Graduate Seminar – Wanning Li

When

August 31, 2016    
1:10 pm - 2:00 pm

Where

3043 ECpE Building Addition
Coover Hall, Ames, Iowa, 50011

Event Type

Student: Wanning Li
Advisors: James McCalley and Leigh Tesfatsion
Title: Swing Contract Market Design in Electric Power Systems
Abstract: The need for flexible service provision has dramatically increased in recent years due to the increased penetration of variable energy resources, as has the need to ensure fair access to service provision from an increasingly diverse array of resources. In response to these needs, this study develops a new electricity market design based on swing contracts, which provides a more transparent and less complex payment mechanism. The new swing contract market is based on the concept of two-part pricing, which permits a full market-based compensation for service availability and service performance. This study also develops a new analytic optimization formulation for the clearing of the new swing contracts market. This new optimization formulation is a mixed integer linear programming (MILP) problem that can be solved using standard MILP solution software. A numerical day- ahead market example illustrates the potential of this new optimization formulation for real-world implementation.
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