MSc Electrical Power Systems Engineering

Brief Description Of The Unit

1. Modern deregulated power systems

i) Characteristics of modern power systems (1 lecture)

ii) Deregulation and structures of modern power systems (1 lecture)

2. Competitive economics and markets

i) Commodity markets (2 lectures)

ii) Uncertainties and contracts (2 lectures)

iii) Auctions (1 lectures)

iv) Electricity markets (2 lectures)

v) Ancillary-balancing services (1 lectures)

vi) Utility regulation (1 lectures)

3. Optimization

i) Linear Optimization (2 lectures)

ii) Nonlinear optimization with equality and non-equality constraints (2 lectures)

4. Power system operation

i) Short-term load forecasting (1 lecture)

ii) State Estimation (2 lectures)

iii) Security analysis (2 lectures)

iv) Economic dispatching (2 lectures)

v) Unit commitment (2 lectures)

vi) Optimum power flow (2 lectures)

vii) Transmission pricing (2 lectures)

5. Engineering economics

i) Cash flows (1 lecture)

ii) Decision making (1 lecture)

The unit aims to introduce the student to the operation and economics of power systems. The emphasis is placed on the need to balance the desire to operate (as well as plan) as economically as possible with the need to maintain the security of the system. In order to do so in a market context, the unit also gives an understanding of the economic principles underlying the introduction of competition in the supply and retail of electricity as well as the opening of the transmission and distribution systems to third party access. 

ILO 1 - Develop the computer model, evaluate and analyse the test generation – transmission system using a software system;  analyse, compare and explain the simulation results. 

ILO 2 - Formulate different electricity wholesale markets and associated contracts, and design and solve problems that take into account all trading arrangements in the wholesale market. 

ILO 3 - Develop and justify the pricing model, analyse and solve marginal pricing in wholesale markets on a test generation – transmission system. 

ILO 4 - Develop fundamentals of locational marginal pricing used for transmission congestion management and solve and analyse problems of small dimensions. 

ILO 5 - Formulate market structures, differences between competition, oligopoly and monopoly, and define Nash equilibrium; Design and solve examples of small dimensions. 

ILO 6 - Analyse and evaluate the fundamental concepts of microeconomics, theory of the firm and markets, and calculate relevant examples. 

ILO 7 - Explain application of the generalized non-linear optimization to economic operation of power systems and calculate examples of small dimensions.

ILO 8 - Formulate the generalized non-linear optimization, evaluate its application to economic operation of power systems, and calculate examples of small dimensions. 

ILO 9 - Develop, evaluate and calculate technical aspects of the power system security and balancing, and analyse and compare ancillary services with examples from the GB industry. 

ILO 10 - Analyse and evaluate fundamental principles of the regulated business applied for the regulation of “monopolistic” utilities, and develop essential economic price control principles. 

ILO11 - Formulate technical, financial, price and external risks related to power system operation and planning, and develop and solve relevant examples. 

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• Power generation, operation, and control by Wood, Allen J. John Wiley and Sons, 2013. ISBN: 111873386
• Fundamentals of power system economics by Kirschen, Daniel S. Wiley, 2004. ISBN: 0470845724
• Fundamentals of power system economics by Kirschen, Daniel Sadi. John Wiley & Sons, 2004. ISBN: 9780470845721
• Power generation, operation, and control by Wood, Allen J. John Wiley and Sons, 2014. ISBN: 9781118733844