Optimization and Risk Management in Open-Access Electric Energy Markets

Thursday, December 5, 2002 - 9:30am - 10:20am
Keller 3-180
Joe Chow (Rensselaer Polytechnic Institute)
In an open-access electric energy market, electricity suppliers and load serving entities are allowed to trade energy and provide bids into a daily energy market. The power system is managed by an independent system operator, who usually has the role of administrating the energy market as well. Suppliers and loads need to optimize their expected energy position as well as any real-time variation, under a limited information structure imposed by the independent system operator. Thus the optimization has to be based on past data predicting future market conditions. The talk will provide an overview of open-access electric energy markets as well as some research on optimal bidding strategies by Ning Lu, a PhD candidate at RPI.