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Power System Operations and Electricity Markets by Fred I. Denny , David E. Dismukes Book Details
| Book Name | Power System Operations and Electricity Markets |
| Author | Fred I. Denny , David E. Dismukes |
| Category | Electrical And Electronics Engineering Books, Education Books |
| Book Language | English |
| Publisher | CRC Press |
| Pages | 133 |
| Country | India |
| Book Size | 3 MB |
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About Power System Operations and Electricity Markets by Fred I. Denny , David E. Dismukes Book
Power System Operations and Electricity Markets refers to a specialized area within the field of electric power systems that focuses on the efficient and reliable operation of electricity grids, as well as the economic and market aspects of electricity generation, distribution, and consumption. This topic is critical for ensuring the smooth functioning of power systems and the optimization of resource allocation within electricity markets.
Here are some key concepts typically covered in the study of power system operations and electricity markets:
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Grid Operations and Control: This aspect involves managing the real-time operation of the power system, including load balancing, frequency control, and voltage regulation. Operators monitor and control the grid to ensure stable and reliable electricity supply.
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Dispatch and Unit Commitment: Dispatch refers to the process of allocating generation resources to meet electricity demand while minimizing costs. Unit commitment involves deciding which power plants to operate and when, considering factors like fuel costs, ramping constraints, and environmental considerations.
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Ancillary Services: These are essential support services that help maintain power system reliability. They include services like frequency control, voltage support, and reactive power supply.
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Demand Response: Strategies and mechanisms to encourage consumers to adjust their electricity usage in response to grid conditions or price signals, contributing to grid stability and efficiency.
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Electricity Markets: These are platforms where electricity is bought and sold. Different market structures, such as wholesale markets, spot markets, and forward markets, determine how electricity is priced and allocated.
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Market Clearing: The process by which electricity market operators match electricity supply with demand and determine the clearing prices for various generators and consumers.
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Market Design and Regulation: The development of market rules, regulations, and policies that govern how electricity markets operate, ensuring fair competition, reliability, and economic efficiency.
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Market Power and Competition: Examining the potential for market manipulation and concentration of market power by certain participants, and strategies to promote healthy competition.
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Integration of Renewable Energy: Addressing the challenges and opportunities associated with integrating variable renewable energy sources like wind and solar into the electricity grid and markets.
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Risk Management: Strategies for managing financial and operational risks in power system operations and electricity trading.
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Energy Trading and Risk Assessment: Analyzing the financial and operational risks associated with energy trading and developing risk assessment models and tools.
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Energy Market Modeling: The use of mathematical and computational models to simulate and analyze electricity markets, including supply-demand dynamics, price forecasting, and market behavior.
Overall, the study of power system operations and electricity markets is crucial for professionals in the energy industry, including power system operators, energy traders, policymakers, regulators, and researchers. As the energy landscape evolves with technological advancements and changing environmental concerns, this field continues to play a significant role in shaping the future of energy systems.
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