Daniel Sadi Kirschen
E E 553
Economic structure of power systems. Problem formulation, optimization methods and programming for economic analysis of power system operation and planning. Economic dispatch, load forecasting, unit commitment, interchange, planning and reliability analysis. Provides background to pursue advanced work in planning and operation. Prerequisite: graduate standing or permission of instructor.
This course will cover some fundamental problems in the economics of power system operation. It will also discuss the design of competitive electricity markets and issues related to investments in generation and transmission facilities.
Student learning goals
• Define and discuss the major problems in power system economics • Formulate these problems as optimization problems • Solve simple power system optimization problems by hand • Use optimization packages to solve more complex problems • Describe the various types of electricity markets and discuss their purpose • Discuss what differentiates electricity markets from markets for other commodities • Discuss bidding strategies in electricity markets with perfect and imperfect competition • Explain how locational marginal prices are calculated and calculate such prices in a small system • Discuss the role of ancillary services • Discuss the factors that affect investments in generation and transmission
General method of instruction
Lectures, homeworks, readings from textbooks and scientific papers, computer-based project.
The students should have taken some courses in power systems at the undergraduate level.
Class assignments and grading
Regular assignments will take the form of problems, some of which can be done by hand calculations while others may require some form of computing.
There will also be a larger computer-based project on optimization as applied to power system economics.