IEEE Power & Energy Magazine - May/June 2022 - 87

of variable renewable energy sources,
storage, and flexible demand.
Although the focus is on centrally
managed markets with unit-commitment
functions, the general concepts
presented may also be extended to other
markets. The core thinking behind the
concept of swing contract is the valuation
of different types of flexibility that different
resources could offer
into different markets.
This is a key topic of discussion
around the world.
In a swing contract, the
key product to be sold
is a power paths-based
" reserve, " rather than
multiple products such as
energy or capacity. Given
this outlook, the physical
and economic construcThe
proposed
concepts and
paradigm are
extremely
refreshing
and novel.
tion principles of a swing contract represent
a solid framework for evaluating
flexibility in different contexts.
The book is composed of 20 chapters
and an appendix that comprehensively
cover the subject matter. The topics range
from the motivation to change current
market structures to modeling different
types of swing contracts, potential
implementations, and examples of transitions
from the current situation. Aspects
such as the inclusion of distributed
energy resources and platforms to validate
the proposed mechanisms are also
discussed. The general tutorial chapters
on wholesale electricity markets provide
a helpful context.
The book contains rigorous mathematical
descriptions of the proposed
mechanism and implementations. It
assumes a good knowledge of power
system operation (particularly optimal
power flow and unit commitment), fundamentals
of power system economics and
electricity markets, and basics of linear
and mixed-integer linear programming.
As such, the book may be most appealing
to knowledgeable postgraduate
students, researchers, and
instructors as well as market
designers and regulatory
support staff. It could
be adopted in advanced
courses of electricity markets,
although some tutorial-like
chapters could also
be used for introductory
courses to power system
operation and economics.
Despite being United
States centric, general concepts may be
suitable for a more universal, international
audience interested in the topic.
I commend the author for accomplishing
such a challenging task. It is
a book that proposes a coherent and
systematic redesign of well-established
market mechanisms while dealing with
the pressing issue of reliable and affordable
integration of variable, renewable
and distributed energy resources. Finally,
students and researchers would benefit
if more worked examples, data, and
sample code could be made available on
the book's website.
-Pierluigi Mancarella
p&e
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