ESE5012 Economics of Power SystemsBahçeşehir UniversityDegree Programs ENERGY AND ENVIRONMENT MANAGEMENT (TURKISH, THESIS)General Information For StudentsDiploma SupplementErasmus Policy StatementNational Qualifications
ENERGY AND ENVIRONMENT MANAGEMENT (TURKISH, THESIS)
Master TR-NQF-HE: Level 7 QF-EHEA: Second Cycle EQF-LLL: Level 7

Course Introduction and Application Information

Course Code Course Name Semester Theoretical Practical Credit ECTS
ESE5012 Economics of Power Systems Fall
Spring
3 0 3 12
This catalog is for information purposes. Course status is determined by the relevant department at the beginning of semester.

Basic information

Language of instruction: Turkish
Type of course: Departmental Elective
Course Level:
Mode of Delivery: Face to face
Course Coordinator : Dr. Öğr. Üyesi HATİCE ESER ÖKTEN
Recommended Optional Program Components: none
Course Objectives: The objective of the course is to familiarize the students with the restructuring electricity supply industry, and to teach them how to analyse the operation of power systems in a competitive environment. For this purpose, the course provides a review of the concepts from micro economics that are essential for the understanding of electricity markets. The transmission network is not considered to make the analyses relatively simple.

Learning Outcomes

The students who have succeeded in this course;
1. The student knows supply and demand relationships.
2. Knows how firms adjust their operations in a competitive environment.
3. Can analyze monopolistic and duopolistic market behaviour of electricity generating companies.
4. Can differentiate between different forms and functions of the electricity markets and their related instruments in the competitive environment.
5.Has knowledge about bilateral trading, and electricity pools.
6. Undrestand how managed spot markets operate and the settlement process.
7. Has knowledge and understanding of system security and ancilliary services concepts.

Course Content

Restructured electricity markets, models of competition, supply and demand for electricity, types of electricity markets, operations of electric power producers in a competitive system, system security issues.

Weekly Detailed Course Contents

Week Subject Related Preparation
1) Overview of Power Systems and its economy Course schedule and expectations
2) What is the competition? competitive models monopoly Procurement organization Wholesaling Retailing Privatization and competition
3) Basic Economic Concepts, basic information on the markets: modeling of consumers modeling of manufacturers
4) Basic Economic Concepts, basic information on the markets: Market equilibrium Pareto efficiency Social welfare
5) Basic Economic Concepts, Concepts related to the Company Theory Production inputs and outputs costs Short-and long-term
6) Basic Economic Concepts, market types: Spot market Contracts (Markets and Futures Contracts, Options, Differences Contract) Non-Competetive Markets(Duopoly, Monopoli)
7) Electricity Markets, Definitions and rules: The spot market and the need for management Energy markets open to competition (bilateral trade, electricity pool)
8) Mid-Term / Electricity Markets: Balancing-Reconciliation process Spot market management
9) Electricity Markets: Balancing-Reconciliation process Spot market management
10) Electricity Markets, different participants: The consumer side (retail sales) producer side
11) Producer side: full competition Produce / buy Imperfect competition
12) Location of marginal low-cost manufacturing plants in the position, Hybrid participants
13) Examples
14) FINAL / System Security and Additional Services: Balancing issues Network issues, The system repair (restoration)

Sources

Course Notes / Textbooks: 1. Ana Kitap: “Fundamentals of Power System Economics”, Daniel Kirschen, Goran Strbac, 2004
2. Yardımcı Kitap: Power System Economics Designing Markets for Electricity, Steven Stoft, 2002

Ders notları ve diğer ek bilgiler, dersten sorumlu öğretim elemanı tarafından sağlanacaktır.

1. Major Refernce Book:“Fundamentals of Power System Economics”, Daniel Kirschen, Goran Strbac, 2004

2. Additional Reference Book:Power System Economics Designing Markets for Electricity, Steven Stoft, 2002
References: 1. Major Refernce Book:“Fundamentals of Power System Economics”, Daniel Kirschen, Goran Strbac, 2004

2. Additional Reference Book:Power System Economics Designing Markets for Electricity, Steven Stoft, 2002

Evaluation System

Semester Requirements Number of Activities Level of Contribution
Attendance 14 % 10
Homework Assignments 3 % 15
Midterms 1 % 25
Total % 50
PERCENTAGE OF SEMESTER WORK % 50
PERCENTAGE OF FINAL WORK %
Total % 50

ECTS / Workload Table

Activities Number of Activities Duration (Hours) Workload
Course Hours 14 3 42
Study Hours Out of Class 14 7 98
Midterms 1 8 8
Final 1 42 42
Total Workload 190

Contribution of Learning Outcomes to Programme Outcomes

No Effect 1 Lowest 2 Low 3 Average 4 High 5 Highest
           
Program Outcomes Level of Contribution
1) Building energy and environment-oriented engineering problems, producing solutions by employing innovative methods
2) Gaining the abilitiy to reach the knowledge by employing scientific research and literature survey
3) Integration and application of limited or missing information by using scientific methods and ability to combine information from different disciplines
4) Gaining ability to develop innovative and original ideas, designs and the solutions
5) Gaining knowledge and information on modern techniques and methods that are available in engineering applications and comprhensive knowledge on adaptation and applicability of these techniques
6) Ability to employ analytical, modeling, and experimental design, and implement research-based applications; ability to analyze and interpret complex conditions might occure during this process
7) Leadership in multi-disciplinary teams, offering solutions for complex cases and undertaking responsibility in such cases
8) Expressing professional skills and results of the studies verbally or written in national or international environments
9) Adequacy on consideration of social, scientific and ethical values on any professional work
10) Awareness about innovations on operations and application areas of the profession and ability to review and learn improvements when necessary
11) Understanding social and environmental extents of engineering applications and ability to harmony with the social environment