Programme And Module Handbook
Course Details in 2021/22 Session

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Module Title Power System Economics
SchoolSchool of Engineering
Department Elec, Elec & Sys Engineering
Module Code 04 26641
Module Lead Dr Tao Zhang
Level Masters Level
Credits 20
Semester Semester 2
Restrictions 30 students maximum
Requires a suitable engineering background to the equivalent of level H
Contact Hours Lecture-25 hours
Tutorial-11 hours
Guided independent study-164 hours
Total: 200 hours
Description This module takes a complementary approach, and builds on existing knowledge about power system engineering, power market, energy economics and policy, and consumer behaviour, to help engineering students develop an interdisciplinary and theoretically informed understanding of power system economics. It will examine a range of contemporary policy, regulation and economics issues (competition, marketing restructuring, market power, whole sale and retailing, pricing mechanism, demand response and demand-side management) involved in the power and energy market.
Learning Outcomes By the end of the module students should be able to:
  • Understand the importance of economics theories in power and energy system;
  • Demonstrate knowledge and understanding of a range of essential economics concepts involved in the power and energy market, e.g. monopoly, competition, price elasticity, whole sale, retailing, market power, etc.;
  • Demonstrate the command of the skills of analysing market structures and the economic operation mechanisms of different types of energy and power markets;
  • Understand the development of energy policies for promoting the diffusion of innovative energy technologies , e.g. existing energy provision together with alternatives including renewables, smart grid and smart metering;
  • Develop a critical awareness of recent developments and academic research in the area of power system economics, e.g. dynamic pricing, demand-response, and demand-side management.
Assessment 26641-01 : Module mark : Mixed (100%)
Assessment Methods & Exceptions Group assignment (a group of 4 or 5 students to write a 2,500- word assignment) (25%) and Exam (75%)
Other None
Reading List