Electricity Market And Energy Economic And Strategic Planning
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INTRODUCTION
In economic terms, Electricity is a commodity capable of being bought, sold and traded. An Electricity Market is a system for effecting purchases, through bids to buy; sales, through offers to sell; and short-term trades, generally in the form of financial or obligation swaps. Bids and offers use supply and demand principles to set the price. Long-term trades are contracts similar to power purchase agreements and generally considered private bi-lateral transactions between counterparties.
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COURSE OBJECTIVES
By the end of the course, you‘ll be able to:
- Understand the fundamental micro-economic principles underpinning the fundamental model of electricity markets;
- Discuss lessons from practice and experience of senior executives about the positions of different stakeholders on the key market design issues;
- Discuss different wholesale electricity market models adopted by different countries and the lessons from 30 years of liberalization on what works;
- Discuss how the ongoing energy crisis in Europe has revived the debate on the issues with the current market design based on the marginal cost approach.
- Analyses the issues that caused the current crisis and the policy responses and the different proposals for alternative market models that have been put forward by scholars and experts.
- Discuss the role of scarcity pricing and capacity mechanisms and efficient design rules for balancing and reserves;
- Review the challenges associated with the evolution of the role of TSOs and DSOs;
- Discuss the potential for market power and present measures to mitigate market power;
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COURSE AUDIENCE
This course is made for
- Design Engineer
- Electrical Controls Engineer
- Electrical Design Engineer
- Electrical Engineer
- Electrical Project Engineer
- Electronics-research engineer
- Instrumentation and Electrical (I&E) Reliability Engineer
- Power Systems Engineer
- Project Engineer
- Test Engineer
- illuminating engineer
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COURSE OUTLINE
Day One
Power Project Economics
- The cost structure and returns of power projects
- Global vs local business case variables (Examples of different country risk factors)
- Investors, “bankability” and project financing
- Example: showing how solar prices have dropped so low in markets such as the UAE
Day Two
Power System Disruption and the Economic Impacts
- A system perspective on electricity costs, prices and value propositions
- Examples using a LCOE calculator in Excel
- Contrasting wholesale vs. retail prices in example Asian and European markets
- Electricity markets and their prices
- Examples of the critical importance of peak demand to energy prices, price volatility and the changing economic of power plants (illustrated using examples from Australia, Europe and the US)
Day Three
Creating Value from Capacity and Flexibility
- Revenue streams from power capacity
- Examples of markets which monetize grid services such as frequency response and reserves (comparing examples from Asia, the US and Europe)
- Examples of markets which monetize future supply security: capacity markets
- New business models from flexibility
- Examples illustrating the growth of dispatchable renewable power projects (including case studies from India and the US)
- “Aggregation”: Examples and business models for clean power at different scales (from Japan, Europe and Australia)
- Emerging power plant flexibility options, including hydrogen production (including new offshore wind case study)
Day Four
Competition, Innovation and the End-Customer
- Selling electricity in competitive environments
- Examples of market competitive structures and industry unbundling
- Examples of electricity retail tariff innovation from around the world
- Selling direct to business: corporate PPAs and price protection approaches (examples from Asia)
- Growing and emerging challenges and opportunities in the electricity value chain
Day Five
Portfolio Analysis
- Demand & Supply
- Demand & Supply Equilibrium Price
- Value AT Risk
- Strategic Planning
- Multiyear Plan
- Multi Area Forecasting
- Budget
- Forward Prices
Financial Transmission Rights
- Transmission Pricing
- Congestion Management
- Auction
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