Operation and planning of large-scale electric power systems

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This research deals with the operation and planning of large-scale electric power systems. One concern is how high levels of reliability, traditionally a centrally administered and planned task, can be maintained in the current context of independently run competing entities whose primary goal is their individual profit. This question applies to both operation in the short-term and to long-term planning tasks. In the phase of the research related to electricity markets, we will examine how to identify excessive market power on the part of generating companies. Mechanisms to restrict market power will be studied such as new electricity pricing rules, limiting the size of the competing entities, demand elasticity and price caps. One particularly challenging problem is to understand how transmission congestion and multiple product markets (e.g. power and reserve)affect market power. A second issue to be researched here is that of integrating storage facilities and renewable resources such as wind power into electricity grids. We will examine the impact of such integration on system reliability, reserve needs and on economic measures such as prices, profits and associated risks.