Power Market Economics and Security
This course covers simulation and scheduling tools used in restructured power system for studying the economics and security of power systems. Topics include modeling of generating units (thermal units, combined-cycle units, fuel-switching/blending units, hydro units, pumped-storage units, photovoltaic, wind), Lagrangian Relaxation-based scheduling, mixed integer programming-based scheduling, and Benders decomposition-based transmission security analyses. The simulation and scheduling tools consider different time scales including on-line security, day-ahead, operational planning, and long-term. The simulation and scheduling tools consider interdependency of supply (such as gas, water, renewable sources of energy) and electricity systems.