METU

Capacity Market

Capacity Market
EE 710 Electricity Trading, Electrical and Electronics Eng. Dept., METU, Spring 2005, Prof. Dr. Osman SEVAİOĞLU, Page 1

METU

Capacity Market
Operating Reserves

Main Duty of the System Operator
Main duty of the system operator is to keep operating the system always in normal and secure operating state by maintaining supplydemand balance

Basic principle for maintaining supplydemand balance: The system operator must always have a sufficient amount of operating reserve against sudden unexpected contingencies

EE 710 Electricity Trading, Electrical and Electronics Eng. Dept., METU, Spring 2005, Prof. Dr. Osman SEVAİOĞLU, Page 2

METU

Capacity Market
Generation System: Operating reserve in terms of demand;

Supply-Demand Balance and Operating Reserves
Operating reserve is measured in terms of percentage of the overall generating capacity in the system Minimum Limits for Operating Reserve: • In Planning: • In Operation: 10-30 10 % %
Units in service 300 MW 100 MW Operating reserve

300 MW
EE 710 Electricity Trading, Electrical and Electronics Eng. Dept., METU, Spring 2005, Prof. Dr. Osman SEVAİOĞLU, Page 3

METU. but can be put in service within 10-60 minutes. Dr. those plants. which is kept ready to put in service immediately. Osman SEVAİOĞLU. • Hot operating reserves. Page 4 . Prof. Spring 2005.. Electrical and Electronics Eng. • Cold operating reserves.METU Capacity Market Types of Operating Reserves Generation System: Operating reserve in terms of demand In principle operating reserves may be classified in two groups. Dept. following the order Keeping a plant as hot or cold operating reserve is something that incurs a cost to the party who benefits from this service Units in service 300 MW 100 MW Operating reserve 300 MW EE 710 Electricity Trading. those plants. which is kept ready.

Electrical and Electronics Eng. • Quickness of response: time duration needed for the plant to get into service following the order (fuel type and being in “hot” or “cold” states determines quickness). • Full or partial capacity kept in operating reserve state. Page 5 . METU. Spring 2005. Prof. Dr. Osman SEVAİOĞLU. Dept. • Sureness in availability: Certainity in availability (price will depend upon this certainity) 300 MW EE 710 Electricity Trading..METU Capacity Market Operating Reserve Markets Units in service 3 x 100 MW 2 x 100 MW Operating reserves Ordering of Operating Reserves Plants in Operating Reserve Market are ordered with respect to their.

Dept. does not include the fuel cost. unlike the one that has been described earlier. EE 710 Electricity Trading.METU Capacity Market Cost of Operation Reserves Terms in Operating Reserve Cost In principle. Page 6 . Electrical and Electronics Eng. Osman SEVAİOĞLU.. METU. • Variable Capacity Cost Varible Capacity Cost here. which comprises of two components. however. Spring 2005. • Fixed Capacity Cost. Prof. Dr. cost of an operating reserve is the same as capacity cost.

Prof. Dr. does not include the fuel cost EE 710 Electricity Trading. Electrical and Electronics Eng. • Variable Capacity Cost Varible Capacity Cost here. • Fixed Capacity Cost. however. Page 7 . METU. Dept. Spring 2005. cost of an operating reserve is the same as capacity cost..METU Capacity Market Cost of Operation Reserves Terms in Operating Reserve Cost In principle. which comprises of two components. Osman SEVAİOĞLU.

VCC = OPC + MC = OMC where. Page 8 . MC is the Maintenance Cost Like Fixed Capacity Cost. OPC is the Operation Cost. OMC is the total Operation and maintenance Cost.. $ / MWh or $ / kWy EE 710 Electricity Trading. Osman SEVAİOĞLU.VCC Variable Capacity Cost .e. Prof. Dept.VCC of a plant is the same as the Operation and Maintenance Cost. Spring 2005.METU Capacity Market Cost of Operation Reserves Variable Capacity Cost . VCC is the Variable Capacity Cost. Dr. VCC is measured in terms of. METU. i. Electrical and Electronics Eng.

FCC and Variable Capacity Cost .METU Capacity Market Cost of Operation Reserves Average Capacity Cost Fixed Capacity Cost . Spring 2005. ACK = FCC + VCC . VCC is the Variable Capacity Cost.. Page 9 . cf is the combination coefficient. Osman SEVAİOĞLU. called the capacity factor Note that Fuel Cost term -FUC does not exist in VCC EE 710 Electricity Trading. METU. Prof.VCC of a plant may be combined to yield the average capacity cost of a plant. ACk is the average capacity cost of the plant in $ / MWh or in $ / kWy. FCC is the Fixed Capacity Cost. Dr. c or y = b + ax where. Dept. Electrical and Electronics Eng.

a competitive market will be established and it will be possible to keep the price of the most expensive generation at 100 USD / MW. Electrical and Electronics Eng. Prof. METU.. a competitive market requires an environment. Osman SEVAİOĞLU. i.e. where the available capacity exceeds demand It is widely accepted practice that when the available capacity exceeds demand by only 10 %. Page 10 . Dr. Dept. 10 Cents / kWh level In that respect.METU Capacity Market The Effect of Operating Reserves on Competition Minimum Operating Reserve Requirement In principle. Spring 2005. Operating Reserves may be regarded as available excess capacity EE 710 Electricity Trading.

e. Electrical and Electronics Eng. a competitive market requires an environment. Operating Reserves may be regarded as available excess capacity Karakaya HPP. i. Osman SEVAİOĞLU. Dr. 10 Cents / kWh level In that respect.METU Capacity Market The Effect of Operating Reserves on Price Minimum Operating Reserve Requirement In principle. Dept. METU. Prof. 188 MW EE 710 Electricity Trading. a competitive market will be established and it will be possible to keep the prices of the most expensive generations at 100 USD / MW. Page 11 . where the available capacity exceeds demand so that the customer has a chance for choice It is widely accepted practice that when the available capacity exceeds demand by only 10 %.. Spring 2005.

Osman SEVAİOĞLU. Spring 2005. driving up the prices In other words. Prof. supply becomes tighter System operator then finds himself in a difficult situation that the operating reserves run short and he can no longer maintain 10 % operating reserves The system operator then starts offering higher prices for both the committed plants and reserves. Dept. METU. prices follow a trajectory (not exactly but) similar to the daily loading curve Winter Summer Off-Peak level Time (Hours) EE 710 Electricity Trading.METU Capacity Market The Effect of Operating Reserves on Price Price Spikes Peak level Total Demand (MW) As consumption increases with respect to daily load curve. Page 12 . Electrical and Electronics Eng. Dr..

Osman SEVAİOĞLU.METU Capacity Market The Effect of Operating Reserves on Price Price Spikes Peak level Power Demand (MW) The last alternative is rather severe. Spring 2005. Dept. and may induce some legal consequences against the customer (utility) Hence the utility must compare the legal consequences and penalties to be arised and the price of electricity Before deciding on load shedding Price paid by the system operator to operating reserves committed real-time sets an upper limit on price in the market High prices in Forward Agreements (Hedging) induce investment Winter Summer Off-Peak level Time (Hours) EE 710 Electricity Trading. Dr. Electrical and Electronics Eng. Page 13 .. Prof. METU.

• Letting the system operator purchase power for them in real-time in terms of real-time spot prices. Prof.. customers (utilities) confront with three alternatives. Spring 2005. Dr. METU.METU Capacity Market The Effect of Operating Reserves on Price Price Spikes Peak level Power Demand (MW) In case the operating reserves run short and prices drive up. in order not to be influenced by price spikes. Osman SEVAİOĞLU. • Making Forward Agreements (Hedging) with suppliers and purchase power from those suppliers. Dept. • Shedding the load within the period the price is high Winter Summer Off-Peak level Time (Hours) EE 710 Electricity Trading. Electrical and Electronics Eng. Page 14 .

Page 15 . Prof. Electrical and Electronics Eng. METU.METU Capacity Market Self-Provision of Operating Reserves Trakya Natural Gas Plant 477 MW What is Self-Provision ? Self-provision is condition of providing both energy and operating reserve services by the same plant There are two types of operating reserves in terms of their sources. In this case. Dr. Dept. Spring 2005. committed and operated as operating reserves. commercial operating reserve service is provided only by these plants. Osman SEVAİOĞLU. Each self-providing plant participates in operating reserve service by its own percentage EE 710 Electricity Trading. • Independent plants exclusively kept. • Self-providing plants with a certain percantage of their capacity kept and sold as operating reserve to system operator (not to costumers !)..

such as. quality. Prof. Page 16 . • They may not be satisfied with the some aspects of the service.. when needed. Ereğli Natural Gas Plant Why self-provision is preferred ? • Plants may not be fully convinced that a commercial operating reserve service will work properly. Spring 2005. METU. Osman SEVAİOĞLU. price.METU Capacity Market The need for Self-Provision Kdz. Dept. Electrical and Electronics Eng. • Plants may be in difficulty in selling some part of their production within some operating periods. quickness and readiness. so that they may prefer to offer the capacity corresponding to this part as operating reserve EE 710 Electricity Trading. Dr.

2922 GWh (2000) Self provision is to be preferred. when. Prof. Spring 2005. a) energy or b) capacity EE 710 Electricity Trading. Dept. There is a surplus capacity that can be sold in terms of either. METU. Osman SEVAİOĞLU. Electrical and Electronics Eng.. Dr.METU Capacity Market A Simple Criterion for Self-Provision Criterion Kemerköy P = 630 MW. Page 17 . Capacity = 2392 GWh (1999).

Page 18 . Po&m. Profite and Profitc are profits to be earned by electricity an capacity trading. Dr. Osman SEVAİOĞLU. capacity. Spring 2005. Profite =Pe – (Pc + Penergy + PO&M ) Profitc =Pnl – (Pc + PO&M ) or Pe – (Pc + Penergy + PO&M ) < Pnl – (Pc + PO&M ) or Pe – Penergy < Pnl where. Pc.. energy. Pe. respectively EE 710 Electricity Trading. and the no-load operating prices. are electricity. Dept. Prof. Profite < Profitc where. Electrical and Electronics Eng. when. operating and maintenance. Penergy.METU Capacity Market A Simple Criterion for Self-Provision Criterion Self provision is to be preferred. Pnl. METU.

• Quickness of response. METU.e. Dept. Spring 2005. • Certainity of availability. as it depends both on capacity allocated (MW) and duration (h) EE 710 Electricity Trading. kWh or MWh. Prof. i. Osman SEVAİOĞLU. • Early ordering. • Certainity of order. Electrical and Electronics Eng.. • Start-stop expenditures of the plant Units of operating reserve service is the same as that of energy.METU Capacity Market Pricing of Operating Reserves Factors Determining Price of Operating Reserve Factors determining price of operating reserve service are. Page 19 . Dr. • Capacity factor (percentage of rated power x duration of allocation).

t is the total duration of service (hours). Prof. α = ( P / Pr ) * ( t / T ) (unitless) where. METU. Pr is the total rated power of the plant. P is the power allocated to customer. Spring 2005. Page 20 . Dept. Dr. T is the overall duration of the availability of plant (hours) EE 710 Electricity Trading. α is the allocation factor.METU Capacity Market Allocation Factor Defininiton Allocation Factor is a measure of the percentage of capacity service allocated to customer Allocation Factor is expressed as. Osman SEVAİOĞLU. Electrical and Electronics Eng..

energy supplied is the total energy supplied during the allocated service period.. Page 21 . METU. Osman SEVAİOĞLU. total capacity allocated = a.f. Electrical and Electronics Eng.f.f. Dept. Spring 2005. x rated power) = ∫ P(t) dt / (a.xrated power Total Demand P(t) (MW) 3500 3000 2500 2000 1500 1000 Energy supplied 500 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Time (Hours) EE 710 Electricity Trading. Dr. c = total energy supplied/total capacity allocated(a. x rated power) = Area under the curve / overall rectangular area = Area under the curve / 4000 x 24 where.METU Capacity Market Capacity Factor Defininiton 4000 Capacity Factor is the ratio of the total energy supplied to the total capacity allocated Capacity Factor may be expressed as. Prof.

. Electrical and Electronics Eng.METU Capacity Market Capacity Factor Total Demand P(t) (MW) Defininiton Capacity factor is not a concern for the producer at all. 4000 3500 3000 2500 2000 1500 1000 Energy supplied 500 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Time (Hours) EE 710 Electricity Trading. In other words. Prof. Dept. Page 22 . allocation factor is a problem of the supplier. capacity factor is a problem of the customer. Osman SEVAİOĞLU. Spring 2005. METU. The producer simply allocates the ordered and committed portion of the plant and does not concern whether this portion is properly utilized by the consumer or not. Proper utilization of this portion is merely a problem of the consumer. Dr.

Dept.f. Osman SEVAİOĞLU. Dr.94 Total Demand P(t) (MW) 3500 3000 2500 2000 1500 1000 Energy supplied 500 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Time (Hours) EE 710 Electricity Trading. Electrical and Electronics Eng.f. METU. c = total energy supplied / total capacity allocated(a. Prof.METU Capacity Market Capacity Factor Example 4000 Capacity Factor of the load shown on the right hand side may be expressed as.. x rated power) = ∫ P(t) dt / (a. Spring 2005. x rated power) = Area under the curve / overall rectangular area = Area under the curve / 4000 x 24 = 65 000 MWh / 96 000 MWh = 0. Page 23 .

Dr.7 0. Page 24 Percentage Price (Cent/kWh) The Effect of Capacity Factor on Price . Prof. METU. Electrical and Electronics Eng. Spring 2005.1 0.6 0. Dept.METU Capacity Market The Effect of Allocated Capacity 160 150 140 130 120 110 100 90 80 0 0..8 0. since fixed and variable costs of service decrease with the rating (size) of the plant Principle of Economies of Scale EE 710 Electricity Trading.9 1 Allocated Capacity (%) Percentage price(*) of operating reserve per MW decreases as the allocated capacity increases -------------------------------(*) (Price / Nominal Price) .2 0. 100 (%) Plant owner prefers higher allocated capacities. Osman SEVAİOĞLU.3 0.5 0.4 0.

Spring 2005. Prof.METU Capacity Market The Effect of Quickness of Response Percentage Price (Cent/kWh) 150 140 130 120 110 100 90 80 70 0.16 minutes = 1 day Log (Response Time) (minutes) EE 710 Electricity Trading..2 1. Dept.2 The Effect of Quickness of Response Quickness of response requires high flexibility and readiness of the plant which increases the price T = 1. METU.6 = 40 minutes 103.4 2.8 3.6 2. Osman SEVAİOĞLU.0 2.8 1.6 T = 3.16 101. Page 25 . Electrical and Electronics Eng. Dr.

. Dr.METU Capacity Market The Effect of Certainity of Availability Percentage Price (Cent/kWh) 100 95 The Effect of Certainity of Availability Certainity of availability (Sureness) is a parameter influencing the price of service Price of an operating reserve increases with the certainity of availability 90 85 80 75 70 0. Electrical and Electronics Eng.75 0.80 0.00 Certainity of Availability (%) EE 710 Electricity Trading. Dept. Spring 2005.85 0. Prof. Page 26 .95 1. Osman SEVAİOĞLU. METU.90 0.

METU.METU Capacity Market What is Certainity of Availability ? Operating Reserve Group Cascade operating reserve service with 98 % availability (Please note that. i..e.2 Customer-A Customer-B EE 710 Electricity Trading. Osman SEVAİOĞLU. Page 27 . Electrical and Electronics Eng. 100 % availability Assume that the contingency risk of this customer needing this operating reserve service is only 2 %. the probability of not needing this operating service is 98 % Hence. at a reduced price Operating reserve service with 100 % availability Supplier Transmission System Transmission System R-1 Op. it is possible to make a simultaneous (cascade) agreement with Customer-B on the basis of 98 % availability.e. Reserve Market . Dept. Spring 2005. i.1 R-2 Op. Dr. Prof. Customer-B may not receive full operating reserve service when CustomerA is serviced) Certainity of Availability Assume that the operating reserve group shown in the figure has made an agreement with Customer-A on the basis of definite availability. Reserve Market .

.8 0. Page 28 .3 0.9 1 Certainity of Order (%) EE 710 Electricity Trading. Electrical and Electronics Eng.7 0. METU.METU Capacity Market The Effect of Certainity of Order 140 Percentage Price (Cent/kWh) The Effect of Certainity of Order Certainity of order (probability of ordering) is a parameter influencing the price of service Price of an operating reserve decreses as the uncertainity of order is reduced 130 120 110 100 90 80 0 0.1 0. Osman SEVAİOĞLU.2 0. Prof. Spring 2005.5 0. Dept.6 0. Dr.4 0.

Osman SEVAİOĞLU.5 Log (early ordering period) (minutes) The Effect of Early Ordering Early ordering provides plant operator chance to make a schedule for plant allocation which reduces the price T = 1.METU Capacity Market The Effect of Early Ordering 150 Percentage Price (Cent/kWh) 140 130 120 110 100 90 80 70 1. Dept.0 2.0 3. Prof.0 T = 3. METU. Spring 2005. Page 29 .25 101 = 10 minutes 103. Electrical and Electronics Eng.0 1.25 minutes = 29 Hours EE 710 Electricity Trading.5 3. Dr.5 2..

Dr.METU Capacity Market Superposition of Capacity Services Total Demand P(t) (MW) 40 35 30 25 20 15 10 5 0 2 4 6 8 10 12 14 16 18 20 22 24 2 4 Superposition of Capacity Services Capacity services supplied to two or more customers may be joined together gaining economy in the installed capacity of the operating reserve Time (Hours) Demand (Capacity) requested by the first customer Demand (Capacity) requested by the second customer Total Demand = 40 + 40 = 80 MW EE 710 Electricity Trading. Prof. Osman SEVAİOĞLU.. Page 30 . Electrical and Electronics Eng. Spring 2005. Dept. METU.

i. Prof.e. METU. Spring 2005. hence their total does not make 80 MW. but maximum of sum of demands. Dr. the loads are diversived.METU Capacity Market Superposition of Capacity Services Total Demand P(t) (MW) 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Superposition of Capacity Services Please note that. Page 31 . Osman SEVAİOĞLU. which is more economical in terms of investments P1 (t) + P2 (t) P2 (t) P1 (t) Total Demand (Capacity) 76 MW < 80 MW EE 710 Electricity Trading. Electrical and Electronics Eng. Dept.. (P1 + P2) (t)max < P1 (t)max + P2(t)max Implying that the supplier does not need to supply the sum of the maximum demands.

1 Supplier . Reserve Market .e. Page 32 .3 Customer-1 Customer-2 Customer-3 EE 710 Electricity Trading.3 Transmission System R-1 Op. Reserve Market . i. METU. since unsold services in one market can not flow into the others An unsold operating reserve service is nothing but keeping the plant idle. Spring 2005. Reserve Market . Prof. they will function simultaneously.2 R-3 Op. Osman SEVAİOĞLU. Dr. just waste of resource Supplier .2 Supplier . Electrical and Electronics Eng. Dept.1 R-2 Op.METU Capacity Market Linkage among Operating Reserve Markets Operating Reserve Group -1 Operating Reserve Group -2 Operating Reserve Group -3 If no linkage is established among operating reserve markets.. but separately This type of architecture results in higher prices.

Spring 2005. Dept. Reserve Market .METU Capacity Market Operating Reserve Group -1 Operating Reserve Group -2 Operating Reserve Group -3 Cascade Linkaging of Operating Reserve Markets Forward Cascading If linkage is established among operating reserve markets. Electrical and Electronics Eng. thus lowering the prices In this case. Prof.3 Customer-1 Customer-2 Customer-3 EE 710 Electricity Trading. Dr. starting from the one with the highest quality (price) Any surplus service in one market will flow to the other markets at a reduced price in a sequence Surplus Service Flow Surplus Service Flow Supplier .2 R-3 Op. Osman SEVAİOĞLU. Reserve Market . Reserve Market . Page 33 . then will function simultaneously. METU.2 Supplier . and unsold services will flow from one market to the others.1 Supplier ..1 R-2 Op. markets are cleared in sequence.3 Transmission System Linkage Regions Transmission System Linkage Regions Transmission System R-1 Op.

. then price in R-3 may rise to a level above the prices in R-1 and R-2 Markets R-1 and R-2 on the other hand are already cleared at a lower price Inefficient utilization of operating reserves Surplus Service Flow Surplus Service Flow Supplier . Prof.3 Transmission System R-1 Op. Page 34 .2 R-3 Op. Reserve Market . Osman SEVAİOĞLU. Dept. Electrical and Electronics Eng. Reserve Market .3 Customer-1 Customer-2 Customer-3 EE 710 Electricity Trading. Spring 2005.1 R-2 Op. but not in the others.METU Capacity Market Operating Reserve Group -1 Operating Reserve Group -2 Operating Reserve Group -3 Some Practical Problems in Cascade Linkaging If there is a shortage in the last reserve market R-3. Reserve Market . Dr.2 Transmission System Linkage Regions Supplier . METU.1 Transmission System Linkage Regions Supplier .

• merge all operating reserve markets in a single market More efficient.2 R-3 Op. Page 35 . METU..1 Supplier .3 Regions Regions Customer-1 Customer-2 Customer-3 EE 710 Electricity Trading. Osman SEVAİOĞLU. Reserve Markets The ideal solution is to: • increse the strength of internal linkages. Reserve Market . Prof. Reserve Market . Dept. Reserve Market . Electrical and Electronics Eng. Dr.2 Supplier . but more complicated and difficult to operate The extreme model is to merge the resulting operating reserve market with the energy market forming a single complicated market Supplier . Spring 2005.3 Transmission System R-1 Op.METU Capacity Market Operating Reserve Group -1 Operating Reserve Group -2 Operating Reserve Group -3 Solution: Merger of Operating Reserve Markets Merger of Op.1 R-2 Op.

1 Linkage Regions Customer-1 Supplier -2 Transmission System R-2 Op. Reserve Market . • extend longer-terms. Page 36 . Reserve Market . Electrical and Electronics Eng. • are relatively much more expensive. Spring 2005. Dept. such as few months to few tears.3 Customer-3 TETAS ΔP = Pgen . Reserve Market . Dr.P load EUAS Wholesale Company Load Transmission System Distribution System Pgen Pload EE 710 Electricity Trading. METU..METU Capacity Market Can Balancing and Settlement Service be used as Operating Reserves ? Answer The answer is No In principle. Prof. • are received from the spot market without any contract Operating Reserve Group -1 Surplus Service Flow Operating Reserve Group -2 Surplus Service Flow Operating Reserve Group -3 Supplier -1 Transmission System R-1 Op. • are relatively cheaper.2 Linkage Regions Customer-2 Supplier -3 Transmission System R-3 Op. • are short term services. Osman SEVAİOĞLU. balancing and settlement services. • are received on the basis of contracts while. operating reserve services.

2005) As consumption increases with respect to daily load curve. Page 37 . supply becomes tighter System operator then finds himself in a difficult situation that the operating reserves run short and he can no longer maintain 10 % operating reserves The system operator then starts offering higher prices for both the committed plants and reserves. Osman SEVAİOĞLU.. driving up the prices In other words. Prof.e.01. prices follow a trajectory (not exactly but) similar to the load duration curve Average Real-Time Prices within one-year Period Hours 2001 2002 2003 Please note that. • Price curves follow a pattern similar to those of the load duration curves. EE 710 Electricity Trading. METU. Dept. Spring 2005. Electrical and Electronics Eng. i. Dr. Prices are lower during night periods and higher during evening periods • Prices were higher in 2003 due primarily to higher fuel costs.METU Capacity Market The Effect of Operating Reserves on Price Price Spikes (NYISO) (15.

Prof. 630 MW Spillway EE 710 Electricity Trading. METU. Spring 2005. Dept. Electrical and Electronics Eng. where the available capacity exceeds demand Excess capacity is provided in terms of operating reserves Birecik HPP.METU Capacity Market The Effect of Operating Reserves on Competition Minimum Operating Reserve In principle. a competitive market requires a an environment. Osman SEVAİOĞLU.. Page 38 . Dr.

10 Cents / kWh level In that respect. Page 39 . a competitive market will be established and it becomes possible to keep the price of the most expensive generation at 100 USD / MW. Dr. Osman SEVAİOĞLU.e. Electrical and Electronics Eng. Prof.METU Capacity Market The Effect of Operating Reserves on Competition Minimum Operating Reserve It is a widely accepted practice that when the available capacity exceeds demand by only 10 -15 %. Spring 2005. i. Dept. METU.. operating reserves may be regarded as available excess capacity Birecik HPP. 630 MW EE 710 Electricity Trading.