Transcription of Power System Economics - Stoft
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Power System Economics - Stoft
Power System Economics Designing Markets for Electricity Steven Stoft IEEE Press & WILEY-INTERSCIENCE A JOHN WILEY & SONS, INC., PUBLICATION Copyright 2002 by The Institute of Electrical and Electronics Engineers, Inc. ISBN 0-471-15040-1 Contents in BriefList of Results and FallaciesxivPrefacexviiiAcronyms and AbbreviationsxxSymbolsxxiiPart 1. Power Market FundamentalsPrologue2 Why Deregulate?6 What to Deregulate17 Pricing Power , Energy, and Capacity30 Power Supply and Demand40 What Is Competition?49 Marginal Cost in a Power Market60 Market Structure74 Market Architecture82 Designing and Testing Market Rules93 Part 2. Reliability, Price Spikes and InvestmentReliability and Investment Policy108 Price Spikes Recover Fixed Costs120 Reliability and Generation133 Limiting the Price Spikes140 Value-of-Lost-Load Pricing154 Operating-Reserve Pricing165 Market Dynamics and the Profit Function174 Requirements for Installed Capacity180 Inter- System Competition for Reliability188 Unsolved Problems194 Part 3.
Contents in Brief List of Results and Fallacies xiv Preface xviii Acronyms and Abbreviations xx Symbols xxii Part 1. Power Market Fundamentals Prologue 2
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