financial vs. Physical Contracts
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Chapter 8: Capacity Markets
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The “Missing Money” Problem
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Capacity Mechanisms (e.g., Capacity Payments, Reliability Options)
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Chapter 9: Retail Markets and Consumer Participation
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Retail Choice and Competition
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Demand Response and Smart Grids
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Behavioral Economics in Retail Markets
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Part III: Investment, Risk, and Regulation
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Chapter 10: Investment in Generation and Transmission
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Incentives for Investment
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Risk and Uncertainty in Investment Decisions
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Regulatory Frameworks for Investment
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Chapter 11: Risk Management in Electricity Markets
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Sources of Risk (Price, Volume, Operational)
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Hedging Strategies
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Portfolio Management
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Chapter 12: Regulation of Electricity Markets
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Role of Regulators
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Market Monitoring and Surveillance
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Policy Objectives (Reliability, Affordability, Sustainability)
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Part IV: New Challenges and Emerging Issues
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Chapter 13: Integrating Renewable Energy
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Characteristics of Renewables (Intermittency, Variability)
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Market Design for High Renewable Penetration
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Grid Integration Challenges
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Chapter 14: Distributed Generation and Microgrids
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Economic and Technical Aspects of DG
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Role of Microgrids
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Impact on Traditional Grid Operations
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Chapter 15: Electricity Market Design for Climate Change Mitigation
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Carbon Pricing Mechanisms
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Renewable Energy Mandates
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Energy Efficiency Programs
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Chapter 16: Smart Grid and New Technologies
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Impact of Smart Meters and Advanced Metering Infrastructure (AMI)
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Energy Storage Technologies
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Role of Data Analytics
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Chapter 17: International Experiences and Case Studies
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(This chapter often includes specific analyses of markets in Europe, Australia, Nordic countries, etc., depending on the edition.)
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Chapter 18: The Future of Electricity Markets
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Key Trends and Disruptions
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Challenges and Opportunities Ahead
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