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Mathematical Modelling of Contemporary Electricity Markets

Mathematical Modelling of Contemporary Electricity Markets
  • Author : Athanasios Dagoumas
  • Publisher :Unknown
  • Release Date :2020-12-01
  • Total pages :256
  • ISBN : 0128218398
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Summary : 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

The Economics of Electricity Markets
  • Author : Darryl R. Biggar,Mohammad Reza Hesamzadeh
  • Publisher :Unknown
  • Release Date :2014-07-10
  • Total pages :432
  • ISBN : 1118775724
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Summary : 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

Recent Progress and Modern Challenges in Applied Mathematics, Modeling and Computational Science

Recent Progress and Modern Challenges in Applied Mathematics, Modeling and Computational Science
  • Author : Roderick Melnik,Roman Makarov,Jacques Belair
  • Publisher :Unknown
  • Release Date :2017-09-05
  • Total pages :444
  • ISBN : 1493969692
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Summary : This volume is an excellent resource for professionals in various areas of applications of mathematics, modeling, and computational science. It focuses on recent progress and modern challenges in these areas. The volume provides a balance between fundamental theoretical and applied developments, emphasizing the interdisciplinary nature of modern trends and detailing state-of-the-art achievements in Applied Mathematics, Modeling, and Computational Science. The chapters have been authored by international experts in their respective fields, making this book ideal for researchers in academia, practitioners, and graduate students. It can also serve as a reference in the diverse selected areas of applied mathematics, modelling, and computational sciences, and is ideal for interdisciplinary collaborations.

Trends in Teaching and Learning of Mathematical Modelling

Trends in Teaching and Learning of Mathematical Modelling
  • Author : Gabriele Kaiser,Werner Blum,Rita Borromeo Ferri,Gloria Stillman
  • Publisher :Unknown
  • Release Date :2011-06-23
  • Total pages :734
  • ISBN : 9789400709102
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Summary : 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

Modern Power Systems Analysis

Modern Power Systems Analysis
  • Author : Xi-Fan Wang,Yonghua Song,Malcolm Irving
  • Publisher :Unknown
  • Release Date :2010-06-07
  • Total pages :561
  • ISBN : 0387728538
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Summary : The capability of effectively analyzing complex systems is fundamental to the operation, management and planning of power systems. This book offers broad coverage of essential power system concepts and features a complete and in-depth account of all the latest developments, including Power Flow Analysis in Market Environment; Power Flow Calculation of AC/DC Interconnected Systems and Power Flow Control and Calculation for Systems Having FACTS Devices and recent results in system stability.

Uncertainties in Modern Power Systems

Uncertainties in Modern Power Systems
  • Author : Ahmed F. Zobaa,Shady Abdel Aleem
  • Publisher :Unknown
  • Release Date :2020-11-02
  • Total pages :716
  • ISBN : 0128208937
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Summary : Uncertainties in Modern Power Systems combines several aspects of uncertainty management in power systems at the planning and operation stages within an integrated framework. This book provides the state-of-the-art in electric network planning, including time-scales, reliability, quality, optimal allocation of compensators and distributed generators, mathematical formulation, and search algorithms. The book introduces innovative research outcomes, programs, algorithms, and approaches that consolidate the present status and future opportunities and challenges of power systems. The book also offers a comprehensive description of the overall process in terms of understanding, creating, data gathering, and managing complex electrical engineering applications with uncertainties. This reference is useful for researchers, engineers, and operators in power distribution systems. Includes innovative research outcomes, programs, algorithms, and approaches that consolidate current status and future of modern power systems Discusses how uncertainties will impact on the performance of power systems Offers solutions to significant challenges in power systems planning to achieve the best operational performance of the different electric power sectors

Modern Heuristic Optimization Techniques

Modern Heuristic Optimization Techniques
  • Author : Kwang Y. Lee,Mohamed A. El-Sharkawi
  • Publisher :Unknown
  • Release Date :2008-02-08
  • Total pages :750
  • ISBN : 0471457116
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Summary : 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.

Operation of Market-oriented Power Systems

Operation of Market-oriented Power Systems
  • Author : Yong-Hua Song
  • Publisher :Unknown
  • Release Date :2003-07-31
  • Total pages :443
  • ISBN : 9781852336707
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Summary : Internationally, the electric power industry is currently undergoing unprecedented reform. The deregulation of the electricity supply industry has introduced new opportunities for competition and has made the maintenance of economic and reliable supplies of electricity a tremendous challenge. Faced by an increasingly complicated existence, power utilities need efficient tools to ensure that electrical energy of the quality desired can be provided at the lowest possible cost. Operation of Market-oriented Power Systems provides effective computational tools for the efficient operation of restructured power systems covering all the major operational issues such as: • congestion management; • available transfer capability calculations; • price forecasting and optimal bidding strategies; • a review of international research and world-wide industrial practice covered in each chapter gives the reader a broader understanding of the state of the art in this exciting field. Operation of Market-oriented Power Systems will be a useful reference for professional engineers and researchers in the operation and control of modern power systems as all within the power industry face up to the changes required to provide safe, reliable and profitable electricity in an increasingly competitive market.

21st Century Economics: A Reference Handbook

21st Century Economics: A Reference Handbook
  • Author : Rhona C. Free
  • Publisher :Unknown
  • Release Date :2010-05-14
  • Total pages :1000
  • ISBN : 1412961424
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Summary : 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

Porous and Complex Flow Structures in Modern Technologies
  • Author : Adrian Bejan,Ibrahim Dincer,Sylvie Lorente,Antonio Miguel,Heitor Reis
  • Publisher :Unknown
  • Release Date :2004-04-29
  • Total pages :396
  • ISBN : 9780387202259
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Summary : 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).

Mathematical Modelling in Animal Nutrition

Mathematical Modelling in Animal Nutrition
  • Author : J. France,E. Kebreab
  • Publisher :Unknown
  • Release Date :2008-01-01
  • Total pages :574
  • ISBN : 1845933591
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Summary : Mathematical modelling is increasingly applicable to the practical sciences. Here, mathematical approaches are applied to the study of mechanisms of digestion and metabolism in primary animal species. It also explores common themes between species, and provides an integrated approach to mathematical modelling in animal nutrition.

Paris-Princeton Lectures on Mathematical Finance 2013

Paris-Princeton Lectures on Mathematical Finance 2013
  • Author : Fred Espen Benth,Dan Crisan,Paolo Guasoni,Konstantinos Manolarakis,Johannes Muhle-Karbe,Colm Nee,Philip Protter
  • Publisher :Unknown
  • Release Date :2013-07-11
  • Total pages :316
  • ISBN : 3319004131
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Summary : The current volume presents four chapters touching on some of the most important and modern areas of research in Mathematical Finance: asset price bubbles (by Philip Protter); energy markets (by Fred Espen Benth); investment under transaction costs (by Paolo Guasoni and Johannes Muhle-Karbe); and numerical methods for solving stochastic equations (by Dan Crisan, K. Manolarakis and C. Nee).The Paris-Princeton Lecture Notes on Mathematical Finance, of which this is the fifth volume, publish cutting-edge research in self-contained, expository articles from renowned specialists. The aim is to produce a series of articles that can serve as an introductory reference source for research in the field.

Managing Energy Risk

Managing Energy Risk
  • Author : Markus Burger,Bernhard Graeber,Gero Schindlmayr
  • Publisher :Unknown
  • Release Date :2014-06-23
  • Total pages :448
  • ISBN : 1118618580
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Summary : An overview of today's energy markets from a multi-commodity perspective As global warming takes center stage in the public and private sectors, new debates on the future of energy markets and electricity generation have emerged around the world. The Second Edition of Managing Energy Risk has been updated to reflect the latest products, approaches, and energy market evolution. A full 30% of the content accounts for changes that have occurred since the publication of the first edition. Practitioners will appreciate this contemporary approach to energy and the comprehensive information on recent market influences. A new chapter is devoted to the growing importance of renewable energy sources, related subsidy schemes and their impact on energy markets. Carbon emissions certificates, post-Fukushima market shifts, and improvements in renewable energy generation are all included. Further, due to the unprecedented growth in shale gas production in recent years, a significant amount of material on gas markets has been added in this edition. Managing Energy Risk is now a complete guide to both gas and electricity markets, and gas-specific models like gas storage and swing contracts are given their due. The unique, practical approach to energy trading includes a comprehensive explanation of the interactions and relations between all energy commodities. Thoroughly revised to reflect recent changes in renewable energy, impacts of the financial crisis, and market fluctuations in the wake of Fukushima Emphasizes both electricity and gas, with all-new gas valuation models and a thorough description of the gas market Written by a team of authors with theoretical and practical expertise, blending mathematical finance and technical optimization Covers developments in the European Union Emissions Trading Scheme, as well as coal, oil, natural gas, and renewables The latest developments in gas and power markets have demonstrated the growing importance of energy risk management for utility companies and energy intensive industry. By combining energy economics models and financial engineering, Managing Energy Risk delivers a balanced perspective that captures the nuances in the exciting world of energy.

Power Electronic Converters Modeling and Control

Power Electronic Converters Modeling and Control
  • Author : Seddik Bacha,Iulian Munteanu,Antoneta Iuliana Bratcu
  • Publisher :Unknown
  • Release Date :2013-11-12
  • Total pages :454
  • ISBN : 1447154789
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Summary : Modern power electronic converters are involved in a very broad spectrum of applications: switched-mode power supplies, electrical-machine-motion-control, active power filters, distributed power generation, flexible AC transmission systems, renewable energy conversion systems and vehicular technology, among them. Power Electronics Converters Modeling and Control teaches the reader how to analyze and model the behavior of converters and so to improve their design and control. Dealing with a set of confirmed algorithms specifically developed for use with power converters, this text is in two parts: models and control methods. The first is a detailed exposition of the most usual power converter models: · switched and averaged models; · small/large-signal models; and · time/frequency models. The second focuses on three groups of control methods: · linear control approaches normally associated with power converters; · resonant controllers because of their significance in grid-connected applications; and · nonlinear control methods including feedback linearization, stabilizing, passivity-based, and variable-structure control. Extensive case-study illustration and end-of-chapter exercises reinforce the study material. Power Electronics Converters Modeling and Control addresses the needs of graduate students interested in power electronics, providing a balanced understanding of theoretical ideas coupled with pragmatic tools based on control engineering practice in the field. Academics teaching power electronics will find this an attractive course text and the practical points make the book useful for self tuition by engineers and other practitioners wishing to bring their knowledge up to date.

Hybrid Electric Power Train Engineering and Technology: Modeling, Control, and Simulation

Hybrid Electric Power Train Engineering and Technology: Modeling, Control, and Simulation
  • Author : Szumanowski, Antoni
  • Publisher :Unknown
  • Release Date :2013-05-31
  • Total pages :314
  • ISBN : 146664043X
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Summary : Hybridization is an increasingly popular paradigm in the auto industry, but one that is not fully understood by car manufacturers. In general, hybrid electric vehicles (HEV) are designed without regard to the mechanics of the power train, which is developed similarly to its counterparts in internal combustion engines. Hybrid Electric Power Train Engineering and Technology: Modeling, Control, and Simulation provides readers with an academic investigation into HEV power train design using mathematical modeling and simulation of various hybrid electric motors and control systems. This book explores the construction of the most energy efficient power trains, which is of importance to designers, manufacturers, and students of mechanical engineering. This book is part of the Research Essentials collection.

Modern Applied Energy Conservation

Modern Applied Energy Conservation
  • Author : Jean-Baptiste Lesourd,Jean-Michel Ruiz
  • Publisher :Unknown
  • Release Date :1988
  • Total pages :405
  • ISBN : 09876543XX
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Summary :

Contemporary Industrial Organization: A Quantitative Approach

Contemporary Industrial Organization: A Quantitative Approach
  • Author : Lynne Pepall,Dan Richards,George Norman
  • Publisher :Unknown
  • Release Date :2010-11-19
  • Total pages :576
  • ISBN : 1118138996
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Summary : 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.

Energy Risk: Valuing and Managing Energy Derivatives

Energy Risk: Valuing and Managing Energy Derivatives
  • Author : Dragana Pilipovic
  • Publisher :Unknown
  • Release Date :2007-08-13
  • Total pages :400
  • ISBN : 0071594477
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Summary : 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

Modelling Prices in Competitive Electricity Markets

Modelling Prices in Competitive Electricity Markets
  • Author : Derek W Bunn,Derek W. Bunn
  • Publisher :Unknown
  • Release Date :2004-04-02
  • Total pages :337
  • ISBN : 09876543XX
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Summary : 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.

International Conference on Energy and Power Engineering (EPE2014)

International Conference on Energy and Power Engineering (EPE2014)
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :2014-06-24
  • Total pages :470
  • ISBN : 1605951803
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Summary : The 2014 International Conference on Energy and Power Engineering (EPE2014), will be held on April 26–27, 2014, in Hong Kong, China. The aim of this international convention is to bring together experts and scholars from around the world and offer them a chance to share the latest research results in the field of Energy and Power Engineering. We all know that over the past few decades, a great change has happened in the field of the environment technology, and the science technology is growing faster and faster. In order to keep up with the daily changing situation, we have sent invitations to experts, scholars and other people who have devoted himself in related fields, and it is a great honor to us that most of them have accepted our invitation and supported the EPE2014 with their latest studies. Up till now, we have received over three hundred papers from various countries; this shows that there has been a growing interest in the field of energy and power engineering. Among those papers received, we have eventually chosen about a hundred to be presented and included in this proceeding. These papers generally represented the current research status in this field and the future trend. We sincerely believe that these papers could be valuable to the future work of yours. Finally, on behalf of the committee, I would like to deeply express our gratitude to those who have supported the EPE2014, especially the international experts who helped reviewing papers, the DEStech Publications help publish the conference proceedings, and last but not least, the authors of these inspiring papers. Without the help from these people, EPE2014 would not be as half successful as it is now. Here, welcome to EPE2014 and let’s hope that it will be a great success. Tim Chou

The Interval Market Model in Mathematical Finance

The Interval Market Model in Mathematical Finance
  • Author : Pierre Bernhard,Jacob C. Engwerda,Berend Roorda,J.M. Schumacher,Vassili Kolokoltsov,Patrick Saint-Pierre,Jean-Pierre Aubin
  • Publisher :Unknown
  • Release Date :2012-12-14
  • Total pages :348
  • ISBN : 0817683887
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Summary : Toward the late 1990s, several research groups independently began developing new, related theories in mathematical finance. These theories did away with the standard stochastic geometric diffusion “Samuelson” market model (also known as the Black-Scholes model because it is used in that most famous theory), instead opting for models that allowed minimax approaches to complement or replace stochastic methods. Among the most fruitful models were those utilizing game-theoretic tools and the so-called interval market model. Over time, these models have slowly but steadily gained influence in the financial community, providing a useful alternative to classical methods. A self-contained monograph, The Interval Market Model in Mathematical Finance: Game-Theoretic Methods assembles some of the most important results, old and new, in this area of research. Written by seven of the most prominent pioneers of the interval market model and game-theoretic finance, the work provides a detailed account of several closely related modeling techniques for an array of problems in mathematical economics. The book is divided into five parts, which successively address topics including: · probability-free Black-Scholes theory; · fair-price interval of an option; · representation formulas and fast algorithms for option pricing; · rainbow options; · tychastic approach of mathematical finance based upon viability theory. This book provides a welcome addition to the literature, complementing myriad titles on the market that take a classical approach to mathematical finance. It is a worthwhile resource for researchers in applied mathematics and quantitative finance, and has also been written in a manner accessible to financially-inclined readers with a limited technical background.