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The electric power industry is currently undergoing an unprecedented reform. The deregulation of electricity supply industry has introduced new opportunity for competition to reduce the cost and cut the price. It is a tremendous challenge for utilities to maintain an economical and reliable supply of electricity in such an environment. Faced by an increasingly complicated existence, power utilities need efficient tools and aids to ensure that electrical energy of the desired quality can be provided at the lowest cost. The overall objective, both for short-term and long-term operations, is then to find the best compromise between the requirements of security and economy. That is, effective tools are urgently required to solve highly constrained optimisation problems. In recent years, several major modem optimisation techniques have been applied to power systems. A large number of papers and reports have been published. In this respect, it is timely to edit a book on this topic with an aim to report the state of the art development internationally in this area.

Internationally, the electric power industry is currently undergoing unprecedented reform. Power utilities need efficient tools to ensure that electrical energy of the quality desired can be provided at the lowest possible cost. Operation of Market-oriented Power Systems provides effective computational tools for the efficient operation of restructured power systems covering all the major operational issues such as: • congestion management; • available transfer capability calculations; • price forecasting and optimal bidding strategies; • a review of international research and world-wide industrial practice covered in each chapter gives the reader a broader understanding of the state of the art in this exciting field. This book will be a useful reference for professional engineers and researchers in the operation and control of modern power systems as all within the power industry face up to the changes required to provide safe, reliable and profitable electricity in an increasingly competitive market.