Trending Bestseller

Economics of Grid-Supported Electric Power Markets

A Fundamental Reconsideration

Leigh Tesfatsion

No reviews yet Write a Review
Paperback / softback
18 November 2024
$142.00
In Stock: Ships in 7-9 Days
Hurry up! Current stock:

Centrally-managed U.S. wholesale power markets operating over high-voltage AC transmission grids are transitioning from heavy reliance on fossil-fuel based power to greater reliance on renewable power with increasingly diverse suppliers and customers. This monograph highlights four conceptually-problematic economic presumptions reflected in the legacy core design of these markets that are hindering this transition. The key problematic presumption is the static conceptualization of the basic product as grid-delivered energy (MWh) transacted in short-run (day-ahead and intra-day) markets at competitively determined unit prices ($/MWh), conditional on delivery location and time. This study argues, to the contrary, that the basic product in need of efficient reliable transaction in these markets is reserve (physically covered insurance) for protection against power imbalance (volumetric grid risk).

This reserve is the guaranteed availability of dispatchable nodal power-production capabilities for possible central dispatch during designated future operating periods at designated grid delivery locations to satisfy just-in-time customer power demands and grid reliability requirements. For illustration, a recently proposed Linked Swing-Contract Market Design is briefly reviewed. The latter design permits dispatchable power resources to offer diverse types of reserve into a centrally-managed collection of linked forward bid/offer-based reserve markets via two-part pricing insurance contracts taking a flexible swing form. The swing in these contracts permits efficient planning for real-time reliability, and the two-part pricing form of these contracts permits cleared suppliers to assure their revenue sufficiency. A principled cost allocation rule supports the independence of the fiducial central manager by assuring break-even revenue adequacy for system operations as a whole.

This product hasn't received any reviews yet. Be the first to review this product!

$142.00
In Stock: Ships in 7-9 Days
Hurry up! Current stock:

Economics of Grid-Supported Electric Power Markets

$142.00

Description

Centrally-managed U.S. wholesale power markets operating over high-voltage AC transmission grids are transitioning from heavy reliance on fossil-fuel based power to greater reliance on renewable power with increasingly diverse suppliers and customers. This monograph highlights four conceptually-problematic economic presumptions reflected in the legacy core design of these markets that are hindering this transition. The key problematic presumption is the static conceptualization of the basic product as grid-delivered energy (MWh) transacted in short-run (day-ahead and intra-day) markets at competitively determined unit prices ($/MWh), conditional on delivery location and time. This study argues, to the contrary, that the basic product in need of efficient reliable transaction in these markets is reserve (physically covered insurance) for protection against power imbalance (volumetric grid risk).

This reserve is the guaranteed availability of dispatchable nodal power-production capabilities for possible central dispatch during designated future operating periods at designated grid delivery locations to satisfy just-in-time customer power demands and grid reliability requirements. For illustration, a recently proposed Linked Swing-Contract Market Design is briefly reviewed. The latter design permits dispatchable power resources to offer diverse types of reserve into a centrally-managed collection of linked forward bid/offer-based reserve markets via two-part pricing insurance contracts taking a flexible swing form. The swing in these contracts permits efficient planning for real-time reliability, and the two-part pricing form of these contracts permits cleared suppliers to assure their revenue sufficiency. A principled cost allocation rule supports the independence of the fiducial central manager by assuring break-even revenue adequacy for system operations as a whole.

Customers Also Viewed

Discover Books for Every Interest at BookLoop

Discover your next great read at BookLoop, Australia's trusted online bookstore offering a vast selection of titles across various genres and interests. Whether you're curious about what's trending or searching for graphic novels that captivate, thrilling crime and mystery fiction, or exhilarating action and adventure stories, our curated collections have something for every reader. Delve into imaginative fantasy worlds or explore the realms of science fiction that challenge the boundaries of reality.

Books on Hobbies, Crafts, Gardening, and More

For those with a green thumb, our comprehensive range of gardening books provides insights and tips for all levels of enthusiasts. If you're aiming to enhance your financial acumen, our selection of finance, business, and management books offers valuable knowledge from industry experts. Craft lovers will appreciate our assortment of handicrafts, decorative arts, and crafts books, perfect for inspiring your next project. Engage your mind with our collection of hobbies, quizzes, and games books, or explore the mystical with our fortune-telling and divination guides.

Transport, Contemporary Fiction, and Picture Books for Kids

Transportation aficionados can immerse themselves in our extensive transportation books, including detailed works on road and motor vehicles. Young readers are not left out, with a delightful array of picture books and early learning concepts designed to educate and entertain. Fans of contemporary narratives will find compelling stories in our contemporary fiction section. Embark on epic journeys with our fantasy and science fiction titles, or gain inspiration from real-life tales in our biographies and true stories collection. Health-conscious readers can explore our health and wholefood cooking books, focusing on specific diets and conditions.

School Books, Teacher Resources, and Academic Textbooks

Textbooks for Primary, Secondary, and Higher Education

BookLoop proudly supports the educational needs of students and schools across Australia. Our textbook collection includes school books and teacher resources for every phase from primary school books, secondary school books, and essential titles for TAFE courses, vocational training, and university study. Each book is selected to align with curriculum outcomes and classroom needs, making it easy for schools and teachers to plan ahead.

Teacher Resources and Classroom Support Materials

From structured lesson planning to engaging student activities, our wide range of school books and teacher resources provides essential tools for educators. You’ll also find dedicated school and preschool teacher materials designed for early years education, classroom support, and intervention. Teachers can access a reliable selection of workbooks, literacy and numeracy programs, assessment tools, and professional development guides all in one place.

Books for Early Learning Centres and Childcare Professionals

Support the earliest stages of education with our curated range of early childhood care and education books. These titles are ideal for early learning centres, preschools, and childcare settings, offering age-appropriate resources that build foundational skills in literacy, numeracy, and emotional development. Families and educators alike trust our resources for quality, clarity, and classroom effectiveness.

Bulk Book Orders for Schools and Educational Institutions

We make bulk school book orders simple and efficient. Schools, libraries, and early learning centres can rely on BookLoop for competitive pricing, fast shipping, and expert support when sourcing large quantities of textbooks and educational materials. Whether you’re restocking for a new term or ordering resources for an entire class, our bulk ordering system ensures convenience and accuracy every step of the way.

Stay Up to Date with Book Trends

Explore our new releases for the most recent additions in romance books, fantasy books, graphic novels, crime and mystery books, science fiction books as well as biographies, cookbooks, self help books, tarot cards, fortunetelling and much more. With titles covering current trends, booktok and bookstagram recommendations, and emerging authors, BookLoop remains your go-to local australian bookstore for buying books online across all book genres.

Explore the Latest and Most Loved Books

Stay updated with the literary world by browsing our trending books, featuring the latest bestsellers and critically acclaimed works. Explore titles from popular brands like Minecraft, Pokemon, Star Wars, Bluey, Lonely Planet, ABIA award winners, Peppa Pig, and our specialised collection of ADHD books. At BookLoop, we are committed to providing a diverse and enriching reading experience for all.