Economic Operation of Power Generation Systems. Electricity Markets

TEACHING UNIT 1. INTRODUCTION TO ELECTRIC POWER SYSTEMS Introduction Historical Development Components of an Electric Power System Planning and Operation Environmental Impact Future Outlook and New Developments Summary and Conclusions Bibliography Appendix: Generation Technologies TEACHING UNIT 2. ECONOMIC DISPATCHING AND UNIT COMMITMENT Economic dispatching and unit commitment Appendix TEACHING UNIT 3. MEDIUM-TERM GENERATION SCHEDULING AND INVESTMENT PLANNING Generation planning functions Medium-term generation operation planning Long-term generation expansion planning Modeling assumptions Time and Demand Modeling Modeling of Thermal Power Plants: Technical and Economic Parameters Modeling of Hydroelectric and Pumped-Storage Power Plants: Technical and Economic Parameters Modeling of Wind and Solar Power Plants: Technical and Economic Parameters Modeling of Imports and Exports Formulation of the Generation Operations Planning Model Formulation of the Generation Expansion Planning Model Conclusions Appendix TEACHING UNIT 4. FUNDAMENTALS OF MICROECONOMICS AND MARKETS Introduction to the Economics of the Electric Power Sector Electricity Production Costs Fundamentals of Microeconomics Perfect Competition Market Structure, Concentration, and Market Power Case Study Conclusions Appendix TEACHING UNIT 5. WHOLESALE ELECTRICITY MARKETS Introduction Module Objectives The Regulatory Environment Electric Power Activities: Network Activities and Activities Open to Competition Regulatory Models for the Electric Power Sector The Design of Wholesale Markets Regional Wholesale Markets References Appendix: Alternative Auction Mechanisms for Balancing Electricity Markets TEACHING UNIT 6. INVESTMENT IN GENERATION AND THE PROBLEM OF SECURITY OF SUPPLY Motivation for the module Nature of the problem and terminology The problem of investment and management of generation resources in a liberalized context Mechanisms for supply reliability and/or adequacy: basic criteria Options available to the regulator References