TY - GEN
T1 - Risk-sensitive optimization and pricing for the modern power grid
AU - Bose, Subhonmesh
AU - Ndrio, Mariola
AU - Madavan, Avinash N.
AU - Tong, Lang
AU - Guo, Ye
N1 - Funding Information:
S. Bose, M. Ndrio, and A. N. Madavan are with the Department of Electrical and Computer Engineering, University of Illinois at Urbana-Champaign, Urbana, IL 61801. Emails: {ndrio2,madavan2,boses}@illinois.edu. This work was partially supported by the Power Systems Engineering Research Center. L. Tong is with the School of Electrical and Computer Engineering at Cornell University. Email: lt35@cornell.edu. Y. Guo is with the Tsinghua Berkeley Shenzhen Institute. Email: guo-ye@sz.tsinghua.edu.cn
Publisher Copyright:
© 2021 IEEE.
PY - 2021/3/24
Y1 - 2021/3/24
N2 - Integration of variable renewable and distributed energy resources in the grid makes demand and supply conditions uncertain. In this talk, we explore customized algorithms and meaningful pricing design for risk-sensitive market clearing, where power delivery risk is modeled via the conditional value at risk (CVaR) measure. The market clearing formulations are such that they allow a system operator to effectively explore the cost-reliability tradeoff. We discuss algorithmic architectures to solve these risk-sensitive optimization problems and then derive pricing mechanisms to accompany a risk-sensitive dispatch.
AB - Integration of variable renewable and distributed energy resources in the grid makes demand and supply conditions uncertain. In this talk, we explore customized algorithms and meaningful pricing design for risk-sensitive market clearing, where power delivery risk is modeled via the conditional value at risk (CVaR) measure. The market clearing formulations are such that they allow a system operator to effectively explore the cost-reliability tradeoff. We discuss algorithmic architectures to solve these risk-sensitive optimization problems and then derive pricing mechanisms to accompany a risk-sensitive dispatch.
UR - http://www.scopus.com/inward/record.url?scp=85104960894&partnerID=8YFLogxK
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U2 - 10.1109/CISS50987.2021.9400238
DO - 10.1109/CISS50987.2021.9400238
M3 - Conference contribution
AN - SCOPUS:85104960894
T3 - 2021 55th Annual Conference on Information Sciences and Systems, CISS 2021
BT - 2021 55th Annual Conference on Information Sciences and Systems, CISS 2021
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 55th Annual Conference on Information Sciences and Systems, CISS 2021
Y2 - 24 March 2021 through 26 March 2021
ER -