On Challenges in Wholesale Electricity Market Design [SmartGrid]

On Challenges in Wholesale Electricity Market Design: from Renewables to Strategic Interaction
Thursday, March 9, 2017 - 1:30pm
Y2E2 300
Subhonmesh Bose (University of Illinois Urbana-Champaign)
Abstract / Description: 

Wholesale electricity markets for the bulk power systems are networked marketplaces for buying and selling energy, mediated by an independent system operator (ISO). Market design paradigms are not particularly suited to handle the deepening penetration of renewable supply. I will begin by discussing some challenges in forward market design that stem from the variability characteristics of renewables such as wind and solar resources. Then, I will present recent work on two possible ways to tackle that challenge — a stochastic economic dispatch based contingent pricing scheme and a centralized mechanism for trading cash-settled call options. In the second half of the talk, I will change gears and discuss the challenges in electricity market design that arise due to the strategic interaction among the generators. In this vein, I will discuss some recent results on a networked Cournot/Stackelberg model that offers insights into ways to mitigate the effects of strategic interaction in such networked markets.


The SmartGrid seminar is scheduled at 1:30 pm on various dates throughout the Winter quarter. These speakers are renowned experts in power and energy systems, and we believe they will bring novel insights and fruitful discussions to Stanford. This seminar is offered as a 1 unit seminar course, CEE 272T/EE292T for interested students. This course can be repeated for credit for the students.



Yours sincerely,

SmartGrid Seminar Organization Team,

Ram Rajagopal, Assistant Professor, Civil and Environmental Engineering
Chin-Woo Tan, Director, Stanford Smart Grid Lab
Wenyuan Tang, Postdoctoral Scholar, Civil and Environmental Engineering
Emre Kara, Associate Staff Scientist, SLAC


Subhonmesh Bose is an Assistant Professor at the Dept. of Electrical and Computer Engineering at the University of Illinois at Urbana Champaign. Prior to joining UIUC, he was an Atkinson Postdoctoral Fellow in Sustainability at Cornell University. He received his MS and PhD at California Institute of Technology in Electrical Engineering in 2012 and 2014, respectively. And, he did his B.Tech at Indian Institute of Technology Kanpur. He was a co-recipient of a best paper award in system operations and market economics in IEEE Power and Energy Society General Meeting, 2013.