Covers the latest practices, challenges and theoretical advancements
in the domain of balancing economic efficiency and operation risk
mitigation
This book examines both system operation and market operation
perspectives, focusing on the interaction between the two. It
incorporates up-to-date field experiences, presents challenges, and
summarizes the latest theoretic advancements to address those
challenges. The book is divided into four parts. The first part deals
with the fundamentals of integrated system and market operations,
including market power mitigation, market efficiency evaluation, and the
implications of operation practices in energy markets. The second part
discusses developing technologies to strengthen the use of the grid in
energy markets. System volatility and economic impact introduced by the
intermittency of wind and solar generation are also addressed. The third
part focuses on stochastic applications, exploring new approaches of
handling uncertainty in Security Constrained Unit Commitment (SCUC) as
well as the reserves needed for power system operation. The fourth part
provides ongoing efforts of utilizing transmission facilities to improve
market efficiency, via transmission topology control, transmission
switching, transmission outage scheduling, and advanced transmission
technologies. Besides the state-of-the-art review and discussion on the
domain of balancing economic efficiency and operation risk mitigation,
this book:
- Describes a new approach for mass market demand response management,
and introduces new criteria to improve system performance with large
scale variable generation additions
- Reviews mathematic models and solution methods of SCUC to help address
challenges posed by increased operational uncertainties with
high-penetration of renewable resources
- Presents a planning framework to account for the value of operational
flexibility in transmission planning and to provide market mechanism
for risk sharing
Power Grid Operations in a Market Environment: Economic Efficiency and
Risk Mitigation is a timely reference for power engineers and
researchers, electricity market traders and analysts, and market
designers.
