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The economic dispatch problem can be thought of as maximising the economic welfare W of a power network whilst meeting system constraints. For a network with n buses (nodes), suppose that S k is the rate of generation, and D k is the rate of consumption at bus k.
The levelized cost of electricity (LCOE) is a metric that attempts to compare the costs of different methods of electricity generation consistently. Though LCOE is often presented as the minimum constant price at which electricity must be sold to break even over the lifetime of the project, such a cost analysis requires assumptions about the value of various non-financial costs (environmental ...
A textbook in 22 chapters that provides a complete introduction to economics and is used in approximately 500 universities worldwide. This economics textbook was designed as the source material for taught courses in the first year of an undergraduate degree, although it has also been used in schools, and for advanced courses in public policy.
The electric power industry covers the generation, transmission, distribution and sale of electric power to the general public and industry. The commercial distribution of electric power started in 1882 when electricity was produced for electric lighting. In the 1880s and 1890s, growing economic and safety concerns lead to the regulation of the ...
Some analysts argue (for example Steve Thomas quoted in the book The Doomsday Machine by Martin Cohen and Andrew McKillop) that what is often not appreciated in debates about the economics of nuclear power is that the cost of equity, that is companies using their own money to pay for new plants, is generally higher than the cost of debt. [33]
Grid parity also applies to wind power where it varies according to wind quality and existing distribution infrastructure. ExxonMobil predicted in 2011 that wind power real cost would approach parity with natural gas and coal without carbon sequestration and be cheaper than natural gas and coal with carbon sequestration by 2025. [25]
Economics was the second Keynesian textbook in the United States, following the 1947 The Elements of Economics, by Lorie Tarshis.Like Tarshis's work, Economics was attacked by American conservatives (as part of the Second Red Scare, or McCarthyism), universities that adopted it were subject to "conservative business pressuring", and Samuelson was accused of Communism.
The 2021 world total energy production of 14,800 MToe corresponds to a little over 172 PWh / year, or about 19.6 TW of power generation. Largest primary energy producers (76% of world production) as of 2021, given in million tonnes of oil equivalent per year