Market Operations in Electric Power Systems: Forecasting, Scheduling, and Risk Management

An essential overview of post-deregulation market operations in electrical power systems

Until recently the U.S. electricity industry was dominated by vertically integrated utilities. It is now evolving into a distributive and competitive market driven by market forces and increased competition. With electricity amounting to a $200 billion per year market in the United States, the implications of this restructuring will naturally affect the rest of the world.

Why is restructuring necessary? What are the components of restructuring? How is the new structure different from the old monopoly? How are the participants strategizing their options to maximize their revenues? What are the market risks and how are they evaluated? How are interchange transactions analyzed and approved? Starting with a background sketch of the industry, this hands-on reference provides insights into the new trends in power systems operation and control, and highlights advanced issues in the field.

Written for both technical and nontechnical professionals involved in power engineering, finance, and marketing, this must-have resource discusses:

• Market structure and operation of electric power systems
• Load and price forecasting and arbitrage
• Price-based unit commitment and security constrained unit commitment
• Market power analysis and game theory applications
• Ancillary services auction market design
• Transmission pricing and congestion

Using real-world case studies, this timely survey offers engineers, consultants, researchers, financial managers, university professors and students, and other professionals in the industry a comprehensive review of electricity restructuring and how its radical effects will shape the market.

Booknews

The recently deregulated electricity market in the United States is evolving into a distributive and competitive market driven by market forces and increased competition. This text for technical and nontechnical professionals in power engineering, marketing, and finance discusses how electricity restructuring is radically changing the market. Topics include, for example, load forecasting, price forecasting, arbitrage in electricity markets, and transmission congestion management. Annotation c. Book News, Inc., Portland, OR (booknews.com)

MOHAMMAD SHAHIDEHPOUR is Professor of Electrical and Computer Engineering at the Illinois Institute of Technology. He is a Fellow of the IEEE and has served as a consultant for major energy companies during the last twenty years.

HATIM YAMIN, PhD, is with ABB Energy Information Systems, a global unit of the energy industry worldwide, and has served as a faculty member in the Power Engineering Department at Yarmouk University in Jordan.

ZUYI LI, PhD, is with Global Energy Market Solutions, Inc. and has been affiliated with the Electric Power and Power Electronics Center at the Illinois Institute of Technology.