Electrical gridAn electrical grid is an interconnected network for electricity delivery from producers to consumers. Electrical grids vary in size and can cover whole countries or continents. It consists of: power stations: often located near energy and away from heavily populated areas electrical substations to step voltage up or down electric power transmission to carry power long distances electric power distribution to individual customers, where voltage is stepped down again to the required service voltage(s).
Power system operations and controlPower system operations is a term used in electricity generation to describe the process of decision-making on the timescale from one day (day-ahead operation) to minutes prior to the power delivery. The term power system control describes actions taken in response to unplanned disturbances (e.g., changes in demand or equipment failures) in order to provide reliable electric supply of acceptable quality. The corresponding engineering branch is called Power System Operations and Control.
Electricity marketIn a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology.
Peaking power plantPeaking power plants, also known as peaker plants, and occasionally just "peakers", are power plants that generally run only when there is a high demand, known as peak demand, for electricity. Because they supply power only occasionally, the power supplied commands a much higher price per kilowatt hour than base load power. Peak load power plants are dispatched in combination with base load power plants, which supply a dependable and consistent amount of electricity, to meet the minimum demand.
Base loadThe base load (also baseload) is the minimum level of demand on an electrical grid over a span of time, for example, one week. This demand can be met by unvarying power plants, dispatchable generation, or by a collection of smaller intermittent energy sources, depending on which approach has the best mix of cost, availability and reliability in any particular market. The remainder of demand, varying throughout a day, is met by dispatchable generation which can be turned up or down quickly, such as load following power plants, peaking power plants, or energy storage.
