Contents

1. Overview of electric power systems

• 1.1 Electricity: basic terminology
• 1.2 Physical setup of electric power systems
• 1.3 Market structure of electricity industry
• 1.4 Renewables in the electric power systems

  3. The cost of electricity

• 3.1 Cost of generating electricity
• 3.2 Cost metric I: Levelized Cost
• 3.3 Cost metric II: Screening Curves
• 3.4 Short-term vs. long-term profitability

  4. The price and value of electricity

• 4.1 Electricity price variability
• 4.2 A short-run model: merit-order dispatch
• 4.3 A quick detour: models in electricity economics
• 4.4 Another short run model: Unit Commitment
• 4.5 Market value
• 4.6 Different price discovery mechanisms

  5. Optimal capacity mix and scarcity pricing

• 5.1 The load duration curve
• 5.2 The optimal thermal generation mix
• 5.3 The impact of cost changes
• 5.4 The impact of renewable energy
• 5.5 Scarcity or peak-load pricing model

  6. Cost of Renewable Electricity

• 6.1 The boom in wind and solar power
• 6.2 Declining costs of wind and solar power

  7. Value of Renewable Electricity

• 7.1 Market value of wind and solar energy
• 7.2 Optimal deployment

  8. Renewable Energy Support Schemes

• 8.1 Policies for deployment of renewables
• 8.2 Investment incentives
• 8.3 Quantity based schemes
• 8.4 Price based schemes
• 8.5 Other production based incentives
• 8.6 Risk exposure under support schemes
• 8.7 Duality of quantities and prices
• 8.8 Technology differentiation

  9. Renewable Energy Auction Design

• 9.1 Introduction
• 9.2 Principles and elements of auction design
• 9.3 General design elements
• 9.4 Auction procedure
• 9.5 Eligibility requirements
• 9.6 Obligations, deadlines and penalties
• 9.7 Institutional set-up