mathematical modelling of contemporary electricity markets

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Mathematical Modelling of Contemporary Electricity Markets
Author : Athanasios Dagoumas
Publisher : Academic Press
Release Date : 2020-12-01
ISBN 10 : 0128218398
Pages : 256 pages

Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in all their diversity and complexity, for practitioner and academic audiences. These approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models, and energy system models. The work examines how new challenges affect power market modelling, including discussion of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments such as market coupling processes and security of supply. Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. Provide a diverse body of established techniques suitable for modelling any major aspect of electricity markets Familiarizes energy experts with quantitative skills needed in competitive electricity markets Reviews market risk for energy investment decisions, by stressing the multi-dimensionality of electricity markets

The Economics of Electricity Markets
Author : Darryl R. Biggar,Mohammad Reza Hesamzadeh
Publisher : John Wiley & Sons
Release Date : 2014-07-10
ISBN 10 : 1118775724
Pages : 432 pages

Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes

Modern Music-Inspired Optimization Algorithms for Electric Power Systems
Author : Mohammad Kiani-Moghaddam,Mojtaba Shivaie,Philip D. Weinsier
Publisher : Springer
Release Date : 2019-05-21
ISBN 10 : 3030120449
Pages : 727 pages

In today’s world, with an increase in the breadth and scope of real-world engineering optimization problems as well as with the advent of big data, improving the performance and efficiency of algorithms for solving such problems has become an indispensable need for specialists and researchers. In contrast to conventional books in the field that employ traditional single-stage computational, single-dimensional, and single-homogeneous optimization algorithms, this book addresses multiple newfound architectures for meta-heuristic music-inspired optimization algorithms. These proposed algorithms, with multi-stage computational, multi-dimensional, and multi-inhomogeneous structures, bring about a new direction in the architecture of meta-heuristic algorithms for solving complicated, real-world, large-scale, non-convex, non-smooth engineering optimization problems having a non-linear, mixed-integer nature with big data. The architectures of these new algorithms may also be appropriate for finding an optimal solution or a Pareto-optimal solution set with higher accuracy and speed in comparison to other optimization algorithms, when feasible regions of the solution space and/or dimensions of the optimization problem increase. This book, unlike conventional books on power systems problems that only consider simple and impractical models, deals with complicated, techno-economic, real-world, large-scale models of power systems operation and planning. Innovative applicable ideas in these models make this book a precious resource for specialists and researchers with a background in power systems operation and planning. Provides an understanding of the optimization problems and algorithms, particularly meta-heuristic optimization algorithms, found in fields such as engineering, economics, management, and operations research; Enhances existing architectures and develops innovative architectures for meta-heuristic music-inspired optimization algorithms in order to deal with complicated, real-world, large-scale, non-convex, non-smooth engineering optimization problems having a non-linear, mixed-integer nature with big data; Addresses innovative multi-level, techno-economic, real-world, large-scale, computational-logical frameworks for power systems operation and planning, and illustrates practical training on implementation of the frameworks using the meta-heuristic music-inspired optimization algorithms.

Trends in Teaching and Learning of Mathematical Modelling
Author : Gabriele Kaiser,Werner Blum,Rita Borromeo Ferri,Gloria Stillman
Publisher : Springer Science & Business Media
Release Date : 2011-06-23
ISBN 10 : 9789400709102
Pages : 734 pages

This book contains suggestions for and reflections on the teaching, learning and assessing of mathematical modelling and applications in a rapidly changing world, including teaching and learning environments. It addresses all levels of education from universities and technical colleges to secondary and primary schools. Sponsored by the International Community of Teachers of Mathematical Modelling and Applications (ICTMA), it reflects recent ideas and methods contributed by specialists from 30 countries in Africa, the Americas, Asia, Australia and Europe. Inspired by contributions to the Fourteenth Conference on the Teaching of Mathematical Modelling and Applications (ICTMA14) in Hamburg, 2009, the book describes the latest trends in the teaching and learning of mathematical modelling at school and university including teacher education. The broad and versatile range of topics will stress the international state-of-the-art on the following issues: Theoretical reflections on the teaching and learning of modelling Modelling competencies Cognitive perspectives on modelling Modelling examples for all educational levels Practice of modelling in school and at university level Practices in Engineering and Applications

Modelling Prices in Competitive Electricity Markets
Author : Derek W Bunn,Derek W. Bunn
Publisher : John Wiley & Sons Incorporated
Release Date : 2004-04-02
ISBN 10 :
Pages : 337 pages

Electricity markets are structurally different to other commodities, and the real-time dynamic balancing of the electricity network involves many external factors. Because of this, it is not a simple matter to transfer conventional models of financial time series analysis to wholesale electricity prices. The rationale for this compilation of chapters from international authors is, therefore, to provide econometric analysis of wholesale power markets around the world, to give greater understanding of their particular characteristics, and to assess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the book an invaluable guide to the most important state-of-the-art modelling techniques which are converging to define the special approaches necessary for unravelling and forecasting the behaviour of electricity prices. It is a high-quality synthesis of the work of financial engineering, industrial economics and power systems analysis, as they relate to the behaviour of competitive electricity markets.

Social Impacts of Smart Grids
Author : Wadim Strielkowski
Publisher : Elsevier
Release Date : 2019-10-22
ISBN 10 : 0128177705
Pages : 342 pages

Social Impacts of Smart Grids: The Future of Smart Grids and Energy Market Design explores the significant, unexplored societal consequences of our meteoric evolution towards intelligent, responsive and sustainable power generation and distribution systems-the so-called 'smart grid'. These consequences include new patterns of consumption behavior, systems planning under increasing uncertainty, and the ever- growing complexities involved. The work covers the historical impact of the transformation, examines the changing role of production and consumption behavior, articulates the principles and options for socially responsible smart grid power market design, and explores social acceptance of the smart grid. Where relevant, it examines adjacent literatures from P2P electricity markets, electric vehicles, smart homes and smart cities, and related 'internet of energy' developments. Finally, it provides insights into mitigating the likely social consequences of our integrated low-carbon energy future. Evaluates the connections between the concept of sustainability and the social impacts of the smart grids Analyzes emerging trends in smart grids connected with trends towards the sharing economy Investigates environmental degradation awareness and environmental stewardship goals associated with smart grids Explores how to mitigate social challenges with effective smart grid power market design Integrates energy stewardship and social acceptance literatures into the discussion of the smart grid

Decision Making Applications in Modern Power Systems
Author : Shady H.E. Abdel Aleem,Almoataz Youssef Abdelaziz,Ahmed F. Zobaa,Ramesh Bansal
Publisher : Academic Press
Release Date : 2019-09-21
ISBN 10 : 0128166266
Pages : 576 pages

Decision Making Applications in Modern Power Systems presents an enhanced decision-making framework for power systems. Designed as an introduction to enhanced electricity system analysis using decision-making tools, it provides an overview of the different elements, levels and actors involved within an integrated framework for decision-making in the power sector. In addition, it presents a state-of-play on current energy systems, strategies, alternatives, viewpoints and priorities in support of decision-making in the electric power sector, including discussions of energy storage and smart grids. As a practical training guide on theoretical developments and the application of advanced methods for practical electrical energy engineering problems, this reference is ideal for use in establishing medium-term and long-term strategic plans for the electric power and energy sectors. Provides panoramic coverage of state-of-the-art energy systems, strategies and priorities in support of electrical power decision-making Introduces innovative research outcomes, programs, algorithms and approaches to address challenges in understanding, creating and managing complex techno-socio-economic engineering systems Includes practical training on theoretical developments and the application of advanced methods for realistic electrical energy engineering problems

Optimum Investment Strategy in the Power Industry
Author : Ryszard Bartnik,Berenika Bartnik,Anna Hnydiuk-Stefan
Publisher : Springer
Release Date : 2016-04-07
ISBN 10 : 3319318721
Pages : 68 pages

This book presents an innovative methodology for identifying optimum investment strategies in the power industry. To do so, it examines results including, among others, the impact of oxy-fuel technology on CO2 emissions prices, and the specific cost of electricity production. The technical and economic analysis presented here extend the available knowledge in the field of investment optimization in energy engineering, while also enabling investors to make decisions involving its application. Individual chapters explore the potential impacts of different factors like environmental charges on costs connected with investments in the power sector, as well as discussing the available technologies for heat and power generation. The book offers a valuable resource for researchers, market analysts, decision makers, power engineers and students alike.

Modern Heuristic Optimization Techniques
Author : Kwang Y. Lee,Mohamed A. El-Sharkawi
Publisher : John Wiley & Sons
Release Date : 2008-01-28
ISBN 10 : 9780470225851
Pages : 750 pages

This book explores how developing solutions with heuristic tools offers two major advantages: shortened development time and more robust systems. It begins with an overview of modern heuristic techniques and goes on to cover specific applications of heuristic approaches to power system problems, such as security assessment, optimal power flow, power system scheduling and operational planning, power generation expansion planning, reactive power planning, transmission and distribution planning, network reconfiguration, power system control, and hybrid systems of heuristic methods.

Mathematical Modelling of Zombies
Author : Robert Smith?
Publisher : University of Ottawa Press
Release Date : 2014-10-14
ISBN 10 : 0776621688
Pages : 468 pages

You’re outnumbered, in fear for your life, surrounded by flesheating zombies. What can save you now? Mathematics, of course. Mathematical Modelling of Zombies engages the imagination to illustrate the power of mathematical modelling. Using zombies as a “hook,” you’ll learn how mathematics can predict the unpredictable. In order to be prepared for the apocalypse, you’ll need mathematical models, differential equations, statistical estimations, discretetime models, and adaptive strategies for zombie attacks—as well as baseball bats and Dire Straits records (latter two items not included). In Mathematical Modelling of Zombies, Robert Smith? brings together a highly skilled team of contributors to fend off a zombie uprising. You’ll also learn how modelling can advise government policy, how theoretical results can be communicated to a nonmathematical audience and how models can be formulated with only limited information. A forward by Andrew Cartmel—former script editor of Doctor Who, author, zombie fan and all-round famous person in science-fiction circles—even provides a genealogy of the undead. By understanding how to combat zombies, readers will be introduced to a wide variety of modelling techniques that are applicable to other real-world issues (biology, epidemiology, medicine, public health, etc.). So if the zombies turn up, reach for this book. The future of the human race may depend on it.

Mathematical Modelling in Animal Nutrition
Author : J. France,E. Kebreab
Publisher : CABI
Release Date : 2008
ISBN 10 : 1845933540
Pages : 574 pages

The primary purpose of each of the subsequent chapters of this book is to promulgate quantitative approaches concerned with elucidating mechanisms in a particular area of the nutrition of ruminants, pigs, poultry, fish or pets. Given the diverse scientific backgrounds of the contributors of each chapter (the chapters in the book are arranged according to subject area), the imposition of a rigid format for presenting mathematical material has been eschewed, though basic mathematical conventions are adhered to.

Modern Energy Markets
Author : Maria Kopsakangas-Savolainen,Rauli Svento
Publisher : Springer Science & Business Media
Release Date : 2012-04-02
ISBN 10 : 1447129717
Pages : 140 pages

Energy has moved to the forefront in terms of societal and economic development. Modern Energy Markets is a comprehensive, economically oriented, exploration of modern electricity networks from production and distribution to deregulation and liberalization processes. Updating previous work by the authors, different aspects are considered resulting in a complete and detailed picture of the systems and characteristics of modern electricity markets. Modern Energy Markets provides clear detail whilst encompassing a broad scope of topics and includes: •A method to model energy production systems including the main characteristics of future demand side management, •Different applications of this model in nuclear and renewable energy scenarios, •An analysis of Real-Time Pricing of electricity and its potential effects across the market, and, •A discussion of the need for regulation in an easily monopolized industry. Engineering and Economics students alike will find that Modern Energy Markets is a succinct and informative resource, as will researchers interested in environmental and energy issues. The inclusion of timely and relevant issues related to economic decision will also be of value to industry and civil officials.

21st Century Economics: A Reference Handbook
Author : Rhona C. Free
Publisher : SAGE
Release Date : 2010-05-14
ISBN 10 : 1412961424
Pages : 1000 pages

Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Americans are debating the proper role of the government in company bailouts, the effectiveness of tax cuts versus increased government spending to stimulate the economy, and potential effects of deflation. Economists have dealt with such questions for generations, but they have taken on new meaning and significance. Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is intended to meet the needs of several types of readers. Undergraduate students preparing for exams will find summaries of theory and models in key areas of micro and macroeconomics. Readers interested in learning about economic analysis of an issue as well students embarking on research projects will find introductions to relevant theory and empirical evidence. And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from chapters that introduce cutting-edge topics. To make the book accessible to undergraduate students, models have been presented only in graphical format (minimal calculus) and empirical evidence has been summarized in ways that do not require much background in statistics or econometrics. It is thereby hoped that chapters will provide both crucial information and inspiration in a non-threatening, highly readable format.

Porous and Complex Flow Structures in Modern Technologies
Author : Adrian Bejan,Ibrahim Dincer,Sylvie Lorente,Antonio Miguel,Heitor Reis
Publisher : Springer Science & Business Media
Release Date : 2004-04-29
ISBN 10 : 9780387202259
Pages : 396 pages

The main (and unique) point of this text is to discuss from a unified point of view the entire range of technologies in which porous media play an important role -- from geophysics (percolation of water and pollutants through the ground), to electronics (heat exchangers for integrated devices), from automotive engineering (catalytic converters) to biomedical engineering (natural and artificial lungs).

Application of Modern Heuristic Optimization Methods in Power and Energy Systems
Author : Kwang Y. Lee,Zita Vale
Publisher : John Wiley & Sons
Release Date : 2020-05-05
ISBN 10 : 1119602297
Pages : 864 pages

Reviews state-of-the-art technologies in modern heuristic optimization techniques and presents case studies showing how they have been applied in complex power and energy systems problems Written by a team of international experts, this book describes the use of metaheuristic applications in the analysis and design of electric power systems. This includes a discussion of optimum energy and commitment of generation (nonrenewable & renewable) and load resources during day-to-day operations and control activities in regulated and competitive market structures, along with transmission and distribution systems. Applications of Modern Heuristic Optimization Methods in Power and Energy Systems begins with an introduction and overview of applications in power and energy systems before moving on to planning and operation, control, and distribution. Further chapters cover the integration of renewable energy and the smart grid and electricity markets. The book finishes with final conclusions drawn by the editors. Applications of Modern Heuristic Optimization Methods in Power and Energy Systems: Explains the application of differential evolution in electric power systems' active power multi-objective optimal dispatch Includes studies of optimization and stability in load frequency control in modern power systems Describes optimal compliance of reactive power requirements in near-shore wind power plants Features contributions from noted experts in the field Ideal for power and energy systems designers, planners, operators, and consultants, Applications of Modern Heuristic Optimization Methods in Power and Energy Systems will also benefit engineers, software developers, researchers, academics, and students.

Energy Risk: Valuing and Managing Energy Derivatives
Author : Dragana Pilipovic
Publisher : McGraw Hill Professional
Release Date : 2007-08-13
ISBN 10 : 0071594477
Pages : 400 pages

The Latest Methods and Strategies for Successfully Trading and Managing Risk in Today's Volatile Energy Markets The updated Second Edition of Energy Risk presents an authoritative overview of the contemporary energy trading arena, combining the lesson's from the last decade with proven methods and strategies required for valuing energy derivatives and managing risk in these ever volatile markets. Written by renowned energy risk expert Dragana Pilipovic this revised classic examines market behavior, covering both quantitative analysis and trader-oriented insights. The book shows how to establish a modeling process that involves the key players_managers, traders, quantitative analysts, and engineers_and provides practical answers to energy trading and risk management questions. The Second Edition of Energy Risk features: Detailed coverage of the primary factors that influence energy risk Techniques for building marked-to-market forward price curves, creating volatility matrices, and valuing complex options Specific guidelines and tools for achieving risk goals New to this edition: three new chapters on the emerging energy market and marked-to-market issues; new material on energy-specific models, seasonal effects, and the derivation of the mean-reverting price model; and more

Modern Applied Energy Conservation
Author : Jean-Baptiste Lesourd,Jean-Michel Ruiz
Publisher : N.A
Release Date : 1988
ISBN 10 :
Pages : 405 pages

Contemporary Industrial Organization: A Quantitative Approach
Author : Lynne Pepall,Dan Richards,George Norman
Publisher : Wiley Global Education
Release Date : 2010-11-19
ISBN 10 : 1118138996
Pages : 576 pages

The author team behind the bestselling text, Industrial Organization, has written a brand new, calculus-based text designed to prepare students for a complete analysis of all facets of industrial organization. Contemporary Industrial Organization enhances students' understanding of the strategic behavior of firms, the structure of markets, and imperfect competition using calculus, game theory, econometrics, and practical examples and applications. This text's unique presentation and blend of quantitative and qualitative tools assumes familiarity with intermediate microeconomics with calculus and econometrics.

Quantitative Energy Finance
Author : Fred Espen Benth,Valery A. Kholodnyi,Peter Laurence
Publisher : Springer Science & Business Media
Release Date : 2013-08-28
ISBN 10 : 1461472482
Pages : 308 pages

Finance and energy markets have been an active scientific field for some time, even though the development and applications of sophisticated quantitative methods in these areas are relatively new—and referred to in a broader context as energy finance. Energy finance is often viewed as a branch of mathematical finance, yet this area continues to provide a rich source of issues that are fuelling new and exciting research developments. Based on a special thematic year at the Wolfgang Pauli Institute (WPI) in Vienna, Austria, this edited collection features cutting-edge research from leading scientists in the fields of energy and commodity finance. Topics discussed include modeling and analysis of energy and commodity markets, derivatives hedging and pricing, and optimal investment strategies and modeling of emerging markets, such as power and emissions. The book also confronts the challenges one faces in energy markets from a quantitative point of view, as well as the recent advances in solving these problems using advanced mathematical, statistical and numerical methods. By addressing the emerging area of quantitative energy finance, this volume will serve as a valuable resource for graduate-level students and researchers studying financial mathematics, risk management, or energy finance.

Mathematical and Computational Approaches in Advancing Modern Science and Engineering
Author : Jacques Bélair,Ian A. Frigaard,Herb Kunze,Roman Makarov,Roderick Melnik,Raymond J. Spiteri
Publisher : Springer
Release Date : 2016-08-10
ISBN 10 : 3319303791
Pages : 806 pages

Focusing on five main groups of interdisciplinary problems, this book covers a wide range of topics in mathematical modeling, computational science and applied mathematics. It presents a wealth of new results in the development of modeling theories and methods, advancing diverse areas of applications and promoting interdisciplinary interactions between mathematicians, scientists, engineers and representatives from other disciplines. The book offers a valuable source of methods, ideas, and tools developed for a variety of disciplines, including the natural and social sciences, medicine, engineering, and technology. Original results are presented on both the fundamental and applied level, accompanied by an ample number of real-world problems and examples emphasizing the interdisciplinary nature and universality of mathematical modeling, and providing an excellent outline of today’s challenges. Mathematical modeling, with applied and computational methods and tools, plays a fundamental role in modern science and engineering. It provides a primary and ubiquitous tool in the context making new discoveries, as well as in the development of new theories and techniques for solving key problems arising in scientific and engineering applications. The contributions, which are the product of two highly successful meetings held jointly in Waterloo, Ontario, Canada on the main campus of Wilfrid Laurier University in June 2015, i.e. the International Conference on Applied Mathematics, Modeling and Computational Science, and the Annual Meeting of the Canadian Applied and Industrial Mathematics (CAIMS), make the book a valuable resource for any reader interested in a broader overview of the methods, ideas and tools involved in mathematical and computational approaches developed for other disciplines, including the natural and social sciences, engineering and technology.