Price-based Commitment Decisions in the Electricity Market (Advances in Industrial Control) 1st edition

With major structural changes will need to be thoroughly reexamined. This book discusses decision making for problems where a particular decision affects the options available at the next decision time. The deregulation of the electric utility industry will shift the emphasis from a cost-based to a price-based approach; the resulting occuring in the electric power industry, many long-standing ways of operation increase in uncertainty requires that a stochastic approach be adopted for optimal decision-making. This monograph covers a wide range of topics including dynamic programming, ordinal optimization, price modelling and forecasting, future market decisions, reserve market decisions and decisions in a congested market place.