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Low-carbon Grids: Operation & Economics (ELEN90092)

Graduate courseworkPoints: 12.5On Campus (Parkville)

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Overview

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Semester 1
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This subject introduces the student to foundational aspects of economic, secure and reliable operation of low-carbon power systems and electricity markets with large shares of variable and uncertain renewable energy sources. The underlying framework is the so-called “affordability-sustainability-security” energy trilemma, which seeks to strike a delicate balance among: the desire to operate power systems at low cost (“affordability”); the desire to meet specific environmental targets (“sustainability”); and the need to “keep the lights on” (“security”). In order for the energy trilemma to be analysed in the context of a competitive market environment, the subject will provide the student with fundamentals of economics, operation of electricity markets, optimal bidding strategies of different market stakeholders, economics of transmission and distribution networks, and role of new technologies and commercial entities such as storage and aggregators. Different aspects of power system security will be analysed, from system-level requirements and constraints to provision of security services from market stakeholders. Basic concepts of optimization, including linear, quadratic, and mixed integer linear programming, will also be taught to provide the student with the tools required to understand and model current and future power system and energy market operation.

Intended learning outcomes

On completion of this subject, students will be able to:

  • ILO 1 - Master fundamental knowledge of mathematical programming techniques and basic optimization tools for power system and electricity market applications
  • ILO 2 - Assess different operational aspects of supply and demand balance and security, what requirements are needed in the presence of renewables, and how security considerations affect the techno-economic operation of a power system, with use of simulation tools and software packages for network-constrained system and market operation
  • Explain different aspects of power system security and the difference between security and reliability, and discuss what means could be put in place to make a low-carbon power system more secure and reliable
  • ILO 4 - Master basic concepts from economics and their applications to network-constrained and security-constrained electricity markets with variable and uncertain renewables
  • ILO 5 - Develop optimal bidding strategies for different electricity market stakeholders and evaluate the behaviour of electricity market agents subject to price uncertainty

Generic skills

  • Ability to apply fundamental mathematical programming concepts to problems in power systems and electricity markets;
  • Ability to apply fundamentals of science, engineering and economics to solve real-life problems associated with power systems and electricity markets;
  • Ability to identify, formulate, analyse and solve practical techno-economic engineering problems;
  • Ability for in-depth technical competence in power system engineering and electricity market topics;
  • Ability to communicate and work effectively with teams;
  • Capacity for independent critical thought, rational assessment and self-directed learning;
  • Ability to write technical reports in a clear and concise manner;
  • Ability to present results of technical investigation to a large audience

Last updated: 8 November 2024