After the first power plant in history was commissioned for commercial operation by Thomas Edison on Pearl Street in New York in 1882, electricity was sold as a consumer product at market prices. After a period of rapid development, electricity had become such a fundamental product that regulation was believed to be necessary. Since then, the power

Deqiang Gan has been with the faculty of Zhejiang University since 2002. He visited the University of Hong Kong in 2004, 2005, and 2006. Deqiang worked for ISO New England, Inc. from 1998 to 2002. He held research positions in Ibaraki University, University of Central Florida, and Cornell University from 1994 to 1998. Deqiang received his Ph.D. in Electrical Engineering from Xian Jiaotong University, China, in 1994. He currently serves as an editor of European Transactions on Electric Power. His research interests are power system stability and market operations. Deqiang is a senior member of the IEEE.

Introduction. Fundamentals of Power System Operation. Market Design: Spot Energy Market. Market Design: Procurement of Ancillary Services. Market Design: Common Cost Allocations. Microeconomic Analysis. Price Forecast and Risk Management.