Optimizing generation of electricity (Research Paper Sample)

Optimizing generation of electricity
Literature review
The first step is to understand the existing data as the literature review and compare with the present data collected as directed from the project objectives. This data will be compared to the research proportions in order to understand the trends of the costs of production and optimization of electricity over a period. [10]This section will also focus on the production of different types of energy and their relation to the market costs in the recent time and the present data. In this project, the consideration of the recommendation will greatly depend on the information at hand as well as the acquired data. [3]
The whole aspect of optimization of electricity generation is always faced off with production that has endured an ever increasing competition on the open power markets. The utilities of generation of electricity are steadily forced to endure an optimization of the operations of the production plants and aimed at controlling the costs all round. [4]Every concerned body is subjected to offering substantial support that aims at meeting the demands of the projected challenges in the industry in general. [6]All the knowledge that is meant to help the production process is combined with the evolving technological knowledge in order to come up with an optimization strategy that focuses on continuous improvement. There are various sections that have been entangled development propositions that are full of innovative characteristics of the production plant. This proposition focuses all operations involved in the electricity production sector. [1]
Understanding the employed pricing mechanisms
The market index data in regard to the energy sector aims at aiding in the calculations of the reverse energy price in the imbalanced market. This mix brings about the aspect of accuracy of the existing data and the data that is collected under the same grounds. The data prospects are applicable in various areas of education and economy as well as the analyst’s data for future energy projections. [39]This section involved a real life example product and the trend watch for some period and the current state of the product. [12]Trade speculations are supposed to be limited to a particular time limit. The definition statements on the market index are known to yield better information when regarded as part of the research. This achievement is attained through having various information requirements that may include the following data placeholders; the details of the market index data provider, definition in full length of particular data given as well as the methodology that is used, thresholds of an individual liquidity and any other relevant information. [14]
A particular protocol is required when making a review of the index data definitions and statements. This is because accurate data is required and the following points show the applicable procedure. [13]
Assessing the previously supplied data by the provider.
Doing consultation with other parties that have developed interest.
Provision of the copies of authorities that are known to be written representations that have not been withdrawn but made.
The main users of the above data will be responsible for the data although, they include the data providers of the market index, the panels involved, the management committee, the parties involved and the authority. [11]
The most important aspect in this mix is the trade price which is calculated using one particular formula. The formula is described below, and will show all the protocols of the shortest possible formula. [15]
 SHAPE \* MERGEFORMAT 

Else
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To define the above formulae, the following key will represent the formula components.
Where j = settlement period and c is the qualifying contract, V is the Volume of a qualifying contract, P is the price of the qualifying contract and W is the weight of the qualifying contract. This formula will be used after the data variances have been collected in order to find the trading price of various periods to project the data. This is the general methodology or formula for calculating the trading price of energy that may yield the aspect of optimization. [46]
The electricity market reform
This section is meant to enable one to understand the foundational requirements and rules that are defined in the electricity sector especially in the United Kingdom. It will also present the policies that are defined in the energy sector that display the objectives of the rules and regulations. [20]In this case, the objectives of the policies include decarbonizing of the available energy, constant supply of energy and ensuring that the energy bills are always affordable. These objectives were presented in the year 2010 and improvements are felt into the same policy. [45]The governments are working extra hard to make the energy especially the electricity to become affordable to the users so that to ensure that the objectives above are becoming the key aspects of the energy supply. [16]This is a great contribution to the optimization of energy at the current time. However, this has been subjected to be a challenge because of the financial issues. To implement the three objectives to be fully operational is very expensive and needs a time frame of up to 2020 so that they may manage to encapsulate all the objectives as done. [47]
To achieve the requirements of the objectives, the demand side contribution is highly regarded and is supposed to ensure that there is no vandalism at all cost. This ensures that there is no money that is wasted on other smaller projects. The avoided cost will look into ensuring that every aspect, however how tiny it can be, is covered. This will look into realizing the objectives by the projected time. [17]
This implementation will not be only beneficial to the consumers and the regulatory body but is projected to have a lot of impact on the UK economy as a whole. In this realization of the vision, the government is doing every possible means to ensure that every aspect of the project is covered within the shortest time possible. [18]All the above narrations are aiming at one major objective which is achieving the privatization of the energy. Unprecedented challenges may become some of the various challenges in the whole vision process but it is very necessary for the mitigation measures to be laid primarily as the foundation of the whole project. This aspect will see the whole project consumable and targets hit within the prescribed periods. Some of the main characters in the project may have various demands of personal attention but this must be regarded as some of the consumer needs which any form of business must listen and try to challenge the idea for prosperity. [19]
The electricity prices in the United Kingdom
The whole aspect of reducing the electricity prices is one of the major objectives in the energy sector. This all depends on the maintenance services on the nuclear production of energy where the project is understood to be very expensive. Electricity in this case is set for particular tasks like in machine operations in commercial entities and mainly lighting. Industries will mostly depend on the electricity in carrying out their activities especially the production industry. The domestic usage will decline because of the risks that are involved with the nuclear production of energy. This simply means that there is a directive proportion of thoughts that the domestic usage is likely to depend more on the gas energy. This means that the production cost is likely to come down and have an impact as well on the cost of the electricity at large. [24]
This is supported by the fact that United Kingdom is getting engaged more into the renewable sources of energy. To understand this aspect, there is a secure supply of the energy with electricity in the fore front from the projected portfolio that stands along the ageing conventional generation of power. [21]This consists of the nuclear plants, coal production through condensing and steam power station. There is also the use of the hydro power, wind energy which majorly contains a growing portfolio and the renewable energy projects from various operations. These are intermittent productions that are meant to reduce gradually the production costs so that the overall access costs for the consumers may be greatly lowered. The graph below shows the future trends in terms of production and a relation into cost of production and access as well. [23]


In order to project the trend of the graph for the next three years that is 2007 to the year 2009, there is a projected improvement of the protocols and amounts of energy produced. This means that the renewable energy is being adopted and being improved even for the next 10 years, that is in the year 2016. [32]Some of the trends depict that the whole aspect of production through the renewable energy’s saves a lot of cost and demands the corporation of the consumer. The waste products are recycled into energy to save the raw materials costs. [25]
Extending the renewable energy and limiting the nuclear into the domestic use will see the lowering of the electricity cost as well as achieving the objectives of the EMR policies depicted on the previous section. [31]This aspect projects the fully implementation of the project by 2020 which is the visionary year meant to address this issue. However, some of the energy productions have been declining ever since the year 2006 because of the concentration of the main areas and methodologies of production that will see the prices of the energy to come down greatly. [34]In most circumstances, the nuclear energy and the coal methodology of production are facing decline and by the year 2020, they may be having the least but sufficient production levels. This ...