Power System Economics
Module Title - Power System Economics
Number of credits – 20
This module takes a complementary approach, and builds on existing knowledge about power system engineering, power market, energy economics and policy, and consumer behaviour, to help engineering students develop an interdisciplinary and theoretically informed understanding of power system economics.
It will examine a range of contemporary policy, regulation and economics issues (competition, marketing restructuring, market power, whole sale and retailing, pricing mechanism, demand response and demand-side management) involved in the power and energy market.
By the end of the module you will be able to:
- Understand the importance of economics theories in power and energy system;
- Demonstrate knowledge and understanding of a range of essential economics concepts involved in the power and energy market, e.g. monopoly, competition, price elasticity, whole sale, retailing, market power, etc.;
- Demonstrate the command of the skills of analysing market structures and the economic operation mechanisms of different types of energy and power markets;
- Understand the development of energy policies for promoting the diffusion of innovative energy technologies , e.g. existing energy provision together with alternatives including renewables, smart grid and smart metering;
- Develop a critical awareness of recent developments and academic research in the area of power system economics, e.g. dynamic pricing, demand-response, and demand-side management.
Teaching and assessment: