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1st Interdisciplinary Workshop on Smart Grid Design & Implementation

Renewable Integration: Control and Markets
John Ledyard
A.B., Wabash College, 1963; M.S., Purdue University, 1965; Ph.D., 1967; D.Lit.h.c., Purdue University. Professor, Caltech, 1985-2002, 2012-; Davis Professor, 2002-12. Executive Officer for the Social Sciences, 1989-92; Chair, Division of the Humanities and Social Sciences, 1992-2002. John Ledyard is an expert in economics and computer assisted markets. Expertise: Economics; Computer assisted markets, pollution permit trading, auctions, game theory.
Abstract: 
Renewable Integration into the electricity grid promises increased supply uncertainty and price volatility.  There are two competing approaches to the potential problem.  The market based approach argues "let there be markets and we will have optimality."  The control based approach argues "let there be control and there will be reliability."  The two often operate at cross purposes.  I briefly caricature each approach and then look at a case study, prices to devices, in which the two interact to the detriment of both efficiency and stability.  I end with the observation that progress will be made only if control and economics are integrated.  I also make a couple of suggestions for future research.
Date: 
Decemeber 7th, 2012
Time: 
11:00 am
Room: 
201 New Engineering Building

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