{"590535":{"#nid":"590535","#data":{"type":"event","title":"DOS Seminar - Andy Philpott","body":[{"value":"\u003Cp\u003ETITLE:\u0026nbsp; Competitive Electricity Markets with Risk-averse Agents\u003C\/p\u003E\r\n\r\n\u003Cp\u003EABSTRACT:\u003C\/p\u003E\r\n\r\n\u003Cp\u003EMarkets for wholesale electricity supply are now ubiquitous throughout the industrialized world. In the simplest form of these markets, a perfectly competitive partial equilibrium corresponds to the optimal solution to a convex economic dispatch problem, where Lagrange multipliers yield nodal energy prices. This construction can be extended to the setting where the dispatch problem becomes a convex stochastic program (for example to deal with intermittent renewable energy, or uncertain hydro-reservoir inflows) and agents maximize expected profits. When agents are risk averse, competitive partial equilibrium corresponds to a risk-adjusted social optimum as long as derivative instruments enable agents to trade risk. We illustrate these ideas using some simple examples drawn from the New Zealand electricity market.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u003Cstrong\u003EBio: \u003C\/strong\u003E\u0026nbsp;Dr.\u0026nbsp;Andy Philpott is a Professor at University of Auckland, and he is the director of the\u0026nbsp;Electric Power Optimization Centre. He received his PhD and MPhil from University of Cambridge, and his BSc and BA degrees\u0026nbsp;from\u0026nbsp;Victoria University of Wellington.\u0026nbsp;His\u0026nbsp;research interests span most of mathematical programming, in particular linear, non-linear and stochastic programming and their application to operations research problems, in particular optimal planning under uncertainty, capacity expansion in telecommunications and power networks, optimal power generation hydro-electric power systems, stochastic optimization in supply chains, and optimal yacht routing under uncertainty.\u0026nbsp;Much of\u0026nbsp;his\u0026nbsp;recent research has been conducted as part of the Electric Power Optimization Centre, which develops optimization and equilibrium models of electricity markets.\u0026nbsp;\u003C\/p\u003E\r\n","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":[{"value":"DOS Seminar - Andy Philpott"}],"uid":"34470","created_gmt":"2017-04-17 19:53:16","changed_gmt":"2017-04-17 19:53:16","author":"phand3","boilerplate_text":"","field_publication":"","field_article_url":"","field_event_time":{"event_time_start":"2017-04-27T16:00:00-04:00","event_time_end":"2017-04-27T17:00:00-04:00","event_time_end_last":"2017-04-27T17:00:00-04:00","gmt_time_start":"2017-04-27 20:00:00","gmt_time_end":"2017-04-27 21:00:00","gmt_time_end_last":"2017-04-27 21:00:00","rrule":null,"timezone":"America\/New_York"},"extras":[],"groups":[{"id":"1242","name":"School of Industrial and Systems Engineering (ISYE)"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[{"id":"78761","name":"Faculty\/Staff"},{"id":"78771","name":"Public"},{"id":"78751","name":"Undergraduate students"}],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[],"email":[],"slides":[],"orientation":[],"userdata":""}}}