Market Operations in Electric Power Systems

MARKET OPERATIONS IN ELECTRIC POWER SYSTEMS

Li, Zuyi, Yamin, Hatim, Shahidehpour

Preference :

During the last five years, Illinois Institute of Technology in Chicago has been offering a master’s degree program in electricity markets which is a joint venture between the College of Engineering and the School of Business. The subject of this book is currently offered as a required course for students majoring in the master of electricity markets. We believe that the subject of this book will be of interest to power engineering faculty and students, consultants, vendors, manufacturers, researchers, designers, and electricity marketer, who will find a detailed discussion of electricity market tools throughout the book with numerous examples. We assume that the readers have a fundamental knowledge of power system operation and control. Much of the topics in this book are based on the presumption that there are two major objectives in establishing an electricity market: ensuring secure operation and facilitating an economical operation. Security is the most important aspect of the power system operation be it a regulated operation or a restructured power market. In a restructured power system, security could be ensured by utilizing the diverse services available to the market. The economical operation facilitated by the electricity market is believed to help reduce the cost of electricity utilization, which is a primary motive for restructuring and a way to enhance the security of a power system through its economics. To accomplish these objectives, proper market tools must be devised and efficient market strategies must be employed by participants based on power system requirements.