Course Introduction

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From the course by Duke University

Electric Industry Operations and Markets

127 ratings

Duke University

Electric Industry Operations and Markets

127 ratings

This is a two week course. In the first week you will learn about the core activities that the Industry executes to bring electricity to customers. We will review what electricity is, how it is generated, how it is transmitted, how it comes into buildings, and how consumption of electricity instantly feeds back on the transmission and generation of electricity. You will learn to: Define what electricity is; Describe how electricity is generated, transmitted and distributed; Describe how electricity is generated, transmitted and distributed; and Summarize how the consumption of electric energy instantly feeds back on the transmission and generation of electricity. In the second week, the course shifts to the markets that drive Electric Industry operations. You will learn about the various costs of the electric industry’s core activities, how electricity is priced, the various ways that electric markets are structured, how these market structures determine which power plants are dispatched to produce electricity when, and how recent changes in generator fuel prices, generation technology, market regulations, and environmental regulations are transforming both Electric Industry Markets and Operations. You will learn to: Describe the main cost components to the electric system; Compare the costs of different types of power plants; Interpret the retail pricing of electricity; Explain the different types of electric markets and understand how they operate to dispatch electric supply to meet demand in real time; and Explain why and how the electric industry is regulated.

From the lesson

Electric Industry Operations

In the operations module, you will learn about the core activities that the Industry executes to bring electricity to customers. We will review what electricity is, how it is generated, how it is transmitted, how it comes into buildings, and how consumption of electricity instantly feeds back on the transmission and generation of electricity.

Course Introduction5:45

Meet the Instructors

Lincoln Pratson
Gendell Professor of Energy & Environment
Nicholas School of the Environment

Electricity, it is the most pervasive,

the most versatile and

possibly the most important form of energy to quality of life in modern society.

Electricity is special because it can be generated from

multiple resources: from fossil fuels to renewable energy.

And it can be generated from far away or on site with local resources.

Furthermore, electricity generation can be centralized or

distributed and electricity itself is scalable,

capable of powering everything from handheld devices to massive industrial motors.

Electricity is also fungible,

transformable in to light,

heat, motion, and other critical forms of ready to use energy.

And electricity itself is clean.

Its direct use does not produce air pollution or the emission of greenhouse gases.

What's more, electricity is now a growing source of energy for automotive transportation.

The one economic sector that remains heavily dependent on fossil fuels.

Even as our use of different energy resources and technologies

changes our demand for electricity has and will undoubtedly continue to grow.

Hi I'm Lincoln Pratson,

a professor of Earth and Ocean Sciences in

the Nicholas school the environment here at Duke University.

And this is electric industry operations and markets,

a course about one of

the most integrative technologically dynamic and economically important industries

in the world today- the electric industry.

The scope of the electric industry is vast.

It not only includes businesses that generate,

transmit, and deliver electricity,

but also businesses that service and manage these interactions so that the supply of

electricity reliably meets demand on a minute

by minute basis at the lowest possible cost.

This real time management of electric supply and demand is required because unlike

fuels there is as yet no economic way

to store large amounts of electric energy for later use.

The sophisticated operations by which the electric industry achieves this dynamic balance

between supply and demand are unlike the operations of any other industry in the world.

And these industry operations are undergoing significant evolution

due to changes in market regulations to increase competition within the industry,

shifts in the price of fuels used by conventional power plants,

the expansion of renewable power generation,

and stiffening of environmental regulations over power plant emissions.

I hope you'll join me in learning about this industry

which in many ways defines modern society.

You need to know more about the electric industry if you

are seeking a job or have a job in the energy industry,

are decision maker whose business costs or policy decisions are

affected by the industry or simply want to be an informed citizen.

You also need to know more about the electric industry,

if you work in national security,

in financial markets or in international development and relations.

Finally, if you study economics,

business, geography, public policy,

environmental sciences or one of many more disciplines that pertain to human activities.

This course is also of value.

The course will explore the two major components of

the electric industry: operations and markets.

In the operations module,

you will learn about the core activities that

the industry executes to bring electricity to customers.

We will review what electricity is,

how it is generated,

how it is transmitted,

how it comes into buildings,

and how consumption of electricity instantly feeds

back on the transmission and generation of electricity.

In the second module,

the course shifts to the markets that drive electric industry operations.

You will learn about the various costs of the electric industry's core activities,

how electricity is priced,

the various ways that electric markets are structured,

and how these market structures determine

which power plants are dispatched to produce electricity when,

as well as how recent changes in generator fuel prices, generation technology,

market regulations, and environmental regulations

are transforming both electric industry in markets and operations.

It's important to acknowledge that the basis for

this course is the electric industry here in the United States,

but electric industry operations and markets in other countries are very similar.

Throughout the course, your knowledge will be tested, of course,

but you will also have the opportunity to contribute to

one or more research projects focusing on electric industry activities and markets.

We have an international audience and experts in many different fields.

So please take the opportunity to learn from each other. Let's get started.

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