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This book presents an overview of the risks involved in modern electricity production, delivery and trading, including technical risk in production, transportation and delivery, operational risk for the system operators, market risks for traders, and political and other long term risks in strategic management.  Using decision making under uncertainty as a methodological background, the book is divided into four parts, with Part I focusing on energy markets, particularly electricity markets.  Topics include a nontechnical overview of energy markets and their main properties, basic price models for energy commodity prices, and modeling approaches for electricity price processes. Part II looks at optimal decisions in managing energy systems, including hydropower dispatch models, cutting plane algorithms and approximative dynamic programming; hydro-thermal production; renewable; stochastic investments and operational optimization models for natural gas transport; decision making in operating electricity networks; and investment in extending energy production systems. Part III explores pricing, including electricity swing options and the pricing of derivatives with volume control.  Part IV looks at long-term and political risks, including energy systems under aspects of climate change, and catastrophic operational risks, particularly risks from terrorist attacks.

Energy industries -- Risk management. --- Power resources. --- Risk management. --- Management --- Business & Economics --- Management Theory --- Electrical engineering. --- Electric engineering --- Business. --- Operations research. --- Decision making. --- Electric power production. --- Energy industries. --- Business and Management. --- Operation Research/Decision Theory. --- Energy Technology. --- Energy Economics. --- Insurance --- Engineering --- Operations Research/Decision Theory. --- Energy Systems. --- Energy Policy, Economics and Management. --- Operational analysis --- Operational research --- Industrial engineering --- Management science --- Research --- System theory --- Energy systems. --- Energy policy. --- Energy and state. --- Energy and state --- Power resources --- State and energy --- Industrial policy --- Energy conservation --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management decisions --- Choice (Psychology) --- Problem solving --- Government policy --- Decision making