Course contents *
The course covers five main topics: a basic description of electricity markets, electricity pricing, frequency control, short-term planning of power generation, as well as simulation of electricity markets. Theory and examples are presented in lectures. The students are then applying the theory to a number of assignments. The course includes smaller assignments, which are mandatory and presented orally, as well as larger assignments, which are voluntary and presented in written reports.
Intended learning outcomes *
The aim of the course is that the students learn methods and models for operation, planning and analysis of electric power generation. The course comprises background information about possible ways to design an electricity market, computation methods (for example applied optimisation theory and reliability analysis) as well as examples from reality.
To pass the course, the students should show that they are able to
• describe the principles of how an electricity market can be organised,
• perform rough estimations of electricity prices as well as analyse factors that have a large importance for the electricity pricing, and to indicate how these factors affect for example producers and consumers,
• explain how the balance between production and consumption is maintained in an electric power system, calculate how the frequency is affected by various events in the power system and design the frequency control so that there are sufficient margins in the power system,
• formulate short-term planning problems of hydro-thermal power systems,
• apply probabilistic production cost simulation and Monte Carlo simulation to calculate the expected operation cost and risk of power deficit in an electricity market, and to use the results of an electricity market simulation to judge the consequences of various actions in the electricity market,
• give a short oral presentation of the solution to a problem within operation and planning of power generation.