Engineering Interrelated Electricity Markets PDF Download

Author: Anke Weidlich
Publisher: Springer Science & Business Media
ISBN: 3790820687
Category : Technology & Engineering
Languages : en
Pages : 181

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Book Description
Due to the characteristics of electricity, power markets rank among the most complex markets operated at present. The requirements of an environmentally sustainable, economically efficient, and secure energy supply have resulted in the emergence of several interrelated markets that have to be carefully engineered in order to ensure efficient market outcomes. This book presents an agent-based simulation model that facilitates electricity market research. Simulation outcomes from this model are validated against price data from German power markets. The results significantly contribute to existing research in agent-based simulation and electricity market modeling, and provide insights into the impact of the market structure and market design on electricity prices. The book addresses researchers, lecturers and students who are interested in applying agent-based simulation to power markets. It provides a thorough discussion of the methodology and helpful details for model implementation.

Author: Henner Gimpel
Publisher: Springer Nature
ISBN: 3030666611
Category : Computers
Languages : en
Pages : 244

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Book Description
This open access book provides a broad range of insights on market engineering and information management. It covers topics like auctions, stock markets, electricity markets, the sharing economy, information and emotions in markets, smart decision-making in cities and other systems, and methodological approaches to conceptual modeling and taxonomy development. Overall, this book is a source of inspiration for everybody working on the vision of advancing the science of engineering markets and managing information for contributing to a bright, sustainable, digital world. Markets are powerful and extremely efficient mechanisms for coordinating individuals’ and organizations’ behavior in a complex, networked economy. Thus, designing, monitoring, and regulating markets is an essential task of today’s society. This task does not only derive from a purely economic point of view. Leveraging market forces can also help to tackle pressing social and environmental challenges. Moreover, markets process, generate, and reveal information. This information is a production factor and a valuable economic asset. In an increasingly digital world, it is more essential than ever to understand the life cycle of information from its creation and distribution to its use. Both markets and the flow of information should not arbitrarily emerge and develop based on individual, profit-driven actors. Instead, they should be engineered to serve best the whole society’s goals. This motivation drives the research fields of market engineering and information management. With this book, the editors and authors honor Professor Dr. Christof Weinhardt for his enormous and ongoing contribution to market engineering and information management research and practice. It was presented to him on the occasion of his sixtieth birthday in April 2021. Thank you very much, Christof, for so many years of cooperation, support, inspiration, and friendship.

Author: Fernando Lopes
Publisher: Springer
ISBN: 3319742639
Category : Technology & Engineering
Languages : en
Pages : 342

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Book Description
This book describes the common ground between electricity markets (EMs) and software agents (or artificial intelligence generally). It presents an up-to-date introduction to EMs and intelligent agents, and offers a comprehensive description of the research advances and key achievements related to existing and emerging market designs to reliably and efficiently manage the potential challenges of variable generation (VG). Most EMs are unique in their complex relationships between economics and the physics of energy, but were created without the notion that large penetrations of variable generation (VG) would be part of the supply mix. An advanced multi-agent approach simulates the behavior of power markets over time, particularly markets with large-scale penetrations of renewable resources. It is intended as a reference book for researchers, academics and industry practitioners, but given the scope of the chapters and the highly accessible style, the book also provides a coherent foundation for several different graduate courses.

Author: John Collins
Publisher: Springer Nature
ISBN: 303139707X
Category : Business & Economics
Languages : en
Pages : 242

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Book Description
The world is moving away from demand-driven electricity markets supplied by centralized generation and distribution of fossil-fuel-produced electricity. Increasing reliance on weather-dependent renewable sources will require a shift toward a supply-driven paradigm, while beneficial electrification, including widespread adoption of electric vehicles, heat pumps, and batteries will offer considerable but widely distributed demand flexibility that can be used to compensate for supply variability. The open-source Power Trading Agent Competition (Power TAC) platform simulates a decentralized future, modeling the high complexity of future retail electricity markets. This book describes a variety of approaches to profitable trading in realistic wholesale and retail electricity markets. It presents actionable insights from extensive exploration of policies and business models for retail electricity markets gained from a decade of Power TAC tournaments, and from research inspired by the Power TAC experience. Featuring contributions from tournament designers, competitors, and scientists combining best practices from computer science and economics and management science, this book is of benefit to academics, researchers, practitioners and policy makers in sustainable energy and wholesale and retail electricity markets.

Author: Darryl R. Biggar
Publisher: John Wiley & Sons
ISBN: 1118775724
Category : Science
Languages : en
Pages : 493

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Book Description
Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes

Author: Blake LeBaron
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110508842
Category : Business & Economics
Languages : en
Pages : 160

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Book Description
This special issue of the Journal of Economics and Statistics is devoted to the use of agent-based models for economic policy advice. It presents a collection of research papers in different fields of applications. Special emphasis is laid on discussing the potential and possible limitations of agent-based models for economic policy advice. The editorial provides an overview on the role of agent-based modeling in economic policy referring also to the papers presented. Furthermore, it highlights the strength of the approach, i.e., the explicit microfoundation and the modeling of heterogenous agents. Finally, we also report on current limitations of the method with regard to economic policy advice and point at some areas deserving further research.

Author: Eric Guerci
Publisher:
ISBN:
Category :
Languages : en
Pages : 94

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Book Description

Author: Alexey Sorokin
Publisher: Springer Science & Business Media
ISBN: 3642231926
Category : Mathematics
Languages : en
Pages : 583

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Book Description
Energy has been an inevitable component of human lives for decades. Recent rapid developments in the area require analyzing energy systems not as independent components but rather as connected interdependent networks. The Handbook of Networks in Power Systems includes the state-of-the-art developments that occurred in the power systems networks, in particular gas, electricity, liquid fuels, freight networks, as well as their interactions. The book is separated into two volumes with three sections, where one scientific paper or more are included to cover most important areas of networks in power systems. The first volume covers topics arising in electricity network, in particular electricity markets, smart grid, network expansion, as well as risk management. The second volume presents problems arising in gas networks; such as scheduling and planning of natural gas systems, pricing, as well as optimal location of gas supply units. In addition, the second volume covers the topics of interactions between energy networks. Each subject is identified following the activity on the domain and the recognition of each subject as an area of research. The scientific papers are authored by world specialists on the domain and present either state-of-the-arts reviews or scientific developments.

Author: Massimiliano Coppo
Publisher: Società Editrice Esculapio
ISBN: 8835377188
Category : Technology & Engineering
Languages : en
Pages : 273

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Book Description
This book is aimed at university students in engineering, in particular graduated students in the electrical engineering area who want to learn more about topics such as the operation of electricity markets and the related policy decisions. The book starts with providing the fundamental theory of economics and regulation in relation to the electricity sector and then recalls the theory of nodal prices for the valuation of electrical energy at a power system buses. Numerical examples are used to clarify the implications of the theoretical models presented. Along with the theoretical aspects of valuating electricity, the book addresses the organisation of markets, including the real case example of the Italian power exchange, the options for capacity markets, the valuation of investments in transmission capacity and the congestion management, briefly recalling the current state of European markets integration. Environmental externalities are addressed while focusing on the current state of emission trading systems and the support for renewable energy. Finally, price formation and financial products supporting electricity trading are discussed.

Author: Federico Milano
Publisher: Springer Science & Business Media
ISBN: 3642136699
Category : Technology & Engineering
Languages : en
Pages : 558

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Book Description
Power system modelling and scripting is a quite general and ambitious title. Of course, to embrace all existing aspects of power system modelling would lead to an encyclopedia and would be likely an impossible task. Thus, the book focuses on a subset of power system models based on the following assumptions: (i) devices are modelled as a set of nonlinear differential algebraic equations, (ii) all alternate-current devices are operating in three-phase balanced fundamental frequency, and (iii) the time frame of the dynamics of interest ranges from tenths to tens of seconds. These assumptions basically restrict the analysis to transient stability phenomena and generator controls. The modelling step is not self-sufficient. Mathematical models have to be translated into computer programming code in order to be analyzed, understood and “experienced”. It is an object of the book to provide a general framework for a power system analysis software tool and hints for filling up this framework with versatile programming code. This book is for all students and researchers that are looking for a quick reference on power system models or need some guidelines for starting the challenging adventure of writing their own code.