Optimization Models in Electricity Markets

Optimization Models in Electricity Markets by Anthony Papavasiliou is a textbook published by Cambridge University Press that treats the analysis of optimization models that are routinely used in electricity market operations.

• Youtube videos

• Slide decks

Order your copy from Cambridge University Press or Amazon. Accompanied online by datasets, AMPL code, supporting videos, and full solutions and lecture slides for instructors.

Abstract

Get up-to-speed with the fundamentals of how electricity markets are structured and operated with this comprehensive textbook, presenting coverage of key topics in electricity market design, including power system and power market operations, transmission, unit commitment, demand response, and risk management. It includes over 140 practical examples, inspired by real-industry applications, connecting key theoretical concepts to practical scenarios in electricity market design, and features over 100 coding-based examples and exercises, with selected solutions for readers. It further demonstrates how mathematical programming models are implemented in an industry setting. Requiring no experience in power systems or energy economics, this is the ideal introduction to electricity markets for senior undergraduate and graduate students in electrical engineering, economics, and operations research, and a robust introduction to the field for professionals in utilities, energy policy, and energy regulation. Accompanied online by datasets, AMPL code, supporting videos, and full solutions and lecture slides for instructors.

Youtube videos

• Chapter 1

  • Chapter 1 (Introduction)

• Chapter 2

  • Chapter 2 (Mathematical Background)

• Chapter 5

  • Chapter 5 (The Transmission Network)

  • Chapter 5 (The Transmission Network), Part 2

• Chapter 6

  • Chapter 6 (Ancillary Services)

• Chapter 7

  • Chapter 7 (Unit Commitment)

  • Chapter 7 (Unit Commitment), Part 2

• Chapter 9

  • Chapter 9 (Risk Management)

  • Chapter 9 (Risk Management), Part 2

• Chapter 11

  • Chapter 11 (Generation Capacity Expansion)

• Appendix

  • Appendix B (The Direct Current Power Flow)

Slide decks

Slide decks corresponding to the chapters of the book are available online.

• Chapter 1

  • 1.1 Introduction

  • 1.2 Missing money problem

• Chapter 2

  • 2 Mathematical background

• Chapter 3

  • 3.1 Power system operation

  • 3.2 Power market operation

• Chapter 4

  • 4 Economic dispatch

• Chapter 5

  • 5.1 Direct current optimal power flow

  • 5.2 Locational marginal pricing

  • 5.3 Zonal pricing

• Chapter 6

  • 6 Ancillary services

• Chapter 7

  • 7.1 Unit commitment

  • 7.2 Market design for unit commitment

  • 7.3 Pricing with non-convexities

• Chapter 8

  • 8 Hydrothermal planning

• Chapter 9

  • 9 Risk management

• Chapter 10

  • 10 Demand response

• Chapter 11

  • 11 Generation capacity expansion

• Chapter 12

  • 12 Beyond electricity

• Appendix

  • A Introduction to linear programming

  • B Power flow

  • Mathematical programming in AMPL

Authors

• Anthony Papavasiliou, National Technical University of Athens

Citation

If you wish to cite this work, please use

@book{papavasiliou2024,
  title     = {Optimization Models in Electricity Markets},
  author    = {Papavasiliou, Anthony},
  year      = {2024},
  publisher = {Cambridge University Press},
  place     = {Cambridge}
}