Electricity is versatile, clean to use, easy to distribute and supreme to control. Just as important, it is now established that electricity has better productivity in many applications than most other energy forms [1]. All this led to the wider utilisation of electricity and its replacement of other forms of energy in many uses. Demand for electricity is now growing globally at a rate higher than that of economic growth and, in many countries, at almost 1.5–2 times that of demand for primary energy sources. With the type of technologies and applications that already exist, there is nothing to stop electricity’s advancement and it assuming a higher share of the energy market. Saturation of electricity use is not yet in sight, even in advanced economies where electricity production claims more than half of the primary energy use. Other than for the transport sector, electricity can satisfy most human energy requirements. It is expected that, by the middle of the 21st century, almost 70 per cent of energy needs in some industrialised countries will be satis?ed by electricity [2]. Electricity has become an important ingredient in human life; it is essential for modern living and business. Its interruption can incurmajor losses and create havoc in major cities and urban centres. Its disruption, even if transient, may cause tremendous inconvenience. Therefore, continuity of electricity supply is essential. Also, with the widespread use of computers and other voltage- and frequency-sensitive electronic equipment, the importance of the quality of supply has become evident. A significant proportion of investment, in the electricity supply industry (ESI), goes into the reserve generating plant, standby equipment and other redundant facilities needed to ensure the continuity and high quality of the supply. Economics of reliability in the electricity supply industry is a very important topic [3], which will be dealt with in detail in Chapter 10. Optimisation of investment in the ESI requires understanding of markets, prediction of future demand and an approach based on integrated resource planning.
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