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Power Markets and Economics: Structure, Costs, Operation Hardcover – 12 Mar 2009

4.5 out of 5 stars 2 customer reviews

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Product details

  • Hardcover: 326 pages
  • Publisher: John Wiley & Sons; 1 edition (12 Mar. 2009)
  • Language: English
  • ISBN-10: 0470779667
  • ISBN-13: 978-0470779668
  • Product Dimensions: 16.3 x 2.7 x 23 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: 983,290 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

?This is a remarkable book which provides essential data for any informed discussion of this vital problem that is so often dominated by ill–informed debate.? ( Oxford Prospect, August 2009)

"Murray′s overview of the link between engineering and economics in the energy sector provides a timely look at the big challenge for the global power industry.... [It] provides a sound bases for anyone involved in the wider debate on how the market should be shaped." (Engineering and Technology, May 2009)

 "Murray′s overview of the link between engineering and economics in the energy sector provides a timely look at the big challenge for the global power industry ? .[It] provides a sound bases for anyone involved in the wider debate on how the market should be shaped." (Engineering and Technology, May 2009)



 "Murray′s overview of the link between engineering and economics in the energy sector provides a timely look at the big challenge for the global power industry .[It] provides a sound bases for anyone involved in the wider debate on how the market should be shaped." (Engineering and Technology, May 2009)

From the Author

I have specialised in power system development and economics for the last 40 years having worked for a distribution company and as a senior manager with a generator (CEGB), a transmission company (NGC) and a manufacturer (ABB). Prior to liberalisation I worked on the development of algorithms to optimise system planning and operation which led to my playing a lead role in the restructuring of the UK power sector in 1990. In 1998 I set up as an independent consultant with a company called `Electricity Market Services Ltd' and published a book on early experiences with Wiley called `Electricity Markets'. Since then I have worked on projects throughout the world. I have advised government agencies and regulators in Belgium, the UK, South Africa, Sri Lanka, Oman, Namibia and Abu Dhabi. I have analysed markets for clients covering the UK, France, Germany, the Netherlands, Spain, Italy, Ireland, Poland, the Czech Republic, Romania, Greece, Turkey, Scandinavia, the Ukraine, Russia and Kazakhstan, Botswana and Mozambique. I have also undertaken assignments in the US, Trinidad and Tobago and Singapore, for banks in Europe, the World Bank and for oil and gas companies. This new book is based on the experience and understanding gained from this wide spectrum of assignments and international experience. It shows how power costs can be calculated and compares those from conventional sources with renewable and other alternatives. It also includes detailed calculations of distribution and transmission charges showing the makeup of end user charges and the impact of emission restrictions. Part three discusses the operation of markets and how they may be analysed while part four speculates on future developments. I was encouraged to write the book and record my understanding and experiences by universities and others who recognised the shortage of books in this area. I have included worked examples and endeavoured to keep abreast of the latest developments. The industry continues to face new challenges and it remains to be seen how well the market structures put in place will be able to deal with them.

I originally trained as a power systems engineer with a first in Electrical Engineering. I subsequently took a Diploma in management Studies and completed a PhD in electricity markets. I am a fellow of the IEE, a senior member of the American IEEE and a member of the British Institute of Management.

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Format: Hardcover Verified Purchase
This is a partial review, based on my reading of Chapters 1, 2, 3, 5 and 6 only. These were the chapters relevant to my work, and I have not read further than that. I await with interest a full review from somebody who has read the whole book.

In general, I liked what I have read. Dr Murray writes in plain English, and explains difficult technical details in a way that the intelligent reader can easily understand. He displays a full and comprehensive understanding of his subject, and he imparts it well.

This field is overladen with the excessive use of abbreviations and acronyms, so numerous that the subject can become incomprehensible in the hands of an unsympathetic writer. Dr Murray has been sparing with the use of these abbreviations, and has included a glossary for the abbreviations he has used. His book has benefited from this care.

I also liked the Appendix, which usefully provides conversions between the various units of energy, such as MBTu, TJ, GWh etc.

Just a couple of things I did not like. A small number of the diagrams are difficult to interpret because graphs have multiple traces which are ambiguously annotated. The worst example was Figure 2.2, which completely baffled me. Another quibble is that he occasionally uses the word "bid" when he means "tender" or "offer", and "offer" when he means "bid". For these reasons, I have reduced the rating of the book from the 5 stars it really deserves, down to 4.

I recommend the book to colleagues in this field.
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Format: Hardcover
This is a comprehensive massive work on power markets starting from generation of power, distribution network and trading. It is fascinating how much is going on behind that socket in our house. Barrie leaves no stone unturned.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: HASH(0x8cbee048) out of 5 stars 1 review
5 of 5 people found the following review helpful
HASH(0x8cbef204) out of 5 stars it might help if you know nothing about the power industry... 26 Jun. 2009
By abe froman 1492 - Published on Amazon.com
Format: Hardcover Verified Purchase
This book is awful, especially considering the price. If it cost $10-$15, I would probably bump it up to 2 or 3 stars. I've been doing modelling at an electric utility for less than a year and was able to learn absolutely nothing from this book. It's not that any of the information is wrong, it's just that it is so basic as to be of no help whatsoever to anyone who is even remotely involved in the industry. For example, on page 168, we are given the formula: Full Cost=Variable + fixed/MWh. Are you kidding me? $100 dollars and 160 pages and we're still in the first week of a freshman college course? What a disaster of a book...
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