The Economics of Microgrids
Description
In The Economics of Microgrids, a pair of distinguished researchers delivers an expert discussion of the microeconomic perspectives on microgrids in the context of low-carbon, sustainable energy delivery. In the book, readers will explore an engineering economics framework on the investment decisions and capital expenditure analyses required for an assessment of microgrid projects. The authors also examine economic concepts and models for minimizing microgrid operation costs, including the cost of local generation resources and energy purchases from main grids to supply local loads.
The book presents economic models for the expansion of microgrids under load and market price uncertainties, as well as discussions of the economics of resilience in microgrids for optimal operation during outages and power disturbances. Readers will also find:
A thorough introduction to the engineering and economics of microgrids
Comprehensive explorations of microgrid planning under uncertainty
Practical discussions of microgrid expansion planning, operations management, and renewable energy integration
Fulsome treatments of asset management and resilience economics in microgrids
Perfect for senior undergraduate and graduate students as well as researchers studying power system design, The Economics of Microgrids will also benefit professionals working in the power system industry and government regulators and policymakers with an interest in microgrid technologies and infrastructure.
<b>THE ECONOMICS OF MICROGRIDS</b>
<b>An incisive and practical exploration of the engineering economics of microgrids</b>
In <i>The Economics of Microgrids</i>, a pair of distinguished researchers delivers an expert discussion of the microeconomic perspectives on microgrids in the context of low-carbon, sustainable energy delivery. In the book, readers will explore an engineering economics framework on the investment decisions and capital expenditure analyses required for an assessment of microgrid projects. The authors also examine economic concepts and models for minimizing microgrid operation costs, including the cost of local generation resources and energy purchases from main grids to supply local loads.
The book presents economic models for the expansion of microgrids under load and market price uncertainties, as well as discussions of the economics of resilience in microgrids for optimal operation during outages and power disturbances. Readers will also find:
<ul><li>A thorough introduction to the engineering and economics of microgrids</li><li>Comprehensive explorations of microgrid planning under uncertainty</li><li>Practical discussions of microgrid expansion planning, operations management, and renewable energy integration</li><li>Fulsome treatments of asset management and resilience economics in microgrids</li></ul>Perfect for senior undergraduate and graduate students as well as researchers studying power system design, <i>The Economics of Microgrids</i> will also benefit professionals working in the power system industry and government regulators and policymakers with an interest in microgrid technologies and infrastructure.
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Persons
Ali Arabnya, PhD, (a.k.a. Ali Arab) is a Research Professor of Electrical and Computer Engineering at the University of Denver. Prior, he was a consultant climate economist with the World Bank in Washington, DC. His research is focused on climate resilience, decarbonization, energy systems, and climate finance.
<b>Amin Khodaei, PhD,</b> is a Professor of Electrical and Computer Engineering at the University of Denver. His research is focused on the climate crisis, the grid of the future, and grid-enabling technologies including artificial intelligence and quantum computing. He has published over 200 peer-reviewed technical articles on various aspects of electric grid modernization.
<b>Ali Arabnya, PhD,</b> (a.k.a. Ali Arab) is a Research Professor of Electrical and Computer Engineering at the University of Denver. Prior, he was a consultant climate economist with the World Bank in Washington, DC. His research is focused on climate resilience, decarbonization, energy systems, and climate finance.
Content
<b>Chapter 1:</b> Fundamentals of Microgrids
Introduction to microgrids
Distributed energy resources for microgrids
The role of microgrid in power systems
Reliability
Resiliency
Power quality
Microgrid technologies
Microgrid power management and control
Microgrid Islanding
Microgrid Protection
Microgrid Communications and Human Machine Interface (HMI)
Overview
<b>Chapter 2:</b> Microgrid Operations Economics
Fundamentals of microgrid operation
Dynamics of optimal scheduling in microgrids
An economic model for microgrid optimal scheduling with multi-period islanding
Case study
Summary
<b>Chapter 3:</b> Resilience Economics in Microgrids
The art of resilience
The impact of uncertainty
An economic model for microgrid resilience
Case study
Summary
<b>Chapter 4:</b> Community Microgrid Operations Management
Principles of microgrid operations
Economic variables in community microgrid operations
An economic model for community microgrid operations management
Master controller
Local controller
Price signal calculation
Uncertainty consideration
Case study
Summary
<b>Chapter 5:</b> Provisional Microgrids for Renewable Energy Integration
Economic considerations in provisional microgrids
An economic model for provisional microgrids
Component Modeling
Master Problem Scheduling
Case study
Summary
<b>Chapter 6:</b> Engineering Economics of Microgrid Investments
Principles of engineering economics in microgrids
Economic variables in microgrid investments
Capital expenditure and cash flow analysis in microgrids
Microgrid with a Single DER
Microgrid with Multiple DERs
Case study
Summary
<b>Chapter 7:</b> Microgrid Planning under Uncertainty
Dynamics of uncertainty in microgrids
Economics of uncertainty in microgrids
An economic model for microgrid planning under uncertainty
Microgrid Planning Objective
Planning Constraints
Operational Constraints
Economic Assessment of DER Selection
Case study
Summary
<b>Chapter 8:</b> Microgrid Expansion Planning
Principles of microgrid expansion
Economic variables for microgrid expansion
AC vs. DC Microgrid Planning
Hybrid Microgrid Planning
Economic viability assessment model
Case study
Summary
<b>Chapter 9:</b> Microgrids for Asset Management in Power Systems
Principles of asset management
Economic variables in microgrid asset management
The IEEE Standard
Transformer asset management via microgrid optimal scheduling
An economic model for integration of microgrids in asset management
Microgrid Optimal Scheduling
Transformer Asset Management
Case study
Summary
<b>Chapter 10:</b> Dynamics of Microgrids in Distribution Network Flexibility
Principles of distribution network flexibility
Economic variables for microgrids in electricity distribution networks
Economic models for distribution network operations under microgrid dynamics
Operation Constraints
Flexibility Constraints
Islanding Considerations
Case study
Summary
<b>Chapter 11:</b> Microgrid Operations under Electricity Market Dynamics
Principles of microgrid operations under electricity markets
Economic variables of electricity markets in microgrid operations
An economic model for microgrid operations planning under market dynamics
Microgrid level
DMO level
ISO level
Case study
Summary