Power System Planning and Markets (ELEC5212)
UNIT OF STUDY
Deregulation of the electricity industry has fundamentally changed the power systems operation paradigm. The focus has shifted from central planning of vertically integrated utilities to market driven operation. Traditional electric energy producers and consumers play new roles in a power market environment and their behaviors are affected by the economic incentives to a large extent. Nevertheless, electric energy is a special commodity and cannot be traded as the other common goods. So a power market design has many special considerations compared with a conventional commercial market design. Knowledge of the power market mechanisms has become a necessary part in fully understanding the whole power system operations. To equip students with necessary skills to address the challenges of modern power systems, the unit will cover the following topics:
-Overview of the traditional electricity industry structure and operation: Economic dispatch, Power system operation states and respective reliability requirements.
-Drivers for the restructuring of the electricity industry.
-Electricity market design: Market structures (spot, bilateral, hybrid); Energy market; Ancillary services market; Key components in an electricity market.
-Electricity market participants and their roles in a market.
-Electricity economics: Power market from suppliers' view (Supply curve) and from demands' view (Demand curve); Market mechanism; Price and its elasticity; Cost and supply; Market power and monopoly.
-Cost of capital: Time value of money; Project evaluation methods from investments' point of view; Risk and return.
-Operation mechanisms of various designs of power markets.
-Power market practices around the world.
-Power system expansion planning: Fundamental knowledge of power system planning considerations, procedures and methods; Transmission planning; Generation planning; Power system adequacy assessment.
ELEC5212 is a specialist Unit for MPE (Power) and ME (Electrical and Power). It is also available as a recommended elective for BE Electrical (Power). This unit focuses on the power market principles and practices. Based on the knowledge of the power market operation, the power system planning procedures and methods will also be discussed.
Our courses that offer this unit of study
- Bachelor of Engineering Honours (Aeronautical)
- Bachelor of Engineering Honours (Biomedical)
- Bachelor of Engineering Honours (Chemical and Biomolecular)
- Bachelor of Engineering Honours (Civil)
- Bachelor of Engineering Honours (Dalyell Scholars)
- Bachelor of Engineering Honours (Electrical)
- Bachelor of Engineering Honours (Mechanical)
- Bachelor of Engineering Honours (Mechatronic)
- Bachelor of Engineering Honours (Software)
- Bachelor of Engineering Honours and Bachelor of Arts
- Bachelor of Engineering Honours and Bachelor of Commerce
- Bachelor of Engineering Honours and Bachelor of Laws
- Bachelor of Engineering Honours and Bachelor of Medical Science
- Bachelor of Engineering Honours and Bachelor of Project Management
- Bachelor of Engineering Honours and Bachelor of Science
- Bachelor of Engineering Honours with Advanced Engineering
- Bachelor of Engineering Honours with Space Engineering Major
- Bachelor of Project Management and Bachelor of Arts
- Graduate Certificate in Engineering
- Graduate Diploma in Engineering
- Master of Engineering (Electrical Engineering)
- Master of Engineering (Power Engineering)
- Master of Engineering (Risk Management)
- Master of Engineering (Telecommunications Engineering)
- Master of Professional Engineering (Electrical)
- Master of Professional Engineering (Power)
Further unit of study information
Lectures, Tutorials, Laboratories
Through semester assessment (50%) and Final Exam (50%)
Faculty/department permission required?
Unit of study rules
ELEC3203 or ELEC9203 OR ELEC5732
The pre-required knowledge for learning this UoS is power system steady state analysis
Study this unit outside a degree
If you wish to undertake one or more units of study (subjects) for your own interest but not towards a degree, you may enrol in single units as a non-award student.
If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.