Related papers: What may future electricity markets look like?
The rising share of abundant renewable energy inevitably increases volatility in the electricity production. The concept of sector coupling means that the volatility of electricity production to a large degree can be absorbed by dispatching…
The contemporary era is marked by rapid urban growth and increasing population. A significant, and constantly growing, portion of the global population now resides in major cities, leading to escalating energy demands in urban centers. As…
Our society is digital: industry, science, governance, and individuals depend, often transparently, on the inter-operation of large numbers of distributed computer systems. Although the society takes them almost for granted, these computer…
Distributed energy resources (DER) provide significant value for renewable energy integration in modern power grids. However, unlocking this value requires complex design and coordination. This paper focuses on the emerging {\em transactive…
The expansion of variable generation has driven a transition toward a 100\% non-fossil power system. New system needs are challenging system stability and suggesting the need for a redesign of the ancillary service (AS) markets. This paper…
As pressures to decarbonize the electricity grid increase, the grid edge is witnessing a rapid adoption of distributed and renewable generation. As a result, traditional methods for reactive power management and compensation may become…
Modern power grids are fast evolving with the increasing volatile renewable generation, distributed energy resources (DERs) and time-varying operating conditions. The DERs include rooftop photovoltaic (PV), small wind turbines, energy…
As the "smart grid" paradigm becomes more prevalent, fundamental techno-economic challenges prominently arise. The variability of renewables may require conventional generators to remain active and operate inefficiently. The grid's inertia…
This paper explores the design of a balanced data-sharing marketplace for entities with heterogeneous datasets and machine learning models that they seek to refine using data from other agents. The goal of the marketplace is to encourage…
Large scale electricity storage is set to play an increasingly important role in the management of future energy networks. A major aspect of the economics of such projects is captured in arbitrage, i.e. buying electricity when it is cheap…
The authors provide a comprehensive overview of flexibility characterization along the dimensions of time, spatiality, resource, and risk in power systems. These dimensions are discussed in relation to flexibility assets, products, and…
Electrification of all economic sectors and solar photovoltaics (PV) becoming the lowest-cost electricity generation technology in ever more regions give rise to new potential gains of trade. We develop a stylized analytical model to…
We see a trend where computing becomes a metered utility similar to how the electric grid evolved. Initially electricity was generated locally but economies of scale (and standardization) made it more efficient and economical to have…
Recently, chance-constrained stochastic electricity market designs have been proposed to address the shortcomings of scenario-based stochastic market designs. In particular, the use of chance-constrained market-clearing avoids trading off…
The global requirements for energy are increasing rapidly as the global population increases and the under-developed nations become more advanced. The traditional fuels used in their traditional ways will become increasingly unable to meet…
Quantum computing technologies are advancing, and the class of addressable problems is expanding. Together with the emergence of new ventures and government-sponsored partnerships, these trends will help lower the barrier for new technology…
Local electricity markets offer a promising solution for integrating renewable energy sources and other distributed energy resources (DERs) into distribution networks. These markets enable the effective utilization of flexible resources by…
Although both data availability and the demand for accurate forecasts are increasing, collaboration between stakeholders is often constrained by data ownership and competitive interests. In contrast to recent proposals within cooperative…
Electric power is a vital ingredient of modern society. This article is written to provide an insight into the physics and engineering that go into the transmission of electric power and its potential modernization. Topics covered will be…
Energy policy in Europe has been driven by the three goals of security of supply, economic competitiveness and environmental sustainability, referred to as the energy trilemma. Although there are clear conflicts within the trilemma, member…