ABSTRACT
In this chapter, basic concepts of power system operation are introduced. One of the important requirements of the power system operation is to maintain the real-time power balancing between power generations and electricity demands. To follow load changes, the system operator adjusts power generations through long-term planning, mid-term and short-term generation scheduling. Generation costs are the major concerns in power system economic operation. The development of economic operation and its history are introduced. The models for system economic operations, including economic dispatch, optimal power flow, electricity market model, and their developments are introduced in this chapter.
