Course - Power Markets, Resources and Environment - TET4185
Power Markets, Resources and Environment
About
About the course
Course content
This course covers the principles and concepts of electricity markets, emphasizing Norwegian/Nordic solutions. It explores technical aspects of power systems, optimization, and economics, all presented with a strong emphasis on mathematical rigor. The course is tailored for graduate-level learners with a foundational understanding of the electric industry who seek a more in-depth understanding of the intricacies of electricity market operations.
The course encompasses a wide array of topics, providing background knowledge on microeconomic fundamentals relevant to power markets, system operation, tariff structures, congestion management, optimal power flow, nodal pricing, flow-based market coupling, ancillary services, and environmental policies.
Learning outcome
The pedagogical approach is to first discuss the electricity market clearing process in the absence of transmission constraints and then introduce transmission constraints and their implications. This approach will be extended by adding environmental policy to the established market clearing in the previous steps.
Knowledge:
After completing the course, the student will be able to recognize, analyze, and assess:
- How deregulated power markets work (understand the significance of the different power market mechanisms) and market behavior and price for different forms of competition
- Analyze the operation of electricity networks and their influence on market clearing.
- Assess tools and strategies for carbon emission reduction and their economic repercussions in power markets.
Skills:
Students will develop the ability to:
- Formulate market simulation problems with mathematical expressions and as an optimization problem
- Apply methods to manage transmission congestion effectively.
- Conduct optimal dispatch and power flow calculations using optimization techniques.
The course aims to enhance the following skills:
- Teamwork skills through interdisciplinary collaboration.
- Communication skills, enabling effective discourse with both specialists and laypersons through various forms of presentations and reports.
This course not only builds foundational knowledge but also equips students with practical skills and an understanding of the details involved in electricity market operations, preparing them for advanced roles in the energy sector.
Learning methods and activities
Lectures, exercises, and project assignment. The course is given in English.
Compulsory assignments
- Assignment 1
- Assignment 2
- Assignment 3
- Assignment 4
- Assignment 5
- Assignment 6
Further on evaluation
To be eligible for the final evaluation, 6 assignments must be approved out of 9 assignments. Additionally, it is compulsory to secure approval for at least one assignment from the set of assignments 7 through 9.
The final evaluation will be based on the project assignment (counting 100%) based on % fulfilment. Final grading will be from A to F. If failed in the project assignment, the student should resubmit an improved project in a re-sit submission. In the case that the student receives a F/Fail as a final grade after both ordinary assessment and re-sit, then the student must retake the course in its entirety. Submitted work that counts towards the final grade will also have to be retaken.
Recommended previous knowledge
TET4105 Power System Analysis 1, TET4135 Energy system planning and operation or similar.
Course materials
Textbook and additional material provided during the course. More information is provided at the start of the course.
Credit reductions
| Course code | Reduction | From |
|---|---|---|
| SIE1065 | 7.5 sp |
Subject areas
- Electrical Power Engineering
- Technological subjects
- Economics