Definition of Power Economics:

Economics of Electric Power Generation, Transmission & Distribution( such as Cost per Kilowatts; Tariffs etc ) And the Costs related in Setting Up and running Electrical Utilities in real life is known as power economics. It explains firstly, how costs are divided into four categories : Fuel cost Non fuel operating costs Capital Recovery Profits Secondly, how some of these vary with commodity prices and output, while others are fixed.

Details about Power Economics/Management/Administration:

For single power plants as well as for power plant cascades, power production has to be maximised whereas the costs have to be reduced to a minimum. Modern power plant management systems have to fulfil these tasks in a very efficient way. Beside the plant's operational requirements (e.g. maintenance cycle) the system has to take into account a number of external regulations (water management, contracts, environmental regulations).

Continue.. Production planning requires different modules for forecasting and optimisation. Information has to be provided to other applications (e.g. commercial and administrative software tools) via standard interfaces. All these different requirements require a modular overall concept. Besides its main task - maximising of energy production - the system has to support the operators in all different operating conditions (e.g. normal operation, flood and disturbances). At the same time the system has to contribute to the reduction of operation and maintenance costs.

Terms related to Power Generation:

1.Fuel(Fuel Strategy And Technology):
Nuclear power plants use a nuclear reactor's heat to operate a steam turbine generator. About 20% of electric generation in the USA is produced by nuclear power plants. Fossil fuelled power plants may also use a steam turbine generator or in the case of natural gas fired plants may use a combustion turbine. A coal-fired power station produces electricity by burning coal to generate steam. Geothermal power plants use steam extracted from hot underground rocks.

Renewable energy plants or biomass-fuelled power plants may be fuelled by waste from sugar cane, municipal solid waste, landfill methane, or other forms of biomass. Waste heat from industrial processes is occasionally concentrated enough to use for power generation, usually in a steam boiler and turbine. Solar thermal electric plants use sunlight to boil water, which turns the generator.

2. Plant: I. On the basis of fuel used  Steam power plant  Condensing power plant  Non-Condensing power plant  Diesel power plant  Nuclear power plant  Hydro electric power plant  Gas-turbine power plant II. On the basis of nature of load  Base load plant  Peak load power plant

III. On basis of location Central power station Isolated power station IV. On the basis of service rendered Stationary Locomotive

3.Operation and Maintenance: 1. Safety of equipment. 2. Safety of Persons. 3. Generation of Electricity at economic cost. 4. Keeping generation within the declared schedule . 5. Start up and shut down of equipments in safe and systematic manner. 6. Maintaining the parameters within prescribed limit 7. Physical Inspection of equipment to observe Noise, Vibration etc. 8. Prompt Decision Making 9. Cost Effectiveness in Present Scenario

4.Investment When planning for a new plant, at first the so-called base cost of the plant must be established, which is what it would cost if it were built and paid for instantaneously. The base costs include first the direct costs, which are as follows:  land civil work assembly and equipment and secondly the indirect or intangible costs: engineering and inspection services provisions for contingencies during project execution.

The Framework of National Energy Policy

ECONOMIC (GDP) GROWTH
PROJECTED ENERGY DEMAND (Domestic,
Agriculture, Industry, Commercial, Transport, Power)

ENERGY CONSERVATION
Energy Demand=Energy Supplies(Energy Security) Energy Demand > Energy Supplies (Energy Crisis)

ENERGY BALANCE
ENERGY SUPPLIES
INDIGENOUS ENERGY SOURCES (TRE, Coal, Oil, NG,
Hydro, Other RE)

IMPORTED ENERGY SOURCES (Coal, Oil)

Organizational Structure of Power Sector

BERC
POWER DIVSION Ministry of Power Energy & Mineral Resources

Power Cell

Generation
Power Development Board (BPDB) Ashuganj Power Station Co. Ltd. (APSCL) Independent Power Producer (IPP) Rural Power Company Ltd. (RPCL)

Transmission
Power Grid Company of Bangladesh (PGCB)

Distribution

Power Development Board (BPDB) Dhaka Electric Supply Authority (DESA) Dhaka Electric Supply Co. (DESCO) West Zone Power Distribution Co. Rural Electrification Board (REB) Palli Bidyut Samity (PBSs)

Name of the Universities

Chittagong University of Engineering and Technology (CUET) Bangladesh University of Engineering and Technology Islamic University of Technology (IUT) BRAC University Dhaka International University Indian Institute of Technology Massachusetts Institute of Technology (MIT) Indian Institute of Technology Madras Indian Institute of Technology Bombay (IITB)

Books, Paper, Report available in the market as well as in the website

Books:
Power System Economics: Electricity by Steven Stoft Designing Markets for

Fundamentals of Power System Economics by Daniel S. Kirschen and Goran Strba Power Markets and Economics: Emissions by Barrie Murray Energy Costs, Trading,

Smart Power Economics, Technology, and Applications: A Reference Book of Collected and Original Papers (Pcim Ref Series in Power Electronics and in) by Marvin W. Smit

Profit Power Economics: A New Competitive Strategy for Creating Sustainable Wealth by Mia de Kuijper Power Systems Restructuring: Engineering and Economics (Power Electronics and Power Systems) by Marija D. Ilic, Francisco Galiana and Lester Fink Power in Economics: Selected Economics) by Kurt W. Rothschild Readings (Modern

Papers:
Forward reliability markets: Less risk, less market power, more efficiency with Peter Cramton, 2008/01, forthcoming in Utilities Policy. Problems of transmission investment in a deregulated power market Chapter 4 of Competitive Electricity Markets and Sustainability, 2006. Edited by Franois Lvque, Professor of Law and Economics, cole des mines de Paris, France The Convergence of Market Designs for Adequate Generating Capacity with Peter Cramton, 2006/04/25, forthcoming CEEPR working paper. Uniform-Price Auctions in Electricity with Peter Cramton, 2006/03/20, forthcoming in Markets

Journal :
A Capacity Market that Makes Sense with Peter Cramton, Electricity Journal, 18, 43-54, August/September 2005. Testimony on Behalf of ISO New England on Locational Installed Capacity Market Proposal Docket Number ER03-563-030; Rebuttal February 10, 2005. Testimony on Behalf of ISO New England on Locational Installed Capacity Market Proposal Submitted to Federal Energy Regulatory Commission, Docket Number ER03-563-030; Direct August 31, 2004. An Auction to Procure Capacity in a Load Pocket . Slides, 2004/01/17. The Demand for Operating Reserves: Key to Price Spikes and Investment IEEE Transactions on Power Systems, Vol. 18 Number 2, Special Section on Tools for Managing Restructured Energy Systems, May 2003.

The Demand for Operating Reserves: Key to Price Spikes and Investment IEEE Transactions on Power Systems, Vol. 18 Number 2, Special Section on Tools for Managing Restructured Energy Systems, May 2003. Overview of Electricity Restructuring in the U.S. Slides, 2002/06. Market Power in Power Markets . Slides, 2002/06. Transmission Planning in a Market Environment . Slides, 2002/05. Samples from Power System Economics, IEEE Press / WileyInterscience, May, 2002. A Proposal for Long-Run and Short-Run Congestion Management in Alberta Submitted on behalf of ATCO Power, and Calpine Canada, March 4, 2002.

5.Melcon Manufacturers and exporters of transformers like furnace transformers, hermetically sealed transformers, high voltage transformers, power distribution transformers, high frequency transformers, dry type transformers and generator transformers. 6.PACTIL- J.K. Shah & Co. , Mumbai Manufacturers and exporters of distribution transformers, power transformers, furnace transformers, heat transformers, auto transformers, open delta transformers, offload isolators, onload isolators, earthing rods, lightning arresters, operating pole. 7.Universal Electronics Supplying and manufacturing transformers, ultra isolation transformer, power transformer, constant voltage transformer and industrial voltage transformer. 8.RS Components & Controls India Limited Dealing and supplying transformers, auto transformers, chassis mounting transformers, audio transformers, switch mode transformers, electronic switch mode transformers and voltage transformer. 9.Step Up Electricals Private Limited Manufacture and supply power transformers, control transformers, three phase transformers, auto transformers, resin cast transformers, dry type transformers, isolation transformers, low voltage transformers, oil cooled transformers, step up transformers