Society-Scale Decarbonization via Electrification: An Electricity Market Perspective

Yury Dvorkin, Assistant Professor at New York University gives a lecture titled Society-Scale Decarbonization via Electrification: An Electricity Market Perspective.

The lecture is organized by the Electrical Power Systems Laboratory (EPSLab) at the Engineering Institute, University of Iceland and will also be held via Teams.

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Abstract

Affordable, clean, and reliable electricity is fundamental for society-scale decarbonization. Further success of electrified technologies and electrification strategies for transportation, buildings, and various industrial sectors hinges on the ability of the electric power sector to efficiently produce and deliver low- or zero-emission electricity in a least cost and reliable manner. This, in turn, requires re-engineering existing wholesale electricity markets that struggle to accommodate continuously growing penetrations of renewable and energy-limited resources. This presentation will first present a new chance-constrained wholesale market design, which is capable of internalizing uncertainty and variability of grid-scale renewable generation resources and which supports explicit risk trading. Using the proposed market design, we will develop a data-stressing technique to robustify market-clearing outcomes against extreme, yet plausible load and renewable generation scenarios. Finally, we will describe how the proposed electricity market design benefits from model-informed machine learning, which is leveraged for computational tractability on realistically large power grid instances.