Breakthroughs in clean energy generation technologies and the advantage of exploiting efficiently the available work in fossil fuels will render electricity the dominant energy form in a sustainable environment future. We review the key characteristics of Electric Power Transmission and Distribution (T&D) networks and the associated planning and operation requirements that ensure supply adequacy, system security and stability. Capital asset investment and operation cost minimization is discussed in a systems engineering context where the assets as well as the dynamic behavior of generators, T&D networks, and loads interact. Recent developments in the formation of competitive wholesale markets at the High Voltage Transmission system level, the associated market participation and clearing rules and the market clearing optimization algorithms are presented and analyzed in terms of their effectiveness in fostering cost reflective price signals and competitive conditions that encourage optimal distributed/not-centralized investment and operating decisions. Finally, we present T&D congestion and supply-demand imbalance related barriers to the widespread adoption of environmentally friendly and economically efficient technological breakthroughs, and propose a systems engineering and real-time retail-market based coordination of centralized as well as decentralized generation, storage and load management resources that is able to achieve desirable synergies and mitigate these barriers. Same as ENG EC 543 and ENG SE 543. Students may not receive credits for both.

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