Economics of Power Generation

Introduction to Economics of Power Generation:
The function of a power station is to deliver power at the lowest possible cost
per kilo watt hour. This total cost is made up of fixed charges consisting of
interest on the capital, taxes, insurance, depreciation and salary of managerial
staff, the operating expenses such as cost of fuels, water, oil, labor, repairs
and maintenance etc.
The cost of power generation can be minimized by :
1. Choosing equipment that is available for operation during the largest
possible % of time in a year.
2. Reducing the amount of investment in the plant.
3. Operation through fewer men.
4. Having uniform design
5. Selecting the station as to reduce cost of fuel, labor, etc.
All the electrical energy generated in a power station must be consumed
immediately as it cannot be stored. So the electrical energy generated in a
power station must be regulated according to the demand. The demand of
electrical energy or load will also vary with the time and a power station must
be capable of meeting the maximum load at any time. Certain definitions
related to power station practice are given below:
Load curve :
Load curve is plot of load in kilowatts versus time usually for a day or a year.
Load duration curve :
Load duration curve is the plot of load in kilowatts versus time duration for
which it occurs.
Maximum demand :
Maximum demand is the greatest of all demands which have occurred during
a given period of time.
Average Ioad :
Average load is is the average load on the power station in a given period
(day/month or year)
ase Ioad :
ase load is the minimum load over a given period of time.
Connected Ioad :
Connected load of a system is the sum of the continuous ratings of the load
consuming apparatus connected to the system.
Peak Ioad :
Peak load is the maximum load consumed or produced by a unit or group of
units in a stated period of time. Ìt may be the maximum instantaneous load or
the maximum average load over a designated interval of time.
Demand factor :
Demand factor is the ratio of maximum demand to the connected load of a
consumer.
Diversity factor :
Diversity factor is the ratio of sum of individual maximum demands to the
combined maximum demand on power stations
Load factor :
Load factor is the ratio of average load during a specified period to the
maximum load occurring during the period.
Load factor = Average Load / Maximum demand
Station Ioad factor :
Station load factor is the ratio of net power generated to the net maximum
demand on a power station.
PIant factor :
Plant factor is the ratio of the average load on the plant for the period of time
considered, to the aggregate rating of the generating equipment installed in
the plant.
Capacity factor :
Capacity factor is the ratio of the average load on the machine for a period of
time considered, to the rating of the machine.
Demand factor :
Demand factor is the ratio of maximum demand of system or part of system,
to the total connected load of the system, or part of system, under
consideration.
Economics of Power Generation (Continued):
UtiIization factor :
Utilization factor is the ratio of maximum demand of a system or part of the
system, to the rated capacity of the system, or part of the system, under
consideration.
Firm power :
Firm power is the power intended always to be available even under
emergency conditions.
Prime power :
Prime power is the maximum potential power constantly available for
transformation into electrical power.
CoId reserve :
Cold reserve is the reserve generating capacity that is available for service
but not in operation.
Hot reserve :
Hot reverse is the reserve generating capacity that is in operation but not in
service.
Spinning reserve :
Spinning reserve is the reserve generating capacity that is connected to the
bus and ready to take load.
Run of river station :
Run of river station is a hydro-electric station that utilizes the stream flow
without water storage.
ase Load suppIy :
Ìn inter connected systems with many generating stations of various types,
the choice of station to supply the varying load is of considerable economic
significance. Entire load of the system may be divided into two parts e.g.,
base load and peak load. ase load is the load which is supplied for most of
the time which remains more or less constant. Peak load is the intermittent
requirement at particular hours of the day and so on.
The main consideration for base load provision are :
(i) high efficiency
(ii) high availability of the system.
Even a higher capital cost is sometime favored if it can ensure resultant gain
in efficiency, as the cost is spread over a large total energy value.
Nuclear power plants are invariably used as base load plants. Thermal power
plants and hydroelectric power plants can also be used as base load plants.
As far as peak load plants are concerned, these plants should have :
(i) ability to start and take full load with a short time
(ii) low capacity cost in view of the small annual output with the efficiency only
a secondary condition.
Obsolete steam plant, through less efficient can't be used to met with peak
load demand. Gas turbines, diesel engine plant and pumped storage stations
are also suitable for peak load operation.
Peak Load :
Load on a power plant seldom remain constant. The load varies from season
to season and also in a day from hour to hour. Ìn summer, due to fans and air
conditioners the plants have generally high load as compared to winter
months. During day time also lights are switched on in the evening , the load
on the plant will increase. During the days of festivals like national festivals,
national days etc., there is excessive demand of electrical power. A power
generating plant has to meet with all such variable demand sand at the same
time maintain over all economy of operation. The period during which the
demands on a power station is highest is known as peak load. Peak load on a
plant may exist for small duration but still the plant has to devise ways and
means for meeting with such demands.
Economics of Power Generation (Continued):
Some of the methods are given below to meet with peak load demand:
1. Peak Load PIants :
Such plants arc operated only during peak load periods. These plants must be
capable of quickly starting from cold conditions. Diesel engine plants, gas
turbine plants, pumped storage plants and sometimes steam power plants
and hydroelectric plants are used as peak load plants. Efficiency of such
plants is of secondary importance as these plants operate for limited period
only.
2. Use of accumuIators :
Although electrical energy cannot be stored, however steam can be stored in
steam accumulators, which can be used to generate additional power during
peak load period.
3. Purchasing power :
When a power plant cannot generate sufficient power to meet with the
demand, it may purchase power from neighboring plants if facilities exist.
4. Load Shedding :
When there is no alternative available the supply to some consumers is cut off
temporarily. Which is known as load shedding. Sometimes load shedding is
done by switching off feeders by rotation or by reducing system voltage or by
reducing frequency.
SELECTION OF TYPE OF GENERATION
Ìt is done on the basis of
1. Capacity of power plant
2. Probable load factor
3. Space
4. Cost of fuel and transpiration facilities
5. Availability of water
6. Ìnterest and depreciation
7. Reliability
Cost of EIectricaI Energy :
Capital cost of a power plant is due to
1. Cost of land and buildings
2. Cost of generating equipment and accessories
3. Cost of transmission and distribution network
4. Cost of designing and planning the power station
Ìn general following plants are preferred for base load operations :
1. Nuclear power plant
2. Hydro electric plant
3. Steam power plant
Following points are preferred for peak load operations :
1. Diesel engine power plant.
2. Gas turbine power plant
3. Pumped storage plant.
Cost of generation :
The cost of generating electricity in a power plant can be conveniently split
into two parts: fixed costs and variable costs.
(A) Fixed Cost :
Fixed costs are to be borne by the plants irrespective of the load. These costs
consist
(i) Interest on capitaI :
Capital cost of a plant includes the cost of land, buildings, of equipment
including installation, designing, engineering etc. Since the capital cost of a
plant is fixed therefore interest on the amount is considered as fixed cost.
(ii) Taxes :
A power generating and distributing company has to pay taxes to the
Government This amount is more or less fixed.
(iii) Cost of Transmission and Distribution :
Power transmission and. distribution network involves huge capital
expenditure. This involves cost of transmission lines, transformers,
substations and associated equipment. Ìnterest on the capital involved is
considered as a fixed cost.
(iv) Depreciation:
Ìt is decrease in value caused by the wear due to constant use of an
equipment Under the income tax laws there is provision for setting aside a
fixed proportion of the capital employed, towards the depreciation fund.
(v) Insurance :
The plant and also life of some of workers working in dangerous areas, has to
be insured against various risks involved. For this purpose a fixed sum is
payable as premium for the insurance cover.
(vi) SaIary for ManageriaI Staff :
Irrespective of whether the plant works or not certain managerial staff
has to be retained by the organization. The salary liability of such staff
is a part of the fi () VariabIe Cost :
These costs vary in some proportion of the power generated in a plant. These
costs consist of
(i) Cost of fueI :
Cost of fuel is directly related with the amount of power generated. For
generating more power, more fuel is required. Cost of fuel may be 10% to
25% of the total cost of production. Ìn case of hydroelectric plants the cost of
fuel is zero.
(ii) Maintenance and Repair Charges:
Ìn order to keep the plant in running condition, certain repairs are always
needed. Stock of some consumable and non- consumable items has got to be
maintained. All chargers for such staff are considered as operating costs.
(iii) Wages:
Salaries including allowances bonus, benefits etc. for the workers are
considered as operating costs.
Total cost of production is thus sum of the fixed charges and the operating
charges. As the plant load factor improves, the cost per kWh decreases. The
sum of the charges for various factors will give an optimum load factor where
such charges will be least.
Tariff :
A tariff is the rate of charge per kilowatt hour of energy supplied to a
consumer. The cost of generation of electrical energy may be conveniently
split into two parts e.g. fixed charges plus the operating charges. So a tariff
should be adjusted in such a way that the total receipts balance the total
expenditure involved in generating the energy. There are several solutions to
this problem, some of which are given below :
1. Uniform Rate Tariff :
Ìn this case there is a fixed rate per unit amount of energy consumed. The
consumption of energy is measured by the energy meter installed at the
premises of the consumer. This type of tariff accounts for all the costs
involved in the generation of power. This is the simplest tariff easily
understood by consumers. However, this type of tariff does not distinguish
between small power domestic consumer and bulk power industrial
consumers.
2. Two Part Tariff :
Ìn this the total charges are split into two parts - fixed charges based on
maximum demand (in kW) plus the charges based on energy consumption (in
kWh). This method suffers from the drawback that an additional provision is to
be incorporated for the measurement of maximum demand. Under such tariff,
the consumers having 'peaked' demand for short duration are discouraged.
3. Iock Rate Tariff :
Ìn this the fixed charges are merged into the unit charges for one or two
blocks of consumption, all units in excess being charged at low or high unit
rate. Lower rates for higher blocks are fixed in order to encourage the
consumers for more and more consumptions. This is done in case the plant
has got larger spare capacity. Wherever the plant capacity is inadequate,
higher blocks are charged at higher rate in order to discourage the consumers
for higher than minimum consumption.
4. Three Part Tariff :
Ìt is an extension of the two part tariff in that it adds to the consumer some
fixed charges irrespective of the energy consumption or maximum demand. Ìn
this ever if the consumer has got zero power consumption, he has to pay
some charges merely because a connection has been provided to him.
5. Power Factor Tariff :
Ìn ac power supply size of the plant is determined by the kVA rating. Ìn case
the power factor of a consumer installation is low, the energy consumption in
terms of kW will be low. Ìn order to discharge such consumers, power factor
tariff is introduced, which may be of the following types.
(a) Maximum kVA demand Tariff :
Ìn this instead of kW. the kVA consumption is measured and the charge are
ased partly or fully on this demand.
(b) SIiding ScaIe :
Ìn this case the average power factor is fixed say at 0.8 lagging. Now if the
power factor of a consumer falls below by 0.01 or multiples there of, some
additional charges are imposed. A discount may be allowed in case the power
factor is above 0.8.
The depreciation on the plant is charged by any of the following methods
1. Straight Line method
2. Sinking fund method
3. Diminishing value method.
xed cost.
Transmission and Distribution
Introduction of Transmission and Distribution:
For economical generation of power large generating stations are used.
Capacities of individual generating sets have gone up recently. Generating
sets in the range of 10 MW, 210 MW and 500 MW are being manufactured in
many countries. Generating station are now not necessarily located at load
centers. Ìn fact other factors like availability of fuel and water play more
dominating role in the selection of sites for thermal stations. Hydro stations
are obviously located only at the sites where water is available at sufficient
head. A vast network of transmission system has been created so that power
generated at one station may be fed to grid system and may be distributed
over large areas and number of states. The transmission and distribution
system comprises a network of three-phase circuits with transforming and or
switching substations at the various junctions. The parts of a transmission and
distribution network maybe grouped as given below.
TRANSMISSION:
Several generating stations can be inter connected. The main advantages are
:
(i) reduction in the number of spare plants required as one station can assist
the other at the time of emergency.
(ii) during light loads one station or some generators can be shut off, thus
affecting operational economy.
Primary transmission:
High voltages of the order of 66 kV 132 kV 220 kV and 400 kV are used for
transmitting power by 3 phase 3 wire overhead system. This is supplied to
substations usually at the out skirts of major distribution center or city.
Secondary transmission:
The primary voltage is reduced to low values of the order of 3.3 kV, 11 kV or
33 kV for secondary transmission.
Primary distribution:
The transmission lines or inner connectors terminate at large main
substations from which the power is distributed to small secondary
substations scattered throughout the load area. The voltage may range from
11 kV to 132 kV.
Secondary distribution:
This consists of the low-voltage network laid along the streets, localities and
over the rural areas. From these sources connections to individual customers
are provided. The circuit used for this purpose is 3 phase 4 wire, 440 V/220 V
from which either 3 phase 440 V or single phase 220 V supply to the
consumers may be provided.
System Iayout:
From the power stations PS, emanate 3 phase feeder supplying secondary
distributions substations located at points throughout the supply area. The
normal voltages are 132 kV, 33 kV and 11 kV.

COMPARISON OF AC AND DC TRANSMISSION:
(A) Advantages of DC transmission:
1. Ìt requires only two conductors.
2. There is no problem of inductance, capacitance and phase displacement
which is common in ac transmission.
3. For the same load and sending end voltage, the voltage drop in dc
transmission lines is less than that in ac transmission.
4. As there is no skin effect on conductors, therefore entire cross-section of
conductor is usefully utilized thereby affecting saving in material.
5. For the same value of voltage insulating materials on dc lines experience
less stress as compared to those on ac transmission lines.
6. A dc line has less corona loss and reduced interference with
communication circuits.
7. There is no problem of system instability so common in ac transmission.
Disadvantages of DC transmission:
1. Generation of power at high dc voltages is difficult due to commutation
problems and cannot be usefully utilized at Consumer ends.
2. Step up or step-down transformation of dc voltages is not possible in
equipment like transformer.
() Advantages of AC Transmission:
1. Power can be generated at high voltages as there is no commutation
problem.
2. Ac voltages can be conveniently stepped up or stepped down.
3. High voltage transmission of ac power reduces losses.
Disadvantages of AC transmission:
1. Problems of inductances and capacitances exist in transmission lines
2. Due to skin effect, more copper is required.
3. Construction of AC transmission lines is more complicated as well as costly
4. Effective resistance of ac transmission lines is increased due to skin effect.
Long distance power transmission:
Power transmission over long distances using alternating current is
complicated by the inductance and capacitance of the line. For satisfactory
operation of such lines it is necessary to balance the lagging inductive volt
amperes of the line ( Ì
2
oL) against the leading capacitance volt amperes ( V
2
o C ). Equating the two we get V/Ì the impedance of the load. \L/C which is
also known as characteristic impedance of the line, Z
0
. The corresponding
load is thus V
2
/Z
0
watts per phase or (kV)
2
/Z, M W for three phase line where
kV is the line voltage in kilo volts. This load is termed as "natural load " on the
transmission line. Long distance high power high voltage transmission lines
are designed for rated load equal to its natural load.
NaturaI Loads:
Voltage kV 132 220 400
Z
0
(C) 350 320 290
Natural load, MW 50 150 500
Current (A) 220 385 752
CONDUCTOR MATERIALS:
A material for conducting electric power should have the following properties :
1. High electrical conductivity.
2. Low cost.
3. Low specific gravity.
4. High tensile strength.
Commonly used materials for conductors are:
1. Copper.
2. Aluminium.
3. Aluminium conductor steel Reinforced (ACSR).
4. Galvanized steel.
5. Cadmium copper.
Economic Size of conductor: KeIvin's Law:
The most economical size of conductor is that for which the variable part of
the annual charges is equal to the cost of energy losses per year.
Limitations of KeIvin's Law:
1. The law assumes a linear relation between the cost on account of interest
and depreciation on the capital outlay which is not necessarily always valid.
Moreover, it is difficult to calculate these values.
2. Actual energy loss on a transmission line cannot be estimated without
actual load curves. Load curves are not available at the planning stages.
3. The conductor size estimated according to this law may not be the optimum
as various aspects of safety etc. have not been taken into account.
4. The law does not take into account some of the aspects like safe current
destiny, mechanical strength, corona loss etc.
TRANSMISSION LINES:
Transmission lines are used to transfer electrical power from one place to
another. The requirements of transmission lines are :
1. transmission losses should be least
2. power must be delivered at the specified voltage
3. no radio interference
4. high availability
CIassification of overhead Lines:
1. Short Transmission Iines:
When the length of an overhead transmission line is up to 50 km and the line
voltage less than 20 kV, its is known as short transmission line. Due to
smaller length and lower voltage, the capacitance effects are small and hence
are neglected. Thus resistance and inductance are the major parameters
considered for these lines.
2. Medium transmission Iines:
These lines are 50 km to 150 km and the range of voltage is 20 kV to 100 kV.
Due to sufficient length and voltage of the line , the capacitive effects are not
neglected.
3. Long transmission Iines:
The lines are more than 150 km in length and carry voltage higher than 100
kV.
Parameters of a transmission Iine:
1. Resistance :
Aluminum Conductors Steel Reinforced (ACSR) are used for transmission of
power over long distance. The acceptable limits of current density for
aluminium is around 95 A in a conductor of 1 cm diameter. Ìn case of copper it
is 160 A in a 1 cm diameter conductor. Thus size of a conductor for a
transmission line is given by
Diameter of the conductor = (Current to be carried / 95) ½ cm
As aluminum has got low tensile strength therefore steel cored (ACSR)
conductor are used.
2. Inductance:
Ìnductance of a phase single circuit overhead line is given by
L = u
0
/ 2 n (1/4 + Iog
e
S/r) henry/ meter
u
0
= permeability of air = 4 ¬ x 10
-7
henry/ meter
S = Deq = 3 \(D
ab
D
bc
D
ca
)
D
eq
is equivalent equilateral spacing between 3 conductors a, b and c. D
ca
,
D
bc
and D
ca
are distances between conductors a, b and c.
r = radius of the conductor.
3. Capacitance:
Capacitance of a three phase line C
A
is given by
C
A
= 2n r
0
/ S, Farads per meter, phase to Iog
e
S/R neutraI
s
0
= permittivity of free air (8.55 x 10
-12
Farads/ meter)
where, S and r have same meaning as in the estimation of inductance.
Transmission Iine constants :
The transmission lines up to 50 kilometer length and voltages up to 33 kV are
considered as short lines. Lines more than 50 kilometers in length and
carrying voltages above 33 kV are called long transmission lines. Ìf V
s
and V
r

be respectively the sending end and receiving end voltages (corresponding
currents being 1
s
and l
r
) then
V
s
= AV
r
+ I
r
and I
s
= CV
r
+ DI
r

The values of constants A, , C and D primarily depends on the R, L, C
parameters of the line.
For short lines,
V
s
= V
r
+ LZI
r

I
s
= I
r

A = D =1 ,
=Z
And
C=0,
AD-C =1,
A=D
For medium lines (T-network) :
A = D = 1 + (YZ)/2
= Z + YZ
2
/4
C= Y,
AD-C=1,
A=D
( ¬ network ) :
A= 1+ (YZ)/2 + Z,
C = Y + Y
2
Z/4 ,
D= 1+ YZ / 2
Long lines :
A = cosh \(YZ) ,
=\ (Z/Y) sinh \(YZ) ,
C = (Y/Z)
1/2
sinh (YZ)
1/2
,
D = cosh (YZ)
1/2
,
AD - C = 1,
A = D
Transmission Line VoItage ReguIation:
VoItage reguIation = ( Sending end voItage - Receiving end voItage) /
Receiving end voItage
The permissible variation in voltage at the consumer ends ± 10% with
reference to nominal voltage. Following methods are used to control the
voltage during transmission over long distances
(i) Use of tap changing transformers
(ii) Use of shunt capacitors at the receiving end during heavy loads or low
power factors
(iii) Switching in shunt reactors during low loads to neutralize the effect of
shunt capacitance of the long transmission lines.
(iv) Use of booster generators.
Skin effect:
When alternating current flows through a conductor it is always linked with
flux. The flux linking the central portion of the con doctor is always more than
that at the surface. This results in higher current density at the surface of the
conductor as compared to that at the core of the conductor. This is known as
skin effect. This has following effects.
(i) Skin effect causes increase in dc resistance of the effective dc resistance
(ii) Skin effect is high for conductors of magnetic materials
(iii) Skin effect is more predominant at higher frequencies
(iv) Ìn case of dc, skin effect does not exist.
Proximity effect:
For a conductor carrying alternating current, the current density in the
conductor depends on the internal flux distribution. When two ac current
carrying conductors non parallel, the internal current distribution in both the
conductors gets rearranged in such a way so that ac current density on the
side nearer to the other conductor is lesser than that at the other end. The
effect. is known as proximity effect. As a result of this effect the effective dc
resistance of the conductors increases.
Corona :
Conductors carrying electric power at higher voltage have strong electrostatic
field around them. This results in a violet visible discharge, called corona. Ìt is
accompanied by hissing sound, vibrations, power loss and radio interference.
The voltage between the conductors at which the surrounding air is ionized is
called the break down voltage or disruptive voltage. reak down voltage
depends on atmospheric conditions and also surface conditions of the
conductor.
The electrical stress at the surface of a conductor is given by
E = V / r
0
Iog
e
(S/ r
0
)
where,
V = phase to earth voltage,
r
0
= radius of conductor
S = equivalent equilateral spacing between 3 phase conductors.
The factors affective corona are
1. Atmosphere:
There is more tendency during stormy weather.
2. Conductor size:
Rough and irregular surfaces give rise to more corona because unevenness
of the surface decreases the value of breakdown voltage stranded conductors
having rough surface have more tendency for corona.
3. Spacing between conductors:
Shorter distance between conductors increases tendency for corona.
4. Line voItage:
Higher voltages have increased chances of corona.
5. InsuIators:
A insulator should have high mechanical and electrical strength and should be
non-porous free from impurities and cracks and should have high ratio of
puncture strength to flash over.
Pin type insulators are used up to 33 kV. Suspension type insulators are used
for voltages higher than 33 kV. Strain insulators are installed at the dead end
of the line or whenever mere is comer or sharp curve.
String Efficiency:
A string of suspension insulators consists of a number of porcelain discs
connected in series through metallic links. The figure shows 3 strings of
suspension insulators. The porcelain portion of each disc is in between two
metal links. Shunt capacitance exists between porcelain discs as shown. The
string efficiency is defined as the ratio of voltage across the whole string to the
product of number of discs and the voltage across the disc nearest to the
conductor. Thus,

String efficiency = VoItage across the string / n x voItage across disc
nearest to conductor
where n is the number of discs in the string.
(i) using longer cross-arms
(ii) grading the insulators
(iii) using a guard ring.

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