Management in Electric Power Systems and Electricity Markets
Course Number: 45977
Cyber-physical attacks to energy infrastructure, the climate change turmoil, the quest for utility-scale battery technology innovation, the burning matters of retiring nuclear and coal units that are hard to be properly replaced, and the ever-going discussion about the structure and organization of the recently deregulated electricity markets require leadership vision and robust management mind-set. All these current matters fall on top of the challenging nature of electricity itself (following highly variable demand, hardly stored efficiently and in bulk, catastrophic socioeconomic effects when black-outs occur, dependent on highly diverse primary sources of energy, etc). Multiple entities ranging from regulators implementing political decisions, operators handling day-to-day operation and all the way to customers’ associations require for multi-objective decision- making at many levels and facades of the industry, while considering the changing environment and planning for the adoption of innovation, standardization and upcoming policy. In this course all the aforementioned parameters and concerns as seen, developed and implemented by all stakeholders in the field, through both their actions and their interactions will be presented and discussed.
Basic understanding of markets operation is required. Some prior knowledge of optimization theory will be helpful, but not required.
Learning Objectives After completing this course, the students will be able to:
- Understand the roles of all major entities in the electricity markets, namely operators, regulators, load/generation aggregators/customers, and equipment/software manufacturers/suppliers.
- Prepare for and participate in electricity markets (energy and ancillary services) both online and forward ones.
- Review and recommend market (re)structures and regulations.
- Identify challenges for every stakeholder in the field and propose proper action, e.g. overcome capacity concerns for the case of a transmission system operator.
- Appraise investment/trading opportunities in the shorter (market) and longer (planning) terms.
- Qualify as an authority with all-round knowledge and wide know-how of the field and the intertwined relations among the multitude of actors involved.
Academic Year: 2023-2024
Semester(s): Mini 3