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Optimization Models In Electricity Markets
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Book Synopsis Mathematical Modelling of Contemporary Electricity Markets by : Athanasios Dagoumas
Download or read book Mathematical Modelling of Contemporary Electricity Markets written by Athanasios Dagoumas and published by Academic Press. This book was released on 2021-01-30 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. - Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets - Familiarizes energy experts with the quantitative skills needed in competitive electricity markets - Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets
Book Synopsis Energy Storage in Energy Markets by : Behnam Mohammadi-Ivatloo
Download or read book Energy Storage in Energy Markets written by Behnam Mohammadi-Ivatloo and published by Academic Press. This book was released on 2021-04-30 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy Storage in Energy Markets reviews the modeling, design, analysis, optimization and impact of energy storage systems in energy markets in a way that is ideal for an audience of researchers and practitioners. The book provides deep insights on potential benefits and revenues, economic evaluation, investment challenges, risk analysis, technical requirements, and the impacts of energy storage integration. Heavily referenced and easily accessible to policymakers, developers, engineer, researchers and students alike, this comprehensive resource aims to fill the gap in the role of energy storage in pool/local energy/ancillary service markets and other multi-market commerce. Chapters elaborate on energy market fundamentals, operations, energy storage fundamentals, components, and the role and impact of storage systems on energy systems from different aspects, such as environmental, technical and economics, the role of storage devices in uncertainty handling in energy systems and their contributions in resiliency and reliability improvement. - Provides integrated techno-economic analysis of energy storage systems and the energy markets - Reviews impacts of electric vehicles as moving energy storage and loads on the electricity market - Analyzes the role and impact of energy storage systems in the energy, ancillary, reserve and regulatory multi-market business - Applies advanced methods to the economic integration of large-scale energy storage systems - Develops an evaluation framework for energy market storage systems
Book Synopsis Optimization Methods for Gas and Power Markets by : Enrico Edoli
Download or read book Optimization Methods for Gas and Power Markets written by Enrico Edoli and published by Springer. This book was released on 2016-04-30 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: As power and gas markets are becoming more and more mature and globally competitive, the importance of reaching maximum potential economic efficiency is fundamental in all the sectors of the value chain, from investments selection to asset optimization, trading and sales. Optimization techniques can be used in many different fields of the energy industry, in order to reduce production and financial costs, increase sales revenues and mitigate all kinds of risks potentially affecting the economic margin. For this reason the industry has now focused its attention on the general concept of optimization and to the different techniques (mainly mathematical techniques) to reach it. Optimization Methods for Gas and Power Markets presents both theoretical elements and practical examples for solving energy optimization issues in gas and power markets. Starting with the theoretical framework and the basic business and economics of power and gas optimization, it quickly moves on to review the mathematical optimization problems inherent to the industry, and their solutions – all supported with examples from the energy sector. Coverage ranges from very long-term (and capital intensive) optimization problems such as investment valuation/diversification to asset (gas and power) optimization/hedging problems, and pure trading decisions. This book first presents the readers with various examples of optimization problems arising in power and gas markets, then deals with general optimization problems and describes the mathematical tools useful for their solution. The remainder of the book is dedicated to presenting a number of key business cases which apply the proposed techniques to concrete market problems. Topics include static asset optimization, real option evaluation, dynamic optimization of structured products like swing, virtual storage or virtual power plant contracts and optimal trading in intra-day power markets. As the book progresses, so too does the level of mathematical complexity, providing readers with an appreciation of the growing sophistication of even common problems in current market practice. Optimization Methods for Gas and Power Markets provides a valuable quantitative guide to the technicalities of optimization methodologies in gas and power markets; it is essential reading for practitioners in the energy industry and financial sector who work in trading, quantitative analysis and energy risk modeling.
Book Synopsis Optimization Models in Electricity Markets by : Anthony Papavasiliou
Download or read book Optimization Models in Electricity Markets written by Anthony Papavasiliou and published by Cambridge University Press. This book was released on 2024-05-31 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get up-to-speed with the fundamentals of how electricity markets are structured and operated with this comprehensive textbook, presenting coverage of key topics in electricity market design, including power system and power market operations, transmission, unit commitment, demand response, and risk management. It includes over 140 practical examples, inspired by real-industry applications, connecting key theoretical concepts to practical scenarios in electricity market design, and features over 100 coding-based examples and exercises, with selected solutions for readers. It further demonstrates how mathematical programming models are implemented in an industry setting. Requiring no experience in power systems or energy economics, this is the ideal introduction to electricity markets for senior undergraduate and graduate students in electrical engineering, economics, and operations research, and a robust introduction to the field for professionals in utilities, energy policy, and energy regulation. Accompanied online by datasets, AMPL code, supporting videos, and full solutions and lecture slides for instructors.
Book Synopsis Complementarity Modeling in Energy Markets by : Steven A. Gabriel
Download or read book Complementarity Modeling in Energy Markets written by Steven A. Gabriel and published by Springer Science & Business Media. This book was released on 2012-07-20 with total page 637 pages. Available in PDF, EPUB and Kindle. Book excerpt: This addition to the ISOR series introduces complementarity models in a straightforward and approachable manner and uses them to carry out an in-depth analysis of energy markets, including formulation issues and solution techniques. In a nutshell, complementarity models generalize: a. optimization problems via their Karush-Kuhn-Tucker conditions b. on-cooperative games in which each player may be solving a separate but related optimization problem with potentially overall system constraints (e.g., market-clearing conditions) c. conomic and engineering problems that aren’t specifically derived from optimization problems (e.g., spatial price equilibria) d. roblems in which both primal and dual variables (prices) appear in the original formulation (e.g., The National Energy Modeling System (NEMS) or its precursor, PIES). As such, complementarity models are a very general and flexible modeling format. A natural question is why concentrate on energy markets for this complementarity approach? s it turns out, energy or other markets that have game theoretic aspects are best modeled by complementarity problems. The reason is that the traditional perfect competition approach no longer applies due to deregulation and restructuring of these markets and thus the corresponding optimization problems may no longer hold. Also, in some instances it is important in the original model formulation to involve both primal variables (e.g., production) as well as dual variables (e.g., market prices) for public and private sector energy planning. Traditional optimization problems can not directly handle this mixing of primal and dual variables but complementarity models can and this makes them all that more effective for decision-makers.
Book Synopsis Optimization in the Energy Industry by : Josef Kallrath
Download or read book Optimization in the Energy Industry written by Josef Kallrath and published by Springer Science & Business Media. This book was released on 2008-12-25 with total page 537 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a broad, in-depth overview that reflects the requirements, possibilities and limits of mathematical optimization and, especially, stochastic optimization in the energy industry.
Book Synopsis Robust Optimization in Electric Energy Systems by : Xu Andy Sun
Download or read book Robust Optimization in Electric Energy Systems written by Xu Andy Sun and published by Springer Nature. This book was released on 2021-11-08 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers robust optimization theory and applications in the electricity sector. The advantage of robust optimization with respect to other methodologies for decision making under uncertainty are first discussed. Then, the robust optimization theory is covered in a friendly and tutorial manner. Finally, a number of insightful short- and long-term applications pertaining to the electricity sector are considered. Specifically, the book includes: robust set characterization, robust optimization, adaptive robust optimization, hybrid robust-stochastic optimization, applications to short- and medium-term operations problems in the electricity sector, and applications to long-term investment problems in the electricity sector. Each chapter contains end-of-chapter problems, making it suitable for use as a text. The purpose of the book is to provide a self-contained overview of robust optimization techniques for decision making under uncertainty in the electricity sector. The targeted audience includes industrial and power engineering students and practitioners in energy fields. The young field of robust optimization is reaching maturity in many respects. It is also useful for practitioners, as it provides a number of electricity industry applications described up to working algorithms (in JuliaOpt).
Book Synopsis Global Energy Interconnection by : Zhenya Liu
Download or read book Global Energy Interconnection written by Zhenya Liu and published by Academic Press. This book was released on 2015-08-28 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global energy network is an important platform to guarantee effective exploitation of global clean energy and ensure reliable energy supply for everybody. Global Energy Interconnection analyzes the current situation and challenges of global energy development, provides the strategic thinking, overall objective, basic pattern, construction method and development mode for the development of global energy network. Based on the prediction of global energy and electricity supply and demand in the future, with the development of UHV AC/DC and smart grid technologies, this book offers new solutions to drive the safe, clean, highly efficient and sustainable development of global energy. The concept and development ideas concerning global energy interconnection in this book are based on the author's thinking of strategic issues about China's and the world's energy and electricity development for many years, especially combined with successful practices of China's UHV development. This book is particularly suitable for researchers and graduated students engaged in energy sector, as well as energy economics researchers, economists, consultants, and government energy policy makers in relevant fields. - Based on the author's many years' experience in developing Smart Grid solutions within national and international projects. - Combines both solid background information and cutting-edge technology progress, coupled with a useful and impressive list of references. - The key energy problems which are challenging us nowadays are well stated and explained in this book, which facilitates a better understanding of the development of global energy interconnection with UHV AC/DC and smart grid technologies.
Book Synopsis Power System Optimization Modeling in GAMS by : Alireza Soroudi
Download or read book Power System Optimization Modeling in GAMS written by Alireza Soroudi and published by Springer. This book was released on 2017-08-29 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique book describes how the General Algebraic Modeling System (GAMS) can be used to solve various power system operation and planning optimization problems. This book is the first of its kind to provide readers with a comprehensive reference that includes the solution codes for basic/advanced power system optimization problems in GAMS, a computationally efficient tool for analyzing optimization problems in power and energy systems. The book covers theoretical background as well as the application examples and test case studies. It is a suitable reference for dedicated and general audiences including power system professionals as well as researchers and developers from the energy sector and electrical power engineering community and will be helpful to undergraduate and graduate students.
Book Synopsis Applications of Modern Heuristic Optimization Methods in Power and Energy Systems by : Kwang Y. Lee
Download or read book Applications of Modern Heuristic Optimization Methods in Power and Energy Systems written by Kwang Y. Lee and published by John Wiley & Sons. This book was released on 2020-04-14 with total page 896 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews state-of-the-art technologies in modern heuristic optimization techniques and presents case studies showing how they have been applied in complex power and energy systems problems Written by a team of international experts, this book describes the use of metaheuristic applications in the analysis and design of electric power systems. This includes a discussion of optimum energy and commitment of generation (nonrenewable & renewable) and load resources during day-to-day operations and control activities in regulated and competitive market structures, along with transmission and distribution systems. Applications of Modern Heuristic Optimization Methods in Power and Energy Systems begins with an introduction and overview of applications in power and energy systems before moving on to planning and operation, control, and distribution. Further chapters cover the integration of renewable energy and the smart grid and electricity markets. The book finishes with final conclusions drawn by the editors. Applications of Modern Heuristic Optimization Methods in Power and Energy Systems: Explains the application of differential evolution in electric power systems' active power multi-objective optimal dispatch Includes studies of optimization and stability in load frequency control in modern power systems Describes optimal compliance of reactive power requirements in near-shore wind power plants Features contributions from noted experts in the field Ideal for power and energy systems designers, planners, operators, and consultants, Applications of Modern Heuristic Optimization Methods in Power and Energy Systems will also benefit engineers, software developers, researchers, academics, and students.
Book Synopsis Local Electricity Markets by : Tiago Pinto
Download or read book Local Electricity Markets written by Tiago Pinto and published by Academic Press. This book was released on 2021-07-03 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. - Delineates key components shaping the design and implementation of local electricity market structure - Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion - Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors - Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities - Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation
Book Synopsis Optimization in Renewable Energy Systems by : Ozan Erdinc
Download or read book Optimization in Renewable Energy Systems written by Ozan Erdinc and published by Butterworth-Heinemann. This book was released on 2017-02-25 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimization in Renewable Energy Systems: Recent Perspectives covers all major areas where optimization techniques have been applied to reduce uncertainty or improve results in renewable energy systems (RES). Production of power with RES is highly variable and unpredictable, leading to the need for optimization-based planning and operation in order to maximize economies while sustaining performance. This self-contained book begins with an introduction to optimization, then covers a wide range of applications in both large and small scale operations, including optimum operation of electric power systems with large penetration of RES, power forecasting, transmission system planning, and DG sizing and siting for distribution and end-user premises. This book is an excellent choice for energy engineers, researchers, system operators, system regulators, and graduate students. - Provides chapters written by experts in the field - Goes beyond forecasting to apply optimization techniques to a wide variety of renewable energy system issues, from large scale to relatively small scale systems - Provides accompanying computer code for related chapters
Book Synopsis Competitive Electricity Markets by : Fereidoon Sioshansi
Download or read book Competitive Electricity Markets written by Fereidoon Sioshansi and published by Elsevier. This book was released on 2011-10-10 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 2 decades, policymakers and regulators agree that electricity market reform, liberalization and privatization remains partly art. Moreover, the international experience suggests that in nearly all cases, initial market reform leads to unintended consequences or introduces new risks, which must be addressed in subsequent “reform of the reforms. Competitive Electricity Markets describes the evolution of the market reform process including a number of challenging issues such as infrastructure investment, resource adequacy, capacity and demand participation, market power, distributed generation, renewable energy and global climate change. Sequel to Electricity Market Reform: An International Perspective in the same series published in 2006 Contributions from renowned scholars and practitioners on significant electricity market design and implementation issues Covers timely topics on the evolution of electricity market liberalization worldwide
Book Synopsis Electric Energy Systems by : Antonio Gomez-Exposito
Download or read book Electric Energy Systems written by Antonio Gomez-Exposito and published by CRC Press. This book was released on 2018-06-14 with total page 908 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electric Energy Systems, Second Edition provides an analysis of electric generation and transmission systems that addresses diverse regulatory issues. It includes fundamental background topics, such as load flow, short circuit analysis, and economic dispatch, as well as advanced topics, such as harmonic load flow, state estimation, voltage and frequency control, electromagnetic transients, etc. The new edition features updated material throughout the text and new sections throughout the chapters. It covers current issues in the industry, including renewable generation with associated control and scheduling problems, HVDC transmission, and use of synchrophasors (PMUs). The text explores more sophisticated protections and the new roles of demand, side management, etc. Written by internationally recognized specialists, the text contains a wide range of worked out examples along with numerous exercises and solutions to enhance understanding of the material. Features Integrates technical and economic analyses of electric energy systems. Covers HVDC transmission. Addresses renewable generation and the associated control and scheduling problems. Analyzes electricity markets, electromagnetic transients, and harmonic load flow. Features new sections and updated material throughout the text. Includes examples and solved problems.
Book Synopsis The Next Generation of Electric Power Unit Commitment Models by : Benjamin F. Hobbs
Download or read book The Next Generation of Electric Power Unit Commitment Models written by Benjamin F. Hobbs and published by Springer Science & Business Media. This book was released on 2006-04-11 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the years, the electric power industry has been using optimization methods to help them solve the unit commitment problem. The result has been savings of tens and perhaps hundreds of millions of dollars in fuel costs. Things are changing, however. Optimization technology is improving, and the industry is undergoing radical restructuring. Consequently, the role of commitment models is changing, and the value of the improved solutions that better algorithms might yield is increasing. The dual purpose of this book is to explore the technology and needs of the next generation of computer models for aiding unit commitment decisions. Because of the unit commitment problem's size and complexity and because of the large economic benefits that could result from its improved solution, considerable attention has been devoted to algorithm development in the book. More systematic procedures based on a variety of widely researched algorithms have been proposed and tested. These techniques have included dynamic programming, branch-and-bound mixed integer programming (MIP), linear and network programming approaches, and Benders decomposition methods, among others. Recently, metaheuristic methods have been tested, such as genetic programming and simulated annealing, along with expert systems and neural networks. Because electric markets are changing rapidly, how UC models are solved and what purposes they serve need reconsideration. Hence, the book brings together people who understand the problem and people who know what improvements in algorithms are really possible. The two-fold result in The Next Generation of Electric Power Unit Commitment Models is an assessment of industry needs and new formulations and computational approaches that promise to make unit commitment models more responsive to those needs.
Book Synopsis Optimisation Models and Methods in Energy Systems by : Carlos Henggeler Antunes
Download or read book Optimisation Models and Methods in Energy Systems written by Carlos Henggeler Antunes and published by MDPI. This book was released on 2019-08-06 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue Optimisation Models and Methods in Energy Systems that was published in Energies
Book Synopsis Analytics and Optimization for Renewable Energy Integration by : Ning Zhang
Download or read book Analytics and Optimization for Renewable Energy Integration written by Ning Zhang and published by CRC Press. This book was released on 2019-02-21 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scope of this book covers the modeling and forecast of renewable energy and operation and planning of power system with renewable energy integration.The first part presents mathematical theories of stochastic mathematics; the second presents modeling and analytic techniques for renewable energy generation; the third provides solutions on how to handle the uncertainty of renewable energy in power system operation. It includes advanced stochastic unit commitment models to acquire the optimal generation schedule under uncertainty, efficient algorithms to calculate the probabilistic power, and an efficient operation strategy for renewable power plants participating in electricity markets.
