In the current context, electricity is the driving force behind our society, and its efficient management has become a global priority. The The course ‘Economic Operation of Generation Systems: Electricity Markets’ provides you with an in-depth understanding of electrical power systems, from its introduction through to medium-term generation planning. With the growing demand for skilled professionals in the energy sector, acquiring skills in economic dispatch, microeconomics and wholesale electricity markets will put you in a strategic position within a booming job market. Furthermore, the course addresses critical issues such as investment in generation and security of supply, which are essential for safeguarding the future of energy. This online course offers you the flexibility to learn from anywhere, enabling you to specialise in a field that is not only relevant today, but also crucial to the sustainable development of tomorrow.
Economic Operation of Generation Systems. Electricity Markets
Energy
65 hours
Introduction
Objectives
- To understand the fundamentals of electrical power systems and their economic significance.
- Analyse and apply cost-effective dispatch methods in electricity generation systems.
- To evaluate unit commitment strategies to optimise the operation of power stations.
- To develop skills in medium-term forecasting and investment planning.
- Identify the principles of microeconomics as they apply to electricity markets.
- To analyse the functioning of wholesale electricity markets and their economic impact.
- To propose investment strategies for power generation and ensure an efficient electricity supply.
Table of Contents
TEACHING UNIT 1. INTRODUCTION TO ELECTRICAL POWER SYSTEMS
Introduction
Historical development
Components of an electrical power system
Planning and operations
Environmental impact
Future prospects and new developments
Summary and conclusions
Bibliography
Appendix: Generation technologies
TEACHING UNIT 2. ECONOMIC OFFICE AND UNIT-COMMITMENT
Economic dispatch and unit commitment
Appendix
TEACHING UNIT 3. MEDIUM-TERM GENERATION PROGRAMMING AND INVESTMENT PLANNING
Generation planning functions
Medium-term planning of generation operations
Long-term planning for the expansion of generation capacity
Modelling hypotheses
Weather and demand modelling
Modelling of thermal power stations: technical and economic parameters
Modelling of hydroelectric and pumped-storage power stations: technical and economic parameters
Modelling of wind and solar power stations: technical and economic parameters
Modelling of imports or exports
Formulation of the generation operation planning model
Formulation of the generation expansion planning model
Conclusions
Appendix
TEACHING UNIT 4. FUNDAMENTALS OF MICROECONOMICS AND MARKETS
An Introduction to the Economics of the Electricity Sector
Electricity production costs
Fundamentals of Microeconomics
Perfect competition
Market structure, concentration and market power
Case study
Conclusions
Appendix
TEACHING UNIT 5. WHOLESALE ELECTRICITY MARKETS
Introduction
Aims of the module
The regulatory environment
Electricity activities: network activities and activities open to competition
Models of regulation in the electricity sector
The design of wholesale markets
Regional wholesale markets
References
Appendix: Alternative auction mechanisms for the clearing of electricity markets
TEACHING UNIT 6. INVESTMENT IN GENERATION AND THE ISSUE OF SECURITY OF SUPPLY
Rationale for the module
Nature of the problem and terminology
The problem of investment and the management of generation resources in a liberalised context
Mechanisms to ensure the reliability and/or adequacy of supply: basic criteria
Regulator options
References
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