Power System Economics
Wiley-IEEE Press (Verlag)
978-0-471-15040-4 (ISBN)
* Part 1 introduces key economic, engineering and market design concepts.
* Part 2 links short-run reliability policies with long-run investment problems.
* Part 3 examines classic designs for day-ahead and real-time markets.
* Part 4 covers market power, and
* Part 5 covers locational pricing, transmission right and pricing losses.
The non-technical introductions to all chapters allow easy access to the most difficult topics. Steering an independent course between ideological extremes, it provides background material for engineers, economists, regulators and lawyers alike. With nearly 250 figures, tables, side bars, and concisely-stated results and fallacies, the 44 chapters cover such essential topics as auctions, fixed-cost recovery from marginal cost, pricing fallacies, real and reactive power flows, Cournot competition, installed capacity markets, HHIs, the Lerner index and price caps.
About the Author
Steven Stoft has a Ph.D. in economics (U.C. Berkeley) as well as a background in physics, math, engineering, and astronomy. He spent a year inside FERC and now consults for PJM, California and private generators. Learn more at www.stoft.com.
STEVEN STOFT has a BS in engineering mathematics and a PhD in economics from the University of California at Berkeley, and over ten years of experience in power market analysis and design. He has held positions at FERC, the University of California's Energy Institute, and the Lawrence Berkeley National Laboratory. He is currently a consultant to the Pennsylvania-New Jersey-Maryland ISO (PJM), California's Electricity Oversight Board, the U.S. Department of Energy, and an independent power producer.
List of Results and Fallacies xiv
Preface xviii
Acronyms and Abbreviations xx
Symbols xxii
Part 1. Power Market Fundamentals
Prologue 2
Why Deregulate? 6
What to Deregulate 17
Pricing Power, Energy, and Capacity 30
Power Supply and Demand 40
What Is Competition? 49
Marginal Cost in a Power Market 60
Market Structure 74
Market Architecture 82
Designing and Testing Market Rules 93
Part 2. Reliability, Price Spikes and Investment Reliability and Investment Policy 108
Price Spikes Recover Fixed Costs 120
Reliability and Generation 133
Limiting the Price Spikes 140
Value-of-Lost-Load Pricing 154
Operating-Reserve Pricing 165
Market Dynamics and the Profit Function 174
Requirements for Installed Capacity 180
Inter-System Competition for Reliability 188
Unsolved Problems 194
Part 3. Market Architecture
Introduction 202
The Two-Settlement System 208
Day-Ahead Market Designs 217
Ancillary Services 232
The Day-Ahead Market in Theory 243
The Real-Time Market in Theory 254
The Day-Ahead Market in Practice 264
The Real-Time Market in Practice 272
The New Unit-Commitment Problem 289
The Market for Operating Reserves 306
Part 4. Market Power
Defining Market Power 316
Exercising Market Power 329
Modeling Market Power 337
Designing to Reduce Market Power 345
Predicting Market Power 356
Monitoring Market Power 365
Part 5. Locational Pricing
Power Transmission and Losses 374
Physical Transmission Limits 382
Congestion Pricing Fundamentals 389
Congestion Pricing Methods 395
Congestion Pricing Fallacies 404
Refunds and Taxes 411
Pricing Losses on Lines 417
Pricing Losses at Nodes 424
Transmission Rights 431
Glossary 443
References 455
Index 460
| Erscheint lt. Verlag | 24.6.2002 |
|---|---|
| Sprache | englisch |
| Maße | 185 x 234 mm |
| Gewicht | 862 g |
| Themenwelt | Technik ► Elektrotechnik / Energietechnik |
| ISBN-10 | 0-471-15040-1 / 0471150401 |
| ISBN-13 | 978-0-471-15040-4 / 9780471150404 |
| Zustand | Neuware |
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