Power System Economics: Designing Markets for Electricity 1st Edition

by Steven Stoft (Author)

13 ratings

ISBN-13: 978-0471150404

ISBN-10: 0471150401

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The first systematic presentation of electricity market design-from the basics to the cutting edge. Unique in its breadth and depth. Using examples and focusing on fundamentals, it clarifies long misunderstood issues-such as why today's markets are inherently unstable. The book reveals for the first time how uncoordinated regulatory and engineering policies cause boom-bust investment swings and provides guidance and tools for fixing broken markets. It also takes a provocative look at the operation of pools and power exchanges.
* Part 1 introduces key economic, engineering and market design concepts.
* Part 2 links short-run reliability policies with long-run investment problems.
* Part 3 examines classic designs for day-ahead and real-time markets.
* Part 4 covers market power, and
* Part 5 covers locational pricing, transmission right and pricing losses.
The non-technical introductions to all chapters allow easy access to the most difficult topics. Steering an independent course between ideological extremes, it provides background material for engineers, economists, regulators and lawyers alike. With nearly 250 figures, tables, side bars, and concisely-stated results and fallacies, the 44 chapters cover such essential topics as auctions, fixed-cost recovery from marginal cost, pricing fallacies, real and reactive power flows, Cournot competition, installed capacity markets, HHIs, the Lerner index and price caps.

About the Author
Steven Stoft has a Ph.D. in economics (U.C. Berkeley) as well as a background in physics, math, engineering, and astronomy. He spent a year inside FERC and now consults for PJM, California and private generators. Learn more at www.stoft.com.

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Scott C. Nelson

Five Stars

Reviewed in the United States on September 23, 2016

One of the most amazing and practical Econ books ever.

One person found this helpful

Helpful

Rajat Sood

Solid coherent text

Reviewed in the United States on September 12, 2002

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.

9 people found this helpful

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Sabine Schnittger

Economics, not engineering for a change

Reviewed in the United States on September 12, 2002

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.

7 people found this helpful

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J. Jaing

A combination of EE101 and ECO101.

Reviewed in the United States on September 5, 2002

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.

9 people found this helpful

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Haowei Liu

Lacks of good examples

Reviewed in the United States on May 21, 2008

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

One person found this helpful

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Belizza Ruiz

Excelente

Reviewed in the United States on May 4, 2022

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