Fundamentals of Power System Economics - Goran Strbac, Daniel S. Kirschen

“Where economic theory meets the physics of electricity—everything you need to understand why power markets are unlike any other.” —Jesse Jenkins, Princeton University “Fundamentals of Power System Economics caters to a wide diversity of students; it can speak to economists and engineers alike.” —François Bouffard, McGill University “Perfectly bridges principles of economics with the power system.” —Chongqing Kang, Tsinghua University Understand competitive electricity markets in a decarbonizing energy landscape Designing successful electricity markets requires mastery of both power systems engineering and market economics. Now in its third edition, Fundamentals of Power System Economics explains competitive market principles while contrasting them against the monopoly model as a reference framework. Written by two leading researchers in power system economics, this new edition addresses markets where carbon-free generation predominates. This edition adds coverage of decarbonization economics, government market interventions, and market clearing with high renewable penetration. New material addresses transmission investment cost allocation, generation investment challenges in energy-only markets, and system operator tools including SCED and SCUC. A new chapter on retail markets covers prosumer interactions, flexible consumers, and energy equity. The book also includes: Reorganized structure covering fundamental principles, short-term operational economi
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