Northwest Workforce Training on Smart Grid > Graduate Courses > G10
Course Description
Goals
To introduce students to
- To introduce students to the optimization techniques used to solve the fundamental problems of power system economics
- To introduce students to the principles, structure, and operation of competitive electricity markets
Learning Objectives
At the end of this course, you will be able to
- 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
Textbook
- A. Wood and B. Wollenberg, Power Generation, Operation and Control, Second Edition, Wiley-Interscience, 1996
- D. Kirschen and G. Strbac, Fundamentals of Power System Economics, Wiley, 2004
Topics
- Introduction to power system economics
- Introduction to economic dispatch and optimization
- Optimization techniques
- Application to economic dispatch
- Unit commitment
- Introduction to mixed integer programming
- Optimal power flow
- Basic concepts from economics
- Markets for electrical energy
- Participating in electricity markets
- System security and ancillary services
- Transmission networks and electricity markets
Course Structure
- The course is divided into modules
- You will also be assigned several homework problems related to each module
- After finishing all the modules, you can do the final exam
Computer Resources
Lecture material and homework are posted on the class web page
