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ECE8803 Syllabus Sp2015

This course provides an introduction to electricity markets and power system economics. It will cover economic theory, market design, modeling market interactions through software simulations, and current trends in the electricity industry including renewable energy integration and smart grids. The course is taught on Mondays, Wednesdays and Fridays from 2-3pm in room 215 of the Instructional Center. Assessment includes homework, a midterm, final, and project. Topics range from electricity supply and demand to unit commitment and emissions trading. The instructor will provide lecture notes and supplemental references include books on power system economics and competitive electricity markets.

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Saad Muftah
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72 views

ECE8803 Syllabus Sp2015

This course provides an introduction to electricity markets and power system economics. It will cover economic theory, market design, modeling market interactions through software simulations, and current trends in the electricity industry including renewable energy integration and smart grids. The course is taught on Mondays, Wednesdays and Fridays from 2-3pm in room 215 of the Instructional Center. Assessment includes homework, a midterm, final, and project. Topics range from electricity supply and demand to unit commitment and emissions trading. The instructor will provide lecture notes and supplemental references include books on power system economics and competitive electricity markets.

Uploaded by

Saad Muftah
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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ECE 8803: Electricity Markets/Power System Economics 31.

7 $/MWh
A

MVA
A

MVA
A

MVA
11
6 35.6 $/MWh
32.2 $/MWh
A A
A A
MVA
100%
MVA
MVA MVA

5
3 31.4 $/MWh
31.0 $/MWh 12
31 26.0 $/MWh
31.7 $/MWh A
A
A MVA
A
MVA slack
MVA
MVA

A
14
MVA 20.9 $/MWh 13
18 4 16.3 $/MWh
31.2 $/MWh 27 5 $/MWh A

Spring 2015, Prof. Santiago Grijalva


Description: This course provides a comprehensive introduction to electricity markets and
power system economics, including economic theory, market design, market models, and policy.
The combined behavior of the physical system including the grid and the market is modeled in
detail and simulated through software. Market interactions are simulated through auction and
trading exercises. Emphasis is given to current trends: renewable energy integration, smart grid,
consumer empowerment, and business models as drivers for emerging market architecture.

Pre-requisites: ECE4320 or ECON 3110 (microeconomics) or Utility Industry Experience.

Time and Place: MWF: 2-3, Location: Instructional Center 215


Instructor: Prof. Santiago Grijalva
e-mail: [email protected]
Office Hours: Wednesday, 3 pm, Van Leer 284
Grading Policy: Homework (25%), Midterm (25%), Final (25%), Project: (25%)

Topics:
1. Electricity Industry Trends and Challenges for Markets
2. Review of Economic Theory and Electricity Supply and Demand
3. Markets and Risk Management
4. Electricity Market Architecture
5. Producer Participation: Strategy, Self-Scheduling
6. Introduction to Utility Regulation
7. Demand Response
8. Reserves Markets and Other Ancillary Services
9. Optimization Methods
10. Modeling the Grid
11. Sensitivities and Security
12. Software Simulation of the Grid
13. Methods of Economic Dispatch and Optimal Power Flow
14. Marginal Pricing Theory
15. Security Constrained Optimal Power Flow
16. Unit Commitment
17. Co-optimization of Energy and Reserves
18. Congestion Management
19. Emissions Dispatch and Carbon Trading
20. Investment and Asset Management

1
21. Oligopoly and Market Power Monitoring
22. Market Management Systems
23. Competition in Retail
24. Distribution System Operators
25. New Industry Business Models

Text: Instructor will provide full set of lecture notes

Supplemental References

1. D. Kirschen, G. Strbac, Fundamentals of Power System Economics, John Wiley, 2004


2. Sioshansi, Competitive Electricity Markets: Design, Implementation, Performance,
Elsevier, 2008
3. S. Stoft, Power System Economics: Designing Markets for Electricity, Wiley, 2002
4. G. Rothwell, T. Gomez, Electricity Economics, IEEE Press, Wiley-InterScience, 2003
5. PowerWorld, Simulator V18.0 User’s Guide, PowerWorld Corporation, 2014
6. J. Welch, C.J. Bolling, “Competitive Electricity Markets: The Power of Choice”, ITC
Holdings, 2009
7. D. Gan, “Electricity Markets and Power System Economics”, 2013
8. M. Shahidehpour, Market Operations in Electric Power Systems, IEEE Press, Wiley,
2002
9. J. Momoh, L. Mili, Economic Market Design and Planning for Electric Power Systems,
(IEEE Press Series on Power Engineering), Wiley, 2009

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