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1st Interdisciplinary Workshop on Smart Grid Design & Implementation

Packaging Energy and Reserves Bids in Co-optimized Multi-period Power Markets
Uday V. Shanbhag
Uday V. Shanbhag is an associate professor in the Harold and Inge Marcus Department of Industrial and Manufacturing Engineering. His research interests lie in the development of analytical tools and scalable computational schemes for optimization and equilibrium problems, with a focus on addressing competition, uncertainty, nonsmoothness and nonconvexity. Much of his research finds application in the realm of power systems and markets, where he has examined a range of questions, including the examination of strategic interactions in multi-settlement markets under uncertainty, the location of electrical substations and dynamic competitive equilibrium models. From 2006 to 2012, he was first an assistant professor and subsequently an associate professor (effective Summer, 2012) at the Industrial and Enterprise Systems Engineering (ISE) at the University of Illinois at Urbana-Champaign.
We examine the role of risk-based penalties in developing alternate market designs in which firms may combine energy bids associated with uncertain real-time availability with stable reserves bids. Such a framework is motivated by the reliability concerns associated with integrating volatile supply-side assets. Numerics on a 6-firm network illustrate the utility of such avenues.
Friday, December 7th 2012
201 NEB

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