Optimization Principles - Practical Applications to the Operation and Markets of the Electric Power Industry

Today's need-to-know optimization techniques, at your fingertips The use of optimization methods is familiar territory to academicians and researchers. Yet, in today's world of deregulated electricity markets, it's just as important for electric power professionals to have a solid grasp of these increasingly relied upon techniques. Making those techniques readily accessible is the hallmark of Optimization Principles: Practical Applications to the Operation and Markets of the Electric Power Industry. With deregulation, market rules and economic principles dictate that commodities be priced at the marginal value of their production. As a result, it's necessary to work with ever-more-sophisticated algorithms using optimization techniques-either for the optimal dispatch of the system itself, or for pricing commodities and the settlement of markets. Succeeding in this new environment takes a good understanding of methods that involve linear and nonlinear optimization, including optimal power flow, locational marginal prices for energy, and the auction of hedging instruments. In its comprehensive, skill-building overview of optimization techniques, Optimization Principles puts you on the same footing with algorithm-savvy software developers. Starting with a helpful look at matrix algebra fundamentals, this just-in-time reference covers: Deregulated electricity markets: terminology and acronyms Solution of equations, inequalities, and linear programs Unconstrained and constrained nonlinear optimization Applications to practical problems addressing system dispatch, market design, and material procurement And related topics As an aid to the uninitiated, appendices provide a brief description of basic principles of electricity, and the development of network equations. Optimization Principles allows you to learn optimization methods at your own pace using Microsoft Excel or MATLAB software, and it includes an FTP web site with downloadable Excel spreadsheets and problems. After mastering these practical applications, you can then refer to chapters that highlight the theoretical background of the algorithms and resulting solutions. The book also includes a Web site with downloadable files of all example problems and solved problems. Ideal for engineers, other electric power professionals, and advanced engineering students, Optimization Principles demystifies the electric power industry under deregulation-and delivers a complete, learn-as-you-go tutorial of optimization techniques that no other resource can match.