Course Information

Course Name	Turkish	Electricity Markets
	English	Electricity Markets
Course Code	ELK 578E	Credit	Lecture (hour/week)	Recitation (hour/week)	Laboratory (hour/week)
Semester	-	3	3	-	-
Course Language		English
Course Coordinator		Ramazan Çağlar Canan Karatekin
Course Objectives		The aim of this course is: 1. To introduce the objectives of deregulation, market players, and alternative structures of the restructured electricity market. 2. To discuss the concepts from microeconomics that is essential for the understanding of electricity markets. 3. To analyze of the operation of power systems in a competitive environment. 4. To evaluate the pricing of transmission networks and to compute the locational marginal pricing. 5. To examine power system security and its effects on electricity prices. 6. To understand the need for regulation, alternative approaches to investment pricing. 7. To design the electricity markets.
Course Description		Introduction: Necessity for competition in the electricity markets , Fundamentals of Markets , Market Players, Models of Competition Markets for electrical energy: The need for a managed spot market, Open electrical energy markets. Participating in markets for electrical energy: The consumer’s and the producer’s perspective. System security and ancillary services: Describing the Needs, Obtaining ancillary services. Transmission networks and electricity markets: Decentralized (bilateral) and centralized (pool-based) trading over a transmission network. Investing in generation and transmission: Generation capacity from an investor’s and the costumer’s perspective, The nature of the transmission business, Cost-based and Value-based transmission expansion.
Course Outcomes		After the successively completion of this course, the students will be able to: 1. Comprehend the economic principles underlying the introduction of competition in electricity market. 2. Understand the structure of electricity markets. 3. Analyze the operation of power systems in a competitive environment. 4. Understand the market power, the locational pricing and nodal pricing. 5. Calculate the energy price, transmission price and congestion price in electricity market. 6. Evaluate the effects of the system security and ancillary services in electricity market.
Pre-requisite(s)
Required Facilities		Become familiar with the optimization problem and use of programs such as Matlab, Mathematica and power flow programs, i.e., PowerWorld, Matpower etc. may be required.
Other		Project presentation at the end of the semester.
Textbook		S. Stoft, Power System Economics: Designing Markets for Electricity, IEEE Press, 2002.
Other References		1. D. S. Kirschen and G. Strbac, Fundamentals of Power Systems Economics, John Wiley & Sons, 2004.G. 2. G. Rothwell, T. Gómez, Electricity Economics: Regulation and Deregulation (IEEE Press Series on Power Engineering) ISBN: 978-0-471-23437-,1 February 2003, Wiley-IEEE Press 3. Chris Harris, Electricity Markets: Pricing, Structures and Economics, The Wiley Finance Series, John Willey & Sons, 2006 4. J. Momoh (Editor) and L. Mili (Editor), Economic Market Design and Planning for Electric Power Systems ISBN: 978-0-470-47208-8, January 2010, Wiley-IEEE Press 5. B. Shively and J. Ferrare, Understanding Today's Electricity Business, Enerdynamics Corp. ISBN:978-0-9741744-1-9, 5th Edition 2010

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