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Harmonizing energy planning and market mechanisms to ensure supply adequacy in electricity markets

Presented by: 
Luiz Augusto Barroso PSR Energy Research and Analytics
Date: 
Tuesday 19th March 2019 - 16:30 to 17:15
Venue: 
INI Seminar Room 1
Abstract: 
 The objective of this talk is twofold: we first describe multi-stage stochastic optimization models with a very detailed representation of the system components that have been used to carry out realistic generation-transmission planning studies in large systems with strong renewable penetration. The optimization framework of these models allows not only to extract meaningful outputs - such as probabilistic-reserve needs, cost of flexibility - as well as they can be used to factor planning outcomes in auctions for long-term reliability products to ensure supply adequacy. We will show that attributes of generation plants can be factored in the procurement process of these products via primal (price-based) or dual (quantity-based) outcomes of the optimization-based framework for the planning studies.
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Presentation Material: 
University of Cambridge Research Councils UK
    Clay Mathematics Institute London Mathematical Society NM Rothschild and Sons