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Fundamentals of Energy and Power Systems

In: Economics of Power Systems

Author

Listed:
  • Christoph Weber

    (University of Duisburg-Essen)

  • Dominik Möst

    (TU Dresden)

  • Wolf Fichtner

    (Karlsruhe Institute of Technology (KIT))

Abstract

This chapter summarises the basic concepts to understand energy economics and the fundamentals of energy and power systems. First, physical and engineering basics are introduced, including the concepts of energy and power as well as the fundamental laws of energy conservation and thermodynamics. The role of energy in human societies and the development of energy use over the last decades and across the globe are discussed along with the major challenges of resource availability and environmental damage associated with energy use. In view of applied analyses, the energy transformation chain and the concepts used in national energy balances, such as primary energy and final energy, are introduced. The limitations of these statistics are shown, e.g. regarding the lack of data on useful energy and energy services. Finally, also the particularities of electricity and of the electricity sector are discussed, highlighting notably the relevance of its non-storability and its grid infrastructure.

Suggested Citation

  • Christoph Weber & Dominik Möst & Wolf Fichtner, 2022. "Fundamentals of Energy and Power Systems," Springer Texts in Business and Economics, in: Economics of Power Systems, chapter 0, pages 7-42, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-97770-2_2
    DOI: 10.1007/978-3-030-97770-2_2
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