Download or read book A New Swing Contract Design for Wholesale Power Markets written by and published by John Wiley & Sons. This book was released on 2020-12-12 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides comprehensive information on swing contracts for flexible reserve provision in wholesale power markets This book promotes a linked swing-contract market design for centrally-managed wholesale power markets to facilitate increased reliance on renewable energy resources and demand-side participation. The proposed swing contracts are firm or option two-part pricing contracts permitting resources to offer the future availability of dispatchable power paths (reserve) with broad types of flexibility in their power attributes. A New Swing-Contract Design for Wholesale Power Markets begins with a brief introduction to the subject, followed by two chapters that cover: general goals for wholesale power market design; history, operations, and conceptual concerns for current U.S. RTO/ISO-managed wholesale power markets; and the relationship of the present study to previous swing-contract research. The next eight chapters cover: a general swing-contract formulation for centrally-managed wholesale power markets; illustrative swing-contract reserve offers; inclusion of reserve offers with price swing; inclusion of price-sensitive reserve bids; and extension to a linked collection of swing-contract markets. Operations in current U.S. RTO/ISO-managed markets are reviewed in the following four chapters, and conceptual and practical advantages of the linked swing-contract market design are carefully considered. The book concludes with an examination of two key issues: How might current U.S. RTO/ISO-managed markets transition gradually to a swing-contract form? And how might independent distribution system operators, functioning as linkage entities at transmission and distribution system interfaces, make use of swing contracts to facilitate their participation in wholesale power markets as providers of ancillary services harnessed from distribution-side resources? In summary, this title: Addresses problems with current wholesale electric power markets by developing a new swing-contract market design from concept to practical implementation Provides introductory chapters that explain the general principles motivating the new market design, hence why a new approach is required Develops a new type of swing contract suitable for wholesale power markets with increasing reliance on renewable energy and active demand-side participation A New Swing-Contract Design for Wholesale Power Markets is an ideal book for electric power system professionals and for students specializing in electric power systems.

Download or read book A New Swing Contract Design for Wholesale Power Markets written by and published by John Wiley & Sons. This book was released on 2020-12-30 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides comprehensive information on swing contracts for flexible reserve provision in wholesale power markets This book promotes a linked swing-contract market design for centrally-managed wholesale power markets to facilitate increased reliance on renewable energy resources and demand-side participation. The proposed swing contracts are firm or option two-part pricing contracts permitting resources to offer the future availability of dispatchable power paths (reserve) with broad types of flexibility in their power attributes. A New Swing-Contract Design for Wholesale Power Markets begins with a brief introduction to the subject, followed by two chapters that cover: general goals for wholesale power market design; history, operations, and conceptual concerns for current U.S. RTO/ISO-managed wholesale power markets; and the relationship of the present study to previous swing-contract research. The next eight chapters cover: a general swing-contract formulation for centrally-managed wholesale power markets; illustrative swing-contract reserve offers; inclusion of reserve offers with price swing; inclusion of price-sensitive reserve bids; and extension to a linked collection of swing-contract markets. Operations in current U.S. RTO/ISO-managed markets are reviewed in the following four chapters, and conceptual and practical advantages of the linked swing-contract market design are carefully considered. The book concludes with an examination of two key issues: How might current U.S. RTO/ISO-managed markets transition gradually to a swing-contract form? And how might independent distribution system operators, functioning as linkage entities at transmission and distribution system interfaces, make use of swing contracts to facilitate their participation in wholesale power markets as providers of ancillary services harnessed from distribution-side resources? In summary, this title: Addresses problems with current wholesale electric power markets by developing a new swing-contract market design from concept to practical implementation Provides introductory chapters that explain the general principles motivating the new market design, hence why a new approach is required Develops a new type of swing contract suitable for wholesale power markets with increasing reliance on renewable energy and active demand-side participation A New Swing-Contract Design for Wholesale Power Markets is an ideal book for electric power system professionals and for students specializing in electric power systems.

Download or read book Fundamentals of Power System Economics written by Daniel S. Kirschen and published by John Wiley & Sons. This book was released on 2018-07-04 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new edition of the classic text explaining the fundamentals of competitive electricity markets—now updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sources The introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants’ strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investments—discussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. Retains the highly praised first edition’s focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planning Includes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sources Addresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storage Discusses the effects of the increased uncertainty on system operation Broadens its coverage of transmission investment and generation investment Updates end-of-chapter problems and accompanying solutions manual Fundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.

Download or read book Competitive Electricity Markets written by Fereidoon Sioshansi and published by Elsevier. This book was released on 2011-10-10 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 2 decades, policymakers and regulators agree that electricity market reform, liberalization and privatization remains partly art. Moreover, the international experience suggests that in nearly all cases, initial market reform leads to unintended consequences or introduces new risks, which must be addressed in subsequent “reform of the reforms. Competitive Electricity Markets describes the evolution of the market reform process including a number of challenging issues such as infrastructure investment, resource adequacy, capacity and demand participation, market power, distributed generation, renewable energy and global climate change. Sequel to Electricity Market Reform: An International Perspective in the same series published in 2006 Contributions from renowned scholars and practitioners on significant electricity market design and implementation issues Covers timely topics on the evolution of electricity market liberalization worldwide

Download or read book Swing Pricing and Fragility in Open end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.

Download or read book Energy and Power Risk Management written by Alexander Eydeland and published by John Wiley & Sons. This book was released on 2003-02-03 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Energy and Power Risk Management "Energy and Power Risk Management identifies and addresses the key issues in the development of the turbulent energy industry and the challenges it poses to market players. An insightful and far-reaching book written by two renowned professionals." -Helyette Geman, Professor of Finance University Paris Dauphine and ESSEC "The most up-to-date and comprehensive book on managing energy price risk in the natural gas and power markets. An absolute imperative for energy traders and energy risk management professionals." -Vincent Kaminski, Managing Director Citadel Investment Group LLC "Eydeland and Wolyniec's work does an excellent job of outlining the methods needed to measure and manage risk in the volatile energy market." -Gerald G. Fleming, Vice President, Head of East Power Trading, TXU Energy Trading "This book combines academic rigor with real-world practicality. It is a must-read for anyone in energy risk management or asset valuation." -Ron Erd, Senior Vice President American Electric Power

Download or read book Power Market Structure written by Maria Vagliasindi and published by World Bank Publications. This book was released on 2013-03-28 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current distribution of power markets around intermediate structures that fall between the two extremes of full integration and unbundling suggests that there has not been a linear path to power market structure reform. Rather, many developing countries may retain intermediate structures into the foreseeable future. This possibility exposes a gap in the understanding of power market structures, since most theoretical work has focused on the two extreme possibilities and there is limited evidence of the impact of unbundling for developing countries. Power Market Structure takes a novel analytical approach to modeling market structure, together with ownership and regulation, in determining performance across several indicators, including access, operational and financial performance, and environmental sustainability. Its conclusions--which will be of particular interest to policy makers, academics, and development practitioners--reflect evidence drawn from statistical analysis and a representative sample of 20 case studies, selected based on initial conditions such as income and power system size. The key result of the analysis is that unbundling delivers results when used as an entry point to implementing broader reforms, particularly introducing a sound regulatory framework, and reducing the degree of concentration of the generation and distribution segments of the market by attracting additional public and private players and greater private sector participation. In addition, there seems to be a credible empirical basis for selecting a threshold power system size and per capita income level below which unbundling of the power supply chain is not expected to be worthwhile. Partial forms of vertical unbundling do not appear to drive improvements. The most likely reason is that the owner was able to continue exercising control over the affairs of the sector and hinder the development of competitive pressure within the power market.

Download or read book Energy Markets and Responsive Grids written by Sean Meyn and published by Springer. This book was released on 2018-06-09 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of selected essays by participants of the workshop Control at Large Scales: Energy Markets and Responsive Grids held at the Institute for Mathematics and its Applications, Minneapolis, Minnesota, U.S.A. from May 9-13, 2016. The workshop brought together a diverse group of experts to discuss current and future challenges in energy markets and controls, along with potential solutions. The volume includes chapters on significant challenges in the design of markets and incentives, integration of renewable energy and energy storage, risk management and resilience, and distributed and multi-scale optimization and control. Contributors include leading experts from academia and industry in power systems and markets as well as control science and engineering. This volume will be of use to experts and newcomers interested in all aspects of the challenges facing the creation of a more sustainable electricity infrastructure, in areas such as distributed and stochastic optimization and control, stability theory, economics, policy, and financial mathematics, as well as in all aspects of power system operation.

Download or read book Chemical Engineering Design written by Gavin Towler and published by Elsevier. This book was released on 2012-01-25 with total page 1321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chemical Engineering Design, Second Edition, deals with the application of chemical engineering principles to the design of chemical processes and equipment. Revised throughout, this edition has been specifically developed for the U.S. market. It provides the latest US codes and standards, including API, ASME and ISA design codes and ANSI standards. It contains new discussions of conceptual plant design, flowsheet development, and revamp design; extended coverage of capital cost estimation, process costing, and economics; and new chapters on equipment selection, reactor design, and solids handling processes. A rigorous pedagogy assists learning, with detailed worked examples, end of chapter exercises, plus supporting data, and Excel spreadsheet calculations, plus over 150 Patent References for downloading from the companion website. Extensive instructor resources, including 1170 lecture slides and a fully worked solutions manual are available to adopting instructors. This text is designed for chemical and biochemical engineering students (senior undergraduate year, plus appropriate for capstone design courses where taken, plus graduates) and lecturers/tutors, and professionals in industry (chemical process, biochemical, pharmaceutical, petrochemical sectors). New to this edition: Revised organization into Part I: Process Design, and Part II: Plant Design. The broad themes of Part I are flowsheet development, economic analysis, safety and environmental impact and optimization. Part II contains chapters on equipment design and selection that can be used as supplements to a lecture course or as essential references for students or practicing engineers working on design projects. New discussion of conceptual plant design, flowsheet development and revamp design Significantly increased coverage of capital cost estimation, process costing and economics New chapters on equipment selection, reactor design and solids handling processes New sections on fermentation, adsorption, membrane separations, ion exchange and chromatography Increased coverage of batch processing, food, pharmaceutical and biological processes All equipment chapters in Part II revised and updated with current information Updated throughout for latest US codes and standards, including API, ASME and ISA design codes and ANSI standards Additional worked examples and homework problems The most complete and up to date coverage of equipment selection 108 realistic commercial design projects from diverse industries A rigorous pedagogy assists learning, with detailed worked examples, end of chapter exercises, plus supporting data and Excel spreadsheet calculations plus over 150 Patent References, for downloading from the companion website Extensive instructor resources: 1170 lecture slides plus fully worked solutions manual available to adopting instructors

Download or read book Integrating Renewables in Electricity Markets written by Juan M. Morales and published by Springer Science & Business Media. This book was released on 2013-12-03 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This addition to the ISOR series addresses the analytics of the operations of electric energy systems with increasing penetration of stochastic renewable production facilities, such as wind- and solar-based generation units. As stochastic renewable production units become ubiquitous throughout electric energy systems, an increasing level of flexible backup provided by non-stochastic units and other system agents is needed if supply security and quality are to be maintained. Within the context above, this book provides up-to-date analytical tools to address challenging operational problems such as: • The modeling and forecasting of stochastic renewable power production. • The characterization of the impact of renewable production on market outcomes. • The clearing of electricity markets with high penetration of stochastic renewable units. • The development of mechanisms to counteract the variability and unpredictability of stochastic renewable units so that supply security is not at risk. • The trading of the electric energy produced by stochastic renewable producers. • The association of a number of electricity production facilities, stochastic and others, to increase their competitive edge in the electricity market. • The development of procedures to enable demand response and to facilitate the integration of stochastic renewable units. This book is written in a modular and tutorial manner and includes many illustrative examples to facilitate its comprehension. It is intended for advanced undergraduate and graduate students in the fields of electric energy systems, applied mathematics and economics. Practitioners in the electric energy sector will benefit as well from the concepts and techniques explained in this book.

Download or read book Handbook of Computational Economics written by Leigh Tesfatsion and published by Elsevier. This book was released on 2006-05-15 with total page 905 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues. *Every volume contains contributions from leading researchers *Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys

Download or read book Handbook on Electricity Markets written by Glachant, Jean-Michel and published by Edward Elgar Publishing. This book was released on 2021-11-12 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.

Download or read book An Assessment of hydroelectric pumped storage written by Dames & Moore and published by . This book was released on 1982 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Heterogeneous Agent Modeling written by Cars Hommes and published by Elsevier. This book was released on 2018-06-27 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. Helps readers fully understand the dynamic properties of realistically rendered economic systems Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions Provides broad assessments that can lead researchers to recognize new synergies and opportunities

Download or read book Integration of Distributed Generation in the Power System written by Math H. J. Bollen and published by John Wiley & Sons. This book was released on 2011-08-04 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of new sources of energy like wind power, solar-power, small-scale generation, or combined heat and power in the power grid is something that impacts a lot of stakeholders: network companies (both distribution and transmission), the owners and operators of the DG units, other end-users of the power grid (including normal consumers like you and me) and not in the least policy makers and regulators. There is a lot of misunderstanding about the impact of DG on the power grid, with one side (including mainly some but certainly not all, network companies) claiming that the lights will go out soon, whereas the other side (including some DG operators and large parks of the general public) claiming that there is nothing to worry about and that it's all a conspiracy of the large production companies that want to protect their own interests and keep the electricity price high. The authors are of the strong opinion that this is NOT the way one should approach such an important subject as the integration of new, more environmentally friendly, sources of energy in the power grid. With this book the authors aim to bring some clarity to the debate allowing all stakeholders together to move to a solution. This book will introduce systematic and transparent methods for quantifying the impact of DG on the power grid.

Download or read book The Future of the Electric Grid written by and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Globalization Paradox written by Dani Rodrik and published by Oxford University Press. This book was released on 2011-03-24 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them?Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given.The heart of Rodrik>'s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.