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2 Organizations and Markets in the Electric Power Industry
Pages 32-43

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From page 32...
... Key among these structures is the Federal Energy Regulatory Commission (FERC) , the North American Electric Reliability Corporation (NERC)
From page 33...
... In 1973, the utility industry formed the Electric Power Research Institute to pool research and improve reliability. After another blackout occurred in New York City in July 1977, Congress reorganized the FPC into the Federal Energy Regulatory Commission (FERC, 2015d)
From page 34...
... Following the establishment of NERC as the electric reliability organization for North America, FERC approved 83 NERC Reliability Standards, representing the first set of legally enforceable standards for the bulk electric power system in the United States. On April 19, 2007, FERC approved agreements delegating its authority to monitor and enforce compliance with NERC reliability standards in the United States to eight regional entities, with NERC continuing in an oversight role (NERC, 2013b)
From page 35...
... Currently Duke Power, Southern Company, and the Tennessee Valley Authority in the Southeast, and the Bonneville Power Administration in the Pacific Northwest are among those that largely utilize bilateral transactions. The organized wholesale power markets in the United States are these:
From page 36...
... . A multistate independent system operator that serves approximately 61 million customers across 62,556 miles of transmission lines with an installed generation capacity of 183,604 MW.
From page 37...
... Energy prices are co-optimized with some ancillary service products -- which are the additional requirements, beyond just electric energy, for operating the electric grid. Examples include reactive power needed to maintain transmission voltages within acceptable limits, load frequency control to continually match the total generation to the total load (plus losses)
From page 38...
... . ISO-NE's day-ahead market respects operating reserve requirements but does not co-optimize energy and operating reserves (IRC, 2014)
From page 39...
... With faster supercomputers and improved analytics, a solution with a full ac power flow may now be possible. PJM also operates a day-ahead scheduling reserve market used to ensure energy reserves are available for up to 30 minutes to deal with unexpected system conditions during the operating day (IRC, 2014)
From page 40...
... NYISO shortage pricing is included within its optimization tools for energy and ancillary services. PJM sets shortage prices using an operating reserve demand curve that sets the price to serve as a "penalty factor" for being unable to meet the reserve requirement.
From page 41...
... The gas markets include the Declared Wholesale Gas Market in Victoria, the Short-Term Trading Markets, and the Wallumbilla Gas Supply Hub. AEMO's corporate brochure states "AEMO oversees the vital system operations and security of the National Electricity Market Power System and the Victorian Gas Declared Transmission System" (AEMO, 2014)
From page 42...
... . CONCLUSIONS The day-ahead market unit commitment problem is the most complex math problem solved by most of the ISO/RTOs that operate power markets.
From page 43...
... 1993. Public Utility Holding Company Act of 1935: 1935-1992.


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