Fundamentals of Power System Economics

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9780470020586: Fundamentals of Power System Economics

Interest in power systems economics is gaining momentum with the recent power supply shortages in America and the rising cost of fossil fuels. The involvement of independent power generators, brokers and distributors has changed the way in which power systems operate. Kirschen and Strbac use a combination of traditional engineering techniques and fundamental economics to address the long-term problems of power system development in a competitive environment. Power system engineers, operators, planners and policy makers working in the deregulated environment will value this practical guide, also of great interest to postgraduate and advanced undergraduate students in electrical and power engineering.

  • Outlines the principles of competitive electricity markets alongside the operation and development of the supporting transmission and distribution networks
  • Applies basic economic principles to power system operating and planning
  • Written by recognised experts in the field

For further information and to register for the solutions manual visit: http://www.wiley.com/go/powersystemeconomics

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From the Back Cover:

The introduction of competition into the electricity supply industry has fundamentally changed the way it works. In light of these changes this book provides a clear and comprehensive explanation of the basic principles underpinning the design and operation of modern competitive electricity markets.

Assuming no prior knowledge of economics, Fundamentals of Power System Economics discusses the organization of markets for electrical energy as well as the operational and investment decisions that companies participating in these markets must make.

Features include:

  • An introduction to the relevant microeconomics concepts and the theory of the firm.
  • An introduction to the organisation and operation of electricity markets.
  • A clear explanation of the concepts of system security and of the markets for ancillary services.
  • A lucid treatment of the effect of network congestion on electricity markets, including a detailed discussion of locational marginal pricing.
  • A tutorial treatment of the issues surrounding investment in generation and transmission.
  • Numerous illustrative examples.
This is a book written by engineers, primarily for engineers, and has been designed in a textbook style with a problem and answer section at the end of each chapter to aid learning. The accessible tutorial style makes this book essential reading for both postgraduate and undergraduate students, professors and practicing engineers alike.

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