Nomenclature
The following terminology is used in this book:
| Symbol | Name | Units | Meaning |
 |
Rate of production or consumption | units/time interval, kW, or MW | Rate of production of output by producer i or rate of consumption by consumer i |
 |
Cost function | $/time interval | Rate at which costs are incurred by producer i when producing at the rate  (units/time interval) |
 |
Marginal cost function | $/unit, $/kWh or $/MWh | Rate at which costs increase with an increase in the rate of production |
 |
Profit function | $/time interval | Rate at which profits are received by producer i when producing at the rate  (units/time interval) |
 |
Utility function | $/time interval | Rate at which utility is received when consuming at rate (units/time interval) |
| Net utility function | $/time interval | Rate at which net ... |
Get The Economics of Electricity Markets now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
