Wind power forecastingA wind power forecast corresponds to an estimate of the expected production of one or more wind turbines (referred to as a wind farm) in the near future, up to a year. Forecast are usually expressed in terms of the available power of the wind farm, occasionally in units of energy, indicating the power production potential over a time interval.
Peaking power plantPeaking power plants, also known as peaker plants, and occasionally just "peakers", are power plants that generally run only when there is a high demand, known as peak demand, for electricity. Because they supply power only occasionally, the power supplied commands a much higher price per kilowatt hour than base load power. Peak load power plants are dispatched in combination with base load power plants, which supply a dependable and consistent amount of electricity, to meet the minimum demand.
Wind powerWind power is the use of wind energy to generate useful work. Historically, wind power was used by sails, windmills and windpumps, but today it is mostly used to generate electricity. This article deals only with wind power for electricity generation. Today, wind power is generated almost completely with wind turbines, generally grouped into wind farms and connected to the electrical grid. In 2022, wind supplied over 2000 TWh of electricity, which was over 7% of world electricity and about 2% of world energy.
Electricity marketIn a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology.
Demand responseDemand response is a change in the power consumption of an electric utility customer to better match the demand for power with the supply. Until the 21st century decrease in the cost of pumped storage and batteries electric energy could not be easily stored, so utilities have traditionally matched demand and supply by throttling the production rate of their power plants, taking generating units on or off line, or importing power from other utilities.
Energy demand managementEnergy demand management, also known as demand-side management (DSM) or demand-side response (DSR), is the modification of consumer demand for energy through various methods such as financial incentives and behavioral change through education. Usually, the goal of demand-side management is to encourage the consumer to use less energy during peak hours, or to move the time of energy use to off-peak times such as nighttime and weekends.
Wind turbineA wind turbine is a device that converts the kinetic energy of wind into electrical energy. , hundreds of thousands of large turbines, in installations known as wind farms, were generating over 650 gigawatts of power, with 60 GW added each year. Wind turbines are an increasingly important source of intermittent renewable energy, and are used in many countries to lower energy costs and reduce reliance on fossil fuels.
Hybrid powerHybrid power are combinations between different technologies to produce power. In power engineering, the term 'hybrid' describes a combined power and energy storage system. Examples of power producers used in hybrid power are photovoltaics, wind turbines, and various types of engine-generators - e.g. diesel gen-sets. Hybrid power plants often contain a renewable energy component (such as PV) that is balanced via a second form of generation or storage such as a diesel genset, fuel cell or battery storage system.
PriceA price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name.
Power system operations and controlPower system operations is a term used in electricity generation to describe the process of decision-making on the timescale from one day (day-ahead operation) to minutes prior to the power delivery. The term power system control describes actions taken in response to unplanned disturbances (e.g., changes in demand or equipment failures) in order to provide reliable electric supply of acceptable quality. The corresponding engineering branch is called Power System Operations and Control.
Power supplyA power supply is an electrical device that supplies electric power to an electrical load. The main purpose of a power supply is to convert electric current from a source to the correct voltage, current, and frequency to power the load. As a result, power supplies are sometimes referred to as electric power converters. Some power supplies are separate standalone pieces of equipment, while others are built into the load appliances that they power. Examples of the latter include power supplies found in desktop computers and consumer electronics devices.
Unit commitment problem in electrical power productionThe unit commitment problem (UC) in electrical power production is a large family of mathematical optimization problems where the production of a set of electrical generators is coordinated in order to achieve some common target, usually either matching the energy demand at minimum cost or maximizing revenue from electricity production. This is necessary because it is difficult to store electrical energy on a scale comparable with normal consumption; hence, each (substantial) variation in the consumption must be matched by a corresponding variation of the production.
PricingPricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product. Pricing is a fundamental aspect of product management and is one of the four Ps of the marketing mix, the other three aspects being product, promotion, and place.
Peak oilPeak oil is the point in time when the maximum rate of global oil production is reached, after which production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
Game theoryGame theory is the study of mathematical models of strategic interactions among rational agents. It has applications in all fields of social science, as well as in logic, systems science and computer science. The concepts of game theory are used extensively in economics as well. The traditional methods of game theory addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by the losses and gains of other participants.
