Interest in power systems economics is gaining momentum with the recent power supply shortages in America and the rising cost of fossil fuels. The involvement of independent power generators, brokers and distributors has changed the way in which power systems operate. Kirschen and Strbac use a combination of traditional engineering techniques and fundamental economics to address the long-term problems of power system development in a competitive environment. Power system engineers, operators, planners and policy makers working in the deregulated environment will value this practical guide, also of great interest to postgraduate and advanced undergraduate students in electrical and power engineering. 
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<li>Outlines the principles of competitive electricity markets alongside the operation and development of the supporting transmission and distribution networks</li> <li>Applies basic economic principles to power system operating and planning</li> <li>Written by recognised experts in the field</li> </ul>
For further information and to register for the solutions manual visit: http://www.wiley.com/go/powersystemeconomics

Fundamentals of Power System Economics

Business & Money

Kirschen, Daniel S.

Strbac, Goran

Economics

Wiley

A new edition of the classic text explaining the fundamentals of competitive electricity markets―now updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sources The introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants' strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investments―discussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. <ul>
<li>Retains the highly praised first edition's focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planning</li> <li>Includes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sources</li> <li>Addresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storage</li> <li>Discusses the effects of the increased uncertainty on system operation</li> <li>Broadens its coverage of transmission investment and generation investment</li> <li>Supports self-study with end-of-chapter problems and instructors with solutions manual via companion website</li> </ul>
Fundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.

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Fundamentals of Power System Economics

Fundamentals of Power System Economics