{"72064":{"#nid":"72064","#data":{"type":"event","title":"Faculty Candidate Seminar - Advances in Electric Power Systems: Robustness, Adaptability, and Fairness","body":[{"value":"\u003Cp\u003ETITLE: Advances in Electric Power Systems: Robustness, Adaptability, and Fairness\n\u003C\/p\u003E\u003Cp\u003ESPEAKER: Dr. Andy Sun\u003C\/p\u003E\u003Cp\u003EABSTRACT:\u003C\/p\u003E\u003Cp\u003EThe electricity industry has been experiencing fundamental changes over \nthe past\ndecade. Two of the arguably most significant driving forces are the \nintegration\nof renewable energy resources into the electric power system and the creation\nof deregulated electricity markets. Many new challenges arise. In this\ntalk, we present some new results on two important issues: How to reliably\noperate a power system under high penetration of uncertain supply and demand;\nand how to design an electricity market that balances efficiency and fairness.\u003C\/p\u003E\u003Cp\u003E\n\nIn the first part of the talk, we address the first issue in the \ncontext of the\nso-called unit commitment (UC) problem, one of the most critical operations of\nan electric power system facing with new challenges of increasing uncertainty\nfrom both generation and load. We propose a fully adaptive robust model \nfor the\nsecurity constrained UC problem in the presence of nodal net load\nuncertainty. We develop a practical solution methodology and present an\nextensive numerical study on the real-world large scale power system operated\nby the ISO New England (ISO-NE). Computational results demonstrate the\nadvantages of the robust model over the traditional reserve adjustment \napproach\nin terms of economic efficiency, operational reliability, and robustness to\nuncertain distributions.\n\n\u003C\/p\u003E\u003Cp\u003EAs motivated by the above application, we study a more general notion \nof finite\nadaptability in a rather general setting of multistage stochastic and adaptive\noptimization. We show that geometric properties of uncertainty sets, such as\nsymmetry, play a significant role in determining the power of robust and\nfinitely adaptable solutions, and these solutions are good approximation for\nmultistage stochastic as well as adaptive optimization problems. To the \nbest of\nour knowledge, these are the first approximation results for the multistage\nproblem in such generality. Moreover, the results and proof techniques are\nquite general and extend to include important constraints such as integrality\nand linear conic constraints.\u003C\/p\u003E\u003Cp\u003E\n\nIn the final part of the talk, we present a new perspective on electricity\nmarket design. We propose and investigate the notion of $\\beta$-fairness that\naddresses the tradeoff between social welfare and fairness. The case $\\beta=0$\ncorresponds to current practice, whereas $\\beta=1$ corresponds to a solution\nthat maximizes the minimum utility among market participants, the so-called\nmax-min fairness. Such a max-min fair solution eliminates side payments, thus\nprovides a solution to a long standing problem in the current practice. We\ninvestigate the tradeoff curve, and show that the current practice $(\\beta=0)$\nis not Pareto efficient. Our scheme also gives a solution to another \nwell-known\nproblem, namely achieving fairness and integrity of the auction in \nchoosing from\nmultiple (near) optimal solutions.\n\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":[{"value":"Advances in Electric Power Systems: Robustness, Adaptability, and Fairness"}],"uid":"27187","created_gmt":"2011-10-27 11:17:53","changed_gmt":"2016-10-08 01:56:28","author":"Anita Race","boilerplate_text":"","field_publication":"","field_article_url":"","field_event_time":{"event_time_start":"2011-11-04T12:00:00-04:00","event_time_end":"2011-11-04T13:00:00-04:00","event_time_end_last":"2011-11-04T13:00:00-04:00","gmt_time_start":"2011-11-04 16:00:00","gmt_time_end":"2011-11-04 17:00:00","gmt_time_end_last":"2011-11-04 17:00:00","rrule":null,"timezone":"America\/New_York"},"extras":[],"groups":[{"id":"1242","name":"School of Industrial and Systems Engineering (ISYE)"}],"categories":[],"keywords":[{"id":"166896","name":"seminar"}],"core_research_areas":[],"news_room_topics":[],"event_categories":[{"id":"1795","name":"Seminar\/Lecture\/Colloquium"}],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003EJennifer Harris\u003C\/p\u003E","format":"limited_html"}],"email":[],"slides":[],"orientation":[],"userdata":""}}}