GOALI: Optimal Strategies for Electric Energy Contract Decision Making

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9612636 Liu This proposal deals with two important aspects in the emerging electric power industry environment: power engineering and economics. From a power engineering point of view, a new challenge is to maintain the reliability of the power networks given higher levels of uncertainties. Traditionally, generation units are owned and scheduled by the utilities. However, in the emerging environment, the available generation depend primarily on the contracts established by various purchasing-selling parties. Since a high reliability level has to be maintained for the power systems, new techniques for operation and decision making will be desirable. Engineering constraints on the power systems such as available transfer capabilities have to be met as energy transactions are implemented. The proposed research incorporates power system engineering constraints into a contract decision making method. ***