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Smart Grid Seminar: Increasing Electricity Market Efficiency with Flexible Mechanism

Topic: 
Increasing Electricity Market Efficiency with Flexible Mechanism
Thursday, October 1, 2020 - 1:30pm
Venue: 
Zoom
Speaker: 
John Birge (U of Chicago Booth School of Business)
Abstract / Description: 

Current wholesale electricity market designs of day-ahead and real-time markets have inherent inefficiencies that are amplified with greater shares from intermittent renewable sources. Building in flexibility through time and geographically substitutable bids and stochastic unit commitments can yield significant gains. This talk will discuss how to model and assess these advantages and their implications for renewable generation.

Bio:

John Birge is the Hobart W. Williams Distinguished Service Professor of Operations Management at the University of Chicago Booth School of Business. His work focuses on application, theory, and computation for decision making under uncertainty with applications in the management of operations in finance, energy, health care, manufacturing, public policy, and transportation. He is an INFORMS Fellow, MSOM Society Distinguished Fellow, member of the US National Academy of Engineering, and Editor-in-Chief of Operations Research.