Get Free Ebook Power System Economics: Designing Markets for Electricity By Steven Stoft

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Power System Economics: Designing Markets for Electricity By Steven Stoft

Get Free Ebook Power System Economics: Designing Markets for Electricity By Steven Stoft

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Sales Rank: #431388 in Books
Published on: 2002-05-28
Original language: English
Number of items: 1
Dimensions: 9.20" h x 1.00" w x 7.40" l, 1.88 pounds
Binding: Paperback
496 pages

Review
"This book is for anyone seeking to understand how cost/price relationships involved in electrical energy production and distribution may ideally be determined." (Electrical Apparatus, August 2002)

"...the quality of its content deserves a wide readership..."(Power System Economics The Journal of Energy Literature, Vol.V111, No.2, 2002)

From the Author
How a Basic Book Came to Provide Cutting Edge Tools
Steven Stoft (steven@stoft.com), April 22, 2002.
The economics of power systems differs from that of other markets in appearance and in reality. But appearances deceive and produce false new economic theories—e.g., competitive pricing cannot pay the cost of power plants. The real differences lie hidden and allow a blind faith that "the market" will solve all problems—e.g., provide a reliable level of generation capacity.

I began the book knowing that much of this confusion could be cleared up by stripping away apparent differences to show that power markets usually work like normal markets. Economics does not need re-writing, only careful application. But power systems present some genuine puzzles.

Applying basic economics to apparent differences leads to familiar results. I have presented these results simply along with examples for the uninitiated. The same approach leads to surprising results when applied to real differences. For example, the demand side of today’s power markets is quantitatively so different from standard text-book markets that it produces an unusual type of market failure. Part 2 of the book reveals how the lack of coordination between engineers and regulators, in controlling this failure, produces the headline-grabbing price spikes characteristic of current markets.

Part 3 analyzes day-ahead and real-time markets but also asks fundamental questions about the need for complex pools. Are their calculations subverted by the bids of speculators? Observations of Eastern pools suggest power-market design is still in its early stages. This book provides a simple yet solid foundation, diagnoses the problems that now threaten the existence of deregulated markets, and provides tools to help make repairs.

From the Inside Flap
An Introduction to the Fundamental Economics of Power Market Design and Analysis

Power System Economics is the first systematic presentation of power-market design principles from economic theory to market architecture. The approach is pragmatic, and the discussion illustrates economic and engineering fundamentals with simple examples. The volume breaks new ground in its analysis of price spikes, market-based unit commitment, and the prediction of market power.

Power System Economics includes five parts. Part 1 introduces key economic, engineering, and market design concepts. Part 2 explains how short-run reliability policies determine long-run average installed capacity and reliability. Part 3 examines classic designs for day-ahead and real-time markets. Part 4 covers market power, and Part 5 covers the effect of networks on prices. Topics include:

* How marginal-cost prices cover fixed costs
* Fundamentals of auction design
* The value of lost load (VOLL) as a price cap: theory versus practice
* Price limits, price spikes, investment, and reliability
* Standard market designs, including PJM
* Power pools versus power exchanges
* Market power fallacies and the HHI
* Losses pricing and congestion pricing

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