Electricity Markets

Објавено: October 12, 2018
  1.    Course Title Electricity Markets
  2.    Code 3ФЕИТ09З017
  3.    Study program EES
  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 6.00
  8.    Lecturer Dr Vesna Borozan
  9.    Course Prerequisites Taken course: Economics for Engineers

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. 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. 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:  Lectures and recitations with presentations and simulations, teacher-student interaction, homework, projects.
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 30
16.2. Individual tasks 30
16.3. Homework and self-learning 45
17.    Grading 17.1. Exams 20
17.2. Seminar work/project (presentation: written and oral) 20
17.3. Activity and participation 10
17.4. Final exam 50
18.    Grading criteria (points) up to 50 points     5 (five) (F)
from 51 to 60 points     6 (six) (E)
from 61 to 70 points     7 (seven) (D)
from 71 to 80 points     8 (eight) (C)
from 81 to 90 points     9 (nine) (B)
from 91 to 100 points   10 (ten) (A)
19.    Conditions for acquiring teacher’s signature and for taking final exam Participation in lectures and recitations.
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 Internal evaluation and questionnaires.
23.   Literature
23.1. Required Literature
No. Author Title Publisher Year
1 Daniel Kirschen, Goran Strbac Fundamentals of Power System Economics John Wiley & Sons 2004
23.2. Additional Literature
No. Author Title Publisher Year
1 Steven Stoft  Power System Economics Designing Markets for Electricity  John Wiley & Sons  2002
2  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
3  Barrie Murray Power Markets and Economics  John Wiley & Sons  2009