At a glance

A power system is designed to provide adequate capability to meet system demand, losses and generation reserve. However, energy should be produced and supplied at minimum cost/environmental impact. The system price in the day-ahead market is determined by matching offers from generators to bids from users at each node to develop a classic supply and demand equilibrium price. This course introduces the concepts of the day-ahead and real time markets and provides understanding of the regulation and deregulation of electric markets and its impact in the electricity value chain.

• The law of supply and demand
• Roles and players: the financial grid organization chart – suppliers, customers, market participants and the economic drivers
• Security Constrained economic Dispatch 
• Unit Commitment
• LMP Pricing model
• Supply Curves
• Congestion and Shadow Prices 
• Transmission congestion 
• Generation curtailment 
• Ancillary Services 
• Energy Market