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Risk and Optimization in Future Network Planning

Presented by: 
Duncan Burt National Grid, Electricity System Operator
Date: 
Friday 22nd March 2019 - 12:00 to 12:45
Venue: 
INI Seminar Room 1
Abstract: 
TThe future of power network use is highly uncertainty, with the arrival of renewables and new patterns of power use, creating large uncertainties, risks and opportunities for the optimisation of future investment and development.  National Grid runs an annual Network Options Assessment which applies a risk-based economics approach to optimise which investments are progressed on an annual basis. his involves modelling a complex power grid and the timing and choice of many potential investment options, totalling multiple billions of pounds over the next 30 years, to deliver an efficient and secure network. This talk sets out the challenges and key factors involved in our current optimisation process and seeks views on alternative approaches.
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University of Cambridge Research Councils UK
    Clay Mathematics Institute London Mathematical Society NM Rothschild and Sons