Toward an Efficient Stochastic Market Design

Abstract

This presentation describes a stochastic electricity market design based on the use of chance constraints for modeling uncertain injections of renewable generation resources. The proposed design makes it possible to internalize the effect of uncertainty within the price formation process, while considering technical limits on transmission network operations (e. g. ac power flow and voltage limits). We prove that the proposed market design yields a robust competitive equilibrium and can accommodate a variety of probabilistic assumptions on the underlying uncertainty. Our numerical simulations demonstrate the usefulness of the proposed market design on large-scale test systems.

Biography

Yury Dvorkin is an Assistant Professor in the Department of Electrical and Computer Engineering at New York University’s Tandon School of Engineering, where his research work is supported by National Science Foundation, including the 2019 NSF CAREER Award, and U.S. Department of Energy. Before joining NYU, he was a Ph.D. student (class of 2016) at the University of Washington, under the supervision of Prof. Daniel S. Kirschen, and a graduate student researcher (2014) at the Center for Nonlinear Studies, Los Alamos National Laboratory (2014). For his dissertation work, entitled “Operations and Planning in Sustainable Power Systems“, Yury was awarded the inaugural 2016 Scientific Achievement Award by Clean Energy Institute (University of Washington).