Customer Reviews

Power System Economics: Designing Markets for Electricity

5 star:		(2)
4 star:		(1)
3 star:		(0)
2 star:		(2)
1 star:		(1)

 

 

... or those wishing to see what economists really have to offer regarding power systems. Stoft's technical discussion of power markets, or locational pricing, mechanisms is just fine. But he offers nothing about the economics of electricity transmission, without which spatially diverse power markets are merely a theory. As such, his book is of no particular use to those looking to understand the economic issues that bedevil large power markets, like those in the US, where persistent transmission constraints can impair the functioning of the best "market architecture."
"Economics" is a loosely-used term in electricity market circles. Those wishing to understand the economic princiles behind power markets, as opposed to the mechanics of power systems, will have to look elsewhere.

cons: It covers a lot of entry level material regarding power system and economics. If you know both power system engineering and economics, it won't be a help since it is too elementary. If you don't know power system or economics, don't expect you can build up a solid background by reading this book.

pros: it is good review of EE101 and ECO101.

Alert: this book really didn't tell you anything about designing a electricity market: the fundmental incentive compatibility is not covered at all!

IT IS JUST A REVIEW BOOK, NOT A GUIDE BOOK YOU CAN DEPENDEND ON FOR MARKET DESIGN ADN ANALYSIS.

Stoft's book provides a coherent and logical framework for understanding power system economics. It discusses the key controversies (or "fallacies") in power markets in a clear and easily-understandable way. There is a lot of confusion on these topics these days, not only in the press, but in a lot of the literature. Lots of commentators have vested interests, which colours their analysis and comment. Stoft's book helps bring the debates back to first principles. A textbook like this can never anticipate every question or issue that arises in every power market in the world, but the book provides a good framework for understanding the fundamentals, which the reader can then apply and extend to issues of his/her own interest. A good read.

This book really disappointed me. It does not provide in-depth explanation s on concepts nor good examples.

This book is about good economics. It is not about the usual collection of market anecdotes, nor is it about engineering power systems. Power System Economics reviews all the key design elements of modern electricity wholesale markets, and puts them in their economic context. You will not find another book on the subject that is as comprehensive and well-researched.

Stoft has provided an excellent introduction to the new world of electric power, providing a helpful guide that speaks to the engineering and the economics.