ABSTRACT
The physical constraints of modern power systems set electricity markets apart from other traditional markets. This chapter provides an overview of the basic operational concepts of power systems, such as load flow, spinning reserve, transmission capability, etc. The Karush-Kuhn-Tucker conditions are also introduced as the mathematical basis for analyzing the optimization problems in this book. Most of the materials covered in this chapter are standard and they can be found in the references at the end of this chapter.
