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E-raamat: Power Grid Operation in a Market Environment - Economic Efficiency and Risk Mitigation: Economic Efficiency and Risk Mitigation [Wiley Online]

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Power Grid Operation in a Market Environment - Economic Efficiency and Risk Mitigation: Economic Efficiency and Risk MitigationSuurem pilt
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Wiley Online e-raamatudRohkem infot Wiley Online kohta
Raamatu kodulehekülg: https://onlinelibrary.wiley.com/doi/book/10.1002/9781119083016
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.
Foreword ix
Preface xi
Acknowledgment xiii
Contributors xv
PART I INTEGRATED SYSTEM AND MARKET OPERATION
Chapter 1 Balance Economic Efficiency and Operation Risk Mitigation
3(40)
Hong Chen
Jianwei Liu
1.1 Power System Operation Risk Mitigation: The Physics
4(7)
1.2 Integrated System and Market Operation: The Basics
11(9)
1.3 Economic Efficiency Evaluation and Improvement: The Economics
20(15)
1.4 Final Remarks
35(8)
Appendix 1.A Nomenclature
36(1)
Appendix 1.B Electricity Market Model
37(2)
References
39(2)
Disclaimer
41(2)
Chapter 2 Mitigate Market Power to Improve Market Efficiency
43(26)
Ross Baldick
2.1 Introduction
43(7)
2.2 Price Formation in Electricity Markets
50(2)
2.3 Price and Offer Caps
52(1)
2.4 Ability and Incentive to Exercise Market Power
53(4)
2.5 Market Power Mitigation Approaches
57(8)
2.6 Conclusion
65(4)
Acknowledgments
65(1)
References
65(4)
PART II UNDER SMART GRID ERA
Chapter 3 Mass Market Demand Response Management for the Smart Grid
69(22)
Alex D. Papalexopoulos
3.1 Overview
69(3)
3.2 Introduction
72(2)
3.3 Distributed Computing-Based Demand Response Management Approach
74(1)
3.4 The ColorPower Architecture and Control Algorithms
75(5)
3.5 Integration with the Wholesale Energy Market
80(3)
3.6 Equalizing Market Power Between Supply and Demand
83(1)
3.7 Generalization Beyond Demand Response
84(3)
3.8 A Numerical Example
87(1)
3.9 Concluding Remarks
88(3)
Appendix 3.A Nomenclature
89(1)
References
89(2)
Chapter 4 Improve System Performance With Large-Scale Variable Generation Addition
91(26)
Yuri V. Makarov
Pavel V. Etingov
Pengwei Du
4.1 Review of Regulation and Ancillary Services
92(1)
4.2 Day-Ahead Regulation Forecast at CAISO
93(6)
4.3 Ramping and Uncertainties Evaluation at CAISO
99(4)
4.4 Quantifying the Regulation Service Requirements at ERCOT
103(8)
4.5 Conclusions
111(6)
Appendix 4.A Nomenclature
112(1)
References
113(4)
PART III STOCHASTIC APPLICATIONS
Chapter 5 Security-Constrained Unit Commitment With Uncertainties
117(52)
Lei Wu
Mohammad Shahidehpour
5.1 Introduction
118(1)
5.2 SCUC
119(6)
5.3 Uncertainties in Emerging Power Systems
125(9)
5.4 Managing the Resource Uncertainty in SCUC
134(21)
5.5 Illustrative Results
155(8)
5.6 Conclusions
163(6)
Appendix 5.A Nomenclature
164(2)
Acknowledgments
166(1)
References
166(3)
Chapter 6 Day-Ahead Scheduling: Reserve Determination And Valuation
169(28)
Ruiwei Jiang
Antonio J. Conejo
Jianhui Wang
6.1 The Need of Reserves for Power System Operation
169(1)
6.2 Reserve Determination via Stochastic Programming
170(9)
6.3 Reserve Determination via Adaptive Robust Optimization
179(3)
6.4 Stochastic Programming vs. Adaptive Robust Optimization
182(3)
6.5 Reserve Valuation
185(6)
6.6 Summary, Concluding Remarks, and Research Needs
191(6)
Appendix 6.A Nomenclature
192(1)
References
193(4)
PART IV HARNESS TRANSMISSION FLEXIBILITY
Chapter 7 Improved Market Efficiency Via Transmission Switching And Outage Evaluation In System Operations
197(22)
Kwok W. Cheung
Jun Wu
7.1 Background
197(1)
7.2 Basic Dispatch Model for Market Clearing
198(3)
7.3 Economic Evaluation of Transmission Outage
201(2)
7.4 Optimal Transmission Switching
203(3)
7.5 Selection of Candidate Transmission Lines for Switching and Implementation of OTS
206(4)
7.6 Test Cases
210(6)
7.7 Final Remarks
216(3)
Appendix 7.A Nomenclature
216(1)
References
217(2)
Chapter 8 Toward Valuing Flexibility In Transmission Planning
219(32)
Chin Yen Tee
Marija D. Ilic
8.1 Introduction
219(2)
8.2 Scale Economies of Transmission Technologies
221(4)
8.3 Disconnect of Current Power System Operational, Planning, and Market Mechanisms
225(1)
8.4 Impact of Operational and Market Practices on Investment Planning
225(5)
8.5 Information and Risk Sharing in the Face of Uncertainties
230(4)
8.6 Challenges in Designing Financial Rights for Flexibility
234(1)
8.7 Conclusions
235(16)
Appendix 8.A Nomenclature
236(2)
Appendix 8.B Mathematical Models Used for Case Studies
238(9)
Appendix 8.C Investment Cost
247(1)
References
248(3)
Index 251
Hong Chen, PhD, is a Senior Consultant at PJM Interconnection in Pennsylvania, USA, and was a Principal Analyst in electricity market design and development at ISO New England, USA. Dr. Chen received her PhD in electrical and computer engineering, ME in power systems, and BE in power systems.  She has more than 20 years of experience within the power industry and has been active author, editor and committee leader in IEEE activities. Dr. Chen is the current chair of Power System Operation, Planning and Economics committee in the Power and Energy Society of IEEE.
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