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SmartGrid Seminar: Subhonmesh Bose, On Challenges in Wholesale Electricity Market Design: from Renewables to Strategic Interaction
Abstract: Wholesale electricity markets for the bulk power systems are networked marketplaces for buying and selling energy, mediated by an independent system operator (ISO). Market design paradigms are not particularly suited to handle the deepening penetration of renewable supply. The talk will be discussing some challenges in forward market design that stem from the variability characteristics of renewables such as wind and solar resources. Dr. Bose will present recent work on two possible ways to tackle that challenge — a stochastic economic dispatch based contingent pricing scheme and a centralized mechanism for trading cash-settled call options. The seminar will also discuss the challenges in electricity market design that arise due to the strategic interaction among the generators. In this vein, Dr. Bose will discuss some recent results on a networked Cournot/Stackelberg model that offers insights into ways to mitigate the effects of strategic interaction in such networked markets.
Bio: Subhonmesh Bose is an Assistant Professor at the Department of Electrical and Computer Engineering at the University of Illinois at Urbana Champaign. Prior to joining UIUC, he was an Atkinson Postdoctoral Fellow in Sustainability at Cornell University. He received his MS and PhD at California Institute of Technology in Electrical Engineering in 2012 and 2014, respectively. He did his B.Tech at Indian Institute of Technology Kanpur. He was a co-recipient of a best paper award in system operations and market economics in IEEE Power and Energy Society General Meeting, 2013.
About the SmartGrid Seminar: The seminar speakers discuss exciting new ideas and technologies that are changing the electricity industry. The theme of the seminar series is on smart grids and energy systems, with speakers from academic institutions and industry. The hour-long seminars, including ample time for discussion, are held at 1:30 pm every Thursday. We invite you to attend!
This seminar is offered as a 1 unit seminar course, CEE 272T/EE292T for interested students. The course can be repeated for credit.