Restructured Electrical Power Systems,Operation,Trading and Volatility 1st edition by Mohammad Shahidehpour, M. Alomoush – Ebook PDF Instant Download/DeliveryISBN: 1351830783, 9781351830782
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ISBN-10 : 1351830783
ISBN-13 : 9781351830782
Author : Mohammad Shahidehpour, M. Alomoush
An examination of key issues in electric utilities restructuring. It covers: electric utility markets in and out of the USA; the Open Access Same-time Information System; tagging transactions; trading energy; hedging tools for managing risks in various markets; pricing volatility, risk and forecasting; regional transmission organization; and more. The text contains acronyms, a contract specifications sample, examples, and nearly 500 bibliographic citations, tables, and drawings.
Restructured Electrical Power Systems,Operation,Trading and Volatility 1st Table of contents:
1 OVERVIEW OF KEY ISSUES IN ELECTRIC UTILITIES RESTRUCTURING
1.1 INTRODUCTION
1.2 RESTRUCTURING MODELS
1.2.1 PoolCo Model.
1.2.2 Bilateral Contracts (Direct Access) Model.
1.2.3 Hybrid Model.
1.3 INDEPENDENT SYSTEM OPERATOR (ISO)
1.3.1 Background.
1.3.2 The Role of ISO.
1.4 POWER EXCHANGE (PX)
1.4.1 Market Clearing Price (MCP).
1.5 MARKET OPERATIONS
1.5.1 Day-Ahead and Hour-Ahead Markets.
1.5.2 Elastic and Inelastic Markets.
1.6 MARKET POWER
1.7 STRANDED COSTS
1.8 TRANSMISSION PRICING
1.8.1 Contract Path Method.
1.8.2 The MW-Mile Method.
1.9 CONGESTION PRICING
1.9.1 Congestion Pricing Methods.
1.9.2 Transmission Rights.
1.10 MANAGEMENT OF INTER-ZONAL/INTRA-ZONAL CONGESTION
1.10.1 Solution Procedure.
1.10.2 Formulation of Inter-Zonal Congestion Subproblem.
1.10.3 Formulation of Intra-Zonal Congestion Subproblem.
2 ELECTRIC UTILITY MARKETS IN THE UNITED STATES
2.1 CALIFORNIA MARKETS1
2.1.1 ISO.
2.1.2 Generation.
2.1.3 Power Exchange.
2.1.4 Scheduling Coordinator.
2.1.5 UDCs, Retailers and Customers.
2.1.6 Day-Ahead and Hour-Ahead Markets.
2.1.7 Block Forwards Market6
2.1.8 Transmission Congestion Contracts(TCCs).
2.1.9 Comments.
2.2 NEW YORK MARKET
2.2.1 Summary.
2.2.2 Market Operations.
2.2.3 Comments.
2.3 PJM INTERCONNECTION
2.4 ERCOT ISO
2.5 NEW ENGLAND ISO
2.6 MIDWEST ISO
2.6.1 MISO’s Functions.
2.6.2 Transmission Management.
2.6.3 Transmission System Security.
2.6.4 Congestion Management.
2.6.5 Ancillary Services Coordination.
2.6.6 Maintenance Schedule Coordination.
2.7 SUMMARY OF FUNCTIONS OF U.S.ISOS
3 OASIS: Open Access Same-Time Information System
3.1 INTRODUCTION
3.1.1 What is OASIS?
3.2 FERC ORDER 889
3.3 STRUCTURE OF OASIS
3.3.1 Historical Background.
3.3.2 Functionality and Architecture of OASIS.
3.4 IMPLEMENTATION OF OASIS PHASES
3.4.1 Phase 1.
3.4.2 Phase 1-A.
3.4.3 Phase 2.
3.5 POSTING OF INFORMATION
3.5.1 Types of Information Available on OASIS.
3.5.2 Information Requirements of OASIS.
3.5.3 Users of OASIS.
3.6 TRANSFER CAPABILITY ON OASIS
3.6.1 Definitions.
3.6.2 Transfer Capability Issues.
3.6.3 ATC Calculation.
3.6.4 TTC Calculation.
3.6.5 TRM Calculation.
3.6.6 CBM Calculation.
3.7 TRANSMISSION SERVICES
3.8 METHODOLOGIES TO CALCULATE ATC
3.9 EXPERIENCES WITH OASIS IN SOME RESTRUCTURING MODELS
3.9.1 PJM OASIS.
3.9.2 ERCOT OASIS.
4 Tagging Electricity Transactions
4.1 INTRODUCTION
4.2 DEFINITION OF TAGGING
4.3 HISTORICAL BACKGROUND ON TAGGING
4.4 HOW DOES A TAGGING PROCESS WORK?
4.4.1 Electronic Tagging Services
4.4.2 Sequence of Tagging Process
4.4.3 Transaction Scheduling
4.5 IDENTIFYING TAGS
4.6 DATA ELEMENTS OF A TAG
4.7 COMMUNICATION DURING FAILURE RECOVERY
4.8 TRANSACTION STATES
4.9 IMPLEMENTATION, CURTAILMENT, AND CANCELLATION OF TRANSACTIONS
4.9.1 Implementation of Interchange Transactions
4.9.2 Curtailment and Cancellation of Transactions
5 Electric Energy Trading
5.1 INTRODUCTION
5.2 ESSENCE OF ELECTRIC ENERGY TRADING
5.3 ENERGY TRADING FRAMEWORK: THE QUALIFYING FACTORS
5.4 DERIVATIVES INSTRUMENTS OF ENERGY TRADING
5.4.1 Forward Contracts
5.4.2 Futures Contracts
5.4.3 Options
5.4.4 Swaps
5.4.5 Applications of Derivatives in Electric Energy Trading
5.5 PORTFOLIO MANAGEMENT
5.5.1 Effect of Positions on Risk Management
5.6 ENERGY TRADING HUBS
5.7 BROKERS IN ELECTRICITY TRADING
5.8 GREEN POWER TRADING
6 Hedging Tools for Managing Risks in Electricity Markets
6.1 INTRODUCTION
6.2 RISK
6.3 DEFINITION OF HEDGE
6.4 SOURCES OF ELECTRICITY MARKET RISKS
6.4.1 Supply Shortage
6.4.2 Defaults
6.4.3 Transmission Constraints
6.4.4 Price Information
6.4.5 Lack of Experience
6.5 VALUE-AT-RISK (VAR)
6.6 COUNTERPARTY RISK (THE MIDWEST CASE)
6.6.1 What Did Happen in the Midwest?
6.6.2 Factor Contributing to Counterparty Risk
6.6.3 Managing Counterparty Risk
6.6.4 CalPX and Counterparty Risk
6.6.5 Lessons Learned in Risk Management
6.7 THE GREEKS
6.8 RISK EVALUATION IN ELECTRICITY TRADING
6.8.1 Swap Transaction as a Hedging Instrument
6.8.2 Additional Hedging Tools
6.9 HEDGING WEATHER RISKS
6.9.1 Background
6.9.2 Weather Hedging Tools
6.9.3 Examples
6.10 CONCLUSIONS
7 Electricity Pricing
7.1 INTRODUCTION
7.2 ELECTRICITY PRICE VOLATILITY
7.2.1 Factors in Volatility
7.2.2 Measuring Volatility
7.3 ELECTRICITY PRICE INDEXES
7.3.1 Case Study: Volatility of Prices in California
7.3.2 Basis Risk
7.4 CHALLENGES TO ELECTRICITY PRICING
7.4.1 Pricing Models
7.4.2 Reliable Forward Curves
7.5 CONSTRUCTION OF FORWARD PRICE CURVES
7.5.1 Time Frame for Price Curves
7.5.2 Types of Forward Price Curves
7.6 SHORT-TERM PRICE FORECASTING
7.6.1 Factors Impacting Electricity Price
7.6.2 Forecasting Methods
7.6.3 Analyzing Forecasting Errors
7.6.4 Practical Data Study
7.6.4.1 Impact of Data Pre-Processing
7.6.4.2 Impact of Training Vectors
7.6.4.3 Impact of Adaptive Forecasting
7.7 CONCLUSIONS
8 RTO: Regional Transmission Organization
8.1 INTRODUCTION
8.2 HISTORICAL PERSPECTIVES FOR ESTABLISHING RTOS
8.3 FERC NOPR ON RTO
8.4 FERC’S FINAL RULE ON RTO
8.4.1 Organization of an RTO
8.5 MINIMUM CHARACTERISTICS OF AN RTO
8.6 MINIMUM FUNCTIONS OF AN RTO
8.7 BENEFITS OF RTO
9 Electric Utility Markets Outside the United States
9.1 NORD POOL (THE NORDIC POWER EXCHANGE)
9.1.1 Congestion Management
9.1.2 Bilateral Contracts
9.1.3 Marketplace for Electric Power Options
9.2 AUSTRALIA NATIONAL ELECTRICITY MARKET
9.3 RESTRUCTURING IN CANADA
9.3.1 Power Pool of Alberta
9.3.2 The Independent Electricity Market Operator (IMO)
9.4 ELECTRICITY INDUSTRY IN ENGLAND AND WALES
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