Course overview
This course provides a broad knowledge of the wholesale electricity market and power system operation in terms of energy and ancillary services. It includes the evolution of the power system industry and electricity market over time, rules and regulations, energy and ancillary services markets and transmission system operation with a focus on the Australian Electricity Market.
Course learning outcomes
- Describe the electricity industry in the past and present, restructuring and deregulation. This includes the transition to a de-regulated electricity industry, necessities, evolution roadmap, types of markets appropriate for electricity as a commodity etc
- Explain microeconomic concepts in relation to the electricity market including modelling consumers and suppliers, market equilibrium, Pareto efficiency, global welfare, short-run and long-run costs, marginal price, scarcity rent, market power
- Perform simplified electricity market optimisation including formulations and implementation in GAMS and MATLAB using the Gurobi solver
- Solve variations of economic dispatch (ED) problems including the definition of the problem and implementation of the solution for simple ED, offer-based ED and ED with losses and transmission constraints
- Describe ancillary services (AS) market concepts including AS products (particularly the pool market-based ones) in the National Electricity Market (NEM) and the impact of co-optimisation of energy and AS markets
- Explain the operation of an electricity market with intermittent renewable resources including the changes to cope with the impact of renewable resources' intermittency and its impact on prices and services
Degree list
The following degrees include this course