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A confluence of industry drivers including increased deployment of renewable generation, cost for managing grid peak demands, and capital investments in grid infrastructure for reliability and smart grid initiatives are creating a new interest in electric energy storage systems. This paper will review the role and value of energy storage systems to the electric grid. It will present findings from...
Climate change and security of supply have made it imperative for Europe to look at renewable sources of energy. Among the available sources, wind has emerged as the preferred option and this is evident from the fact that in 2008, wind formed the highest proportion of total capacity addition in Europe. Improvement in turbine efficiency, which in turn reduced the per unit generation cost of wind turbine...
The ISO market design has evolved over time using traditions development, economic theory, power system operations heuristics and operational experience. Early market design made simplifying assumptions and approximations often due to the inability to solve the more detailed design. Complicating features in market design such as reactive power, unit commitment, switching of transmission assets, renewable...
This paper describes the objectives of the Working Group (WG) on Test Systems for Economic Analysis of Power Systems, and presents the current activities of the WG as well as the future plan.
The UK Government plans that offshore wind power should play a major part in meeting the UK's renewable energy and carbon emission targets by 2020. The pioneer UK Round 1 offshore wind farm projects, based on sites let in 2001, were supported by the UK Department of Trade and Industry's “Offshore Wind Capital Grants Scheme”. This paper reviews the economic and operational performances of those farms...
Within the context of recent interest in `Smart Grids', this paper considers the possibility that domestic consumers could participate in demand side management. Price is one of the main concerns for domestic consumers, and hence Real Time Pricing (RTP) can have an influence on consumers with dispatchable generation such as micro combine heat and power (micro-CHP). These systems can reduce the annual...
This paper describes an alternative method for grid expansion planning considering construction cost, probabilistic production cost, congestion cost and outage cost of a grid at a composite power system derived from a simulation model. In this paper, a heuristic scenario method is proposed to choose the least cost solution (scenario) among various scenarios considering candidate new lines. The characteristics...
Summary form only given. Power system planning and operation is designed to ensure sufficient reserve margins and the ability to adequately withstand sudden events or contingencies such as outages of transmission lines, transformers and generators. Approaches to address the planning aspects have been discussed under the topic of Resource Adequacy and continue to evolve. Approaches to address operational...
Demand Response (DR) provides mechanisms and incentives for utilities, business and residential customers to reduce energy use (and costs) during time of peak demand or when system reliability is at risk. DR is considered by CPUC, DOE and FERC as one of high-priority Smart-Grid Functionalities. FERC has developed a national action plan on demand response, recognizing that a more extensive use of demand...
Since 2004 changes in the regulatory framework of the Chilean public and electricity sectors have been taken place (19940 law in March 2004). Transparency rules must be following by the market agents in pricing procedures of the electricity market. Consequently, technical, economical, and reliability data of the Chilean power system are available for simulation and optimization purposes. The Chilean...
Capacity markets have been launched at several ISOs in the US. Many questions arise: Is a capacity market for missing money or reliability? What is a capacity product? How to price the capacity product? These questions are nontrivial and have been discussed in the literature mostly from the economics perspective. This paper attempts to address them from both economics and engineering perspectives...
A smart grid is capable of integrating a broad array of generation resources and enables the participation of demand side resources in reliable system operation. To cost effectively realize this flexibility, the associated devices and systems need to connect and interact simply and reliably. Interoperability is the important ingredient to make this happen. Because the electric system transcends organizational...
Since the hourly spot market price is available one day ahead, the price could be transferred to the consumers and they may have some motivations to install an energy storage system in order to save their energy costs. This paper presents an optimal operation strategy for a battery energy storage system (BESS) in relation to the real-time electricity price in order to achieve the maximum profits of...
Negotiation of secure bilateral transactions has become an important issue for better operation, planning and management of competitive electricity markets. In this paper, secure bilateral transactions have been determined with minimum deviations in economic generation schedule and real power losses for hybrid electricity markets. The generation pattern and real and reactive power loss has been obtained...
Electricity supply industry worldwide has been identified as a major source of greenhouse gas emissions. Consequently, many countries have started to implement emission trading schemes (ETS). Separate and evolving public policy debates are shaping Electricity Market, Carbon Market, and Renewable Market without attention to how each market affects the others, yet the markets have overlapping goals...
Smart grid technologies in combination with the methodological foundation laid by the economic theory of Priority Service, enable the conversion of electric service reliability from a public good to a private good. Such a transformation is achieved by offering electricity service as a product line differentiated according to service reliability from which customers can self-select the level of reliability...
This paper proposes a novel technique to forecast day-ahead electricity prices based on Panel Cointegration (PC). The current researches on the electricity price forecasting focus on the analysis of unstable economic time series. However, due to the difference of the allocation of power resource and consumption in different regions, the time series of electricity consumption and sales price in a single...
The EPAct 2005 expresses the Federal Government's commitment to provide supporting infrastructures for electricity demand response to all classes of customers. Most end-use residential consumers are not able to participate in such program under current price structure. They are billed monthly with a static constant rate regardless of fluctuating true costs of electricity in real-time. With the increased...
This paper presents two small test systems for power system economic studies. The first system is based on the original PJM 5-bus system, which contains data related to real power only, because it demonstrates results based on the linearized DC optimal power flow (OPF) model. This paper suggests some modification to the original data, as well as new parameters related to reactive power such that AC-model-based...
Microgrids are defined as an area of network that is capable of operating autonomously from the rest of the electricity system. They achieve this by containing enough energy resources to meet all incorporated electrical (and thermal) loads, and by coordinating control in order to meet the participants' aims, and afford adequate quality/reliability of power and heat supply. From an economic point-of-view,...
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