Ebook: Price-Based Commitment Decisions in the Electricity Market

The series Advances in Industrial Control aims to report and encourage technology transfer in control engineering. The rapid development of control technology impacts all areas of the control discipline. New theory, new controllers, actuators, sensors, new industrial processes, computer methods, new applications, new philosophies . . . , new challenges. Much of this development work resides in industrial reports, feasibility study papers and the reports of advanced collaborative projects. The series offers an opportunity for researchers to present an extended exposition of such new work in all aspects of industrial control for wider and rapid dissemination. Deregulation of electricity markets is a worldwide activity with leading and distinctive developments occurring in the European and US markets. The immediate impact of these changes is felt in the higher levels of the power production hierarchy where tools to aid short-term economic decision making are needed. At the lower levels of the production control hierarchy the impact is to demand much more flexible unit operation so that the determined short-term goals can be met. Allen and Illic have produced this useful monograph on the decision algorithms needed to determine unit commitment proflles over the shorter time frame of hours and days. The method of dynamic programming has been used and the work covers modelling, cost function and construction, an introduction to dynamic programming and a detailed assessment of its use. The monograph comes complete with programs in Appendix D and with other appendices giving the necessary supporting theory.

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With major structural changes will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting occuring in the electric power industry, many long-standing ways of operation increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.

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With major structural changes will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting occuring in the electric power industry, many long-standing ways of operation increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.
Content:
Front Matter....Pages i-xviii
Introduction....Pages 1-4
The Unit Commitment Problem....Pages 5-10
Unit Commitment in a Deregulated Environment....Pages 11-16
Survey of the Dynamic Programming Formulation....Pages 17-21
Unit Commitment for an Individual Power Producer....Pages 23-29
Price Process of Electricity....Pages 31-56
Computational Complexity of Unit Commitment....Pages 57-78
Forward Contracts and Futures....Pages 79-88
Reserve Markets for Power System Reliability....Pages 89-97
Unit Commitment in Congested Transmission Systems....Pages 99-103
Conclusions....Pages 105-108
Back Matter....Pages 109-242

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With major structural changes will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting occuring in the electric power industry, many long-standing ways of operation increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.
Content:
Front Matter....Pages i-xviii
Introduction....Pages 1-4
The Unit Commitment Problem....Pages 5-10
Unit Commitment in a Deregulated Environment....Pages 11-16
Survey of the Dynamic Programming Formulation....Pages 17-21
Unit Commitment for an Individual Power Producer....Pages 23-29
Price Process of Electricity....Pages 31-56
Computational Complexity of Unit Commitment....Pages 57-78
Forward Contracts and Futures....Pages 79-88
Reserve Markets for Power System Reliability....Pages 89-97
Unit Commitment in Congested Transmission Systems....Pages 99-103
Conclusions....Pages 105-108
Back Matter....Pages 109-242
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