Course Details

This course is appropriate for a wide range of professionals but not limited to:

• Power System Control Engineers
• Load Dispatch and Grid Operators
• Power Plant Performance Engineers
• Economic and Market Analysts
• Generation Planning Specialists

• Expert-led sessions with dynamic visual aids
• Comprehensive course manual to support practical application and reinforcement
• Interactive discussions addressing participants’ real-world projects and challenges
• Insightful case studies and proven best practices to enhance learning

By the end of this course, participants should be able to:

• Explain the fundamental economic principles of power system operation.
• Calculate the incremental cost of generating units.
• Apply the Equal Incremental Cost Criterion for optimal dispatch.
• Incorporate transmission losses into the economic dispatch calculation.
• Detail the operational constraints that affect economic dispatch decisions.
• Analyze the impacts of system security and emissions on dispatch solutions.

DAY 1

Fundamentals of Power System Economics

• Welcome and Introduction
• Pre-test
• Overview of the Electric Power System Structure
• Defining Core Economic Concepts: Cost, Revenue, and Profit
• Understanding Production Cost and Input-Output Curves
• Calculating Incremental Fuel Cost and Heat Rate
• Introduction to the Goal of Economic Dispatch

DAY 2

Classical Economic Dispatch Theory

• The Concept of Equal Incremental Cost
• Mathematical Formulation of Economic Dispatch without Losses
• Developing the Coordination Equation
• Solution Methods using Lambda Iteration
• Handling Generator High and Low Operating Limits
• Economic Dispatch with Piecewise Linear Cost Functions

DAY 3

Incorporating System Constraints

• Impact of Transmission Losses on Dispatch
• The Concept of Penalty Factors and their Calculation
• Economic Dispatch Mathematical Formulation with Losses
• Application of the B-Coefficient Method for Losses
• Considering Generator Rate Limits and Ramp Rates
• Introduction to Security-Constrained Economic Dispatch

DAY 4

Advanced Dispatch Topics

• Understanding Constraints Imposed by Emission Limits
• Economic Dispatch in Deregulated Electricity Markets
• Introduction to Locational Marginal Pricing (LMP)
• Treatment of Must-Run and Non-Dispatchable Units
• Application of Optimization Techniques (Linear Programming)
• Operational Impacts of Load Forecasting Accuracy

DAY 5

Practical Implementation

• Review of Dispatch Software and Tools
• Practical Case Studies in Economic Dispatch Solution
• Coordination with Unit Commitment Decisions
• Real-Time System Monitoring and Adjustments
• Future Trends: Renewables and Distributed Energy Resources
• Post-test
• Certificate ceremony