Electricity Markets

Последна измена: March 30, 2023
1. Course Title Electricity Markets
2. Code 4ФЕИТ09З016
3. Study program ЕЕС
4. Organizer of the study program (unit, institute, department) Faculty of Electrical Engineering and Information Technologies
5. Degree (first, second, third cycle) First cycle
6. Academic year/semester IV/7 7. Number of ECTS credits 6
8. Lecturer D-r Vesna Borozan
9. Course Prerequisites Passed: High Voltage Transmission Networks and Systems
Taken course: Fundamental Economics for the Power Sector
10. Course Goals (acquired competencies): This course is designed to provide basic knowledge on the principles of the electricity markets operation and the types of electricity markets as well as advantages and disadvantages of different generation units and consumers participating in the market. The students will be capable of understanding the impact of the transmission networks to the electricity market operation and integration into a single market.
11. Course Syllabus: Need for competition in the electricity sector. Policy in the electricity sector, legal and organizational models of competition. Electricity markets: Markets models; Time frame. Types of electricity markets: Decentralized markets – Bilateral physical and financial contracts; Centralized electricity markets: Spot-market – Day-ahead market; Intra-day market; Ancillary services market. Participating in market of electricity: Perspectives of consumers, suppliers and producers including those with hybrid units; Perspective of plants that do not burn fossil fuels; The storage owner’s perspective; The flexible consumer’s perspective. Security of supply and ancillary services: Valorization of ancillary services, Procurement of ancillary services – balancing mechanism. Impact of the transmission networks to the electricity markets: Decentralized trading over a transmission network – physical transmission rights, Centralized trading over a transmission network – congestion, nodal prices, merchandising surplus. Mathematical formulation of nodal pricing, risk management. Integration of electricity markets: European target market model; Regional electricity markets.
12. Learning methods: Theoretical teaching, auditorium exercises and consultations, homework and independent learning
13. Total number of course hours 3 + 2 + 0 + 0
14. Distribution of course hours 180
15. Forms of teaching 15.1. Lectures-theoretical teaching 45
15.2. Exercises (laboratory, practice classes), seminars, teamwork 30
16. Other course activities 16.1. Projects, seminar papers 15
16.2. Individual tasks 45
16.3. Homework and self-learning 45
17. Grading 17.1. Exams 0
17.2. Seminar work/project (presentation: written and oral) 10
17.3. Activity and participation 10
17.4. Final exam 80
18. Grading criteria (points) up to 50 points 5 (five) (F)
from 51to 60 points 6 (six) (E)
from 61to 70 points 7 (seven) (D)
from 71to 80 points 8 (eight) (C)
from 81to 90 points 9 (nine) (B)
from 91to 100 points 10 (ten) (A)
19. Conditions for acquiring teacher’s signature and for taking final exam Successfully completed seminar and homework, as well as, attendance on least 80% of classes
20. Forms of assessment During the semester, there are two mid/end-term exams (120 min each). Besides these exams, any student must complete and submit the required homework and seminar assignments, according to the schedule published at the course web site.
The final mark is determined from the weighted average of scores from the exams, homework, and seminar assignments.
During the exams, it is not allowed to use any literature in printed or electronic form. Calculators are allowed, but not mobile phones, tablets or similar electronic devices.
21. Language Macedonian and English
22. Method of monitoring of teaching quality Student inquiry
23. Literature
23.1. Required Literature
No. Author Title Publisher Year
1 V. Borozan, P. Krstevski Electricity Markets Internal textbook 2021
2 Daniel Kirschen, Goran Strbac Fundamentals of Power System Economics John Wiley & Sons 2004
3 Steven Stoft Power System Economics Designing Markets for Electricity John Wiley & Sons 2002
23.2. Additional Literature
No. Author Title Publisher Year
1 M. Shahidehpour, H. Yamin, Z. Li Market Operations in Electric Power Systems – Forecasting, Scheduling, and Risk Management IEEE Press, Wiley-Interscience, A John Wiley & Sons, Inc. 2002
2 Barrie Murray Power Markets and Economics John Wiley & Sons 2009