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Wind Aggregation via Risky Power Markets

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What
  • Visitor Seminars
When Apr 29, 2014
from 11:00 AM to 12:30 PM
Where Engr. IV Bldg., Maxwell Room 57-124
Contact Name
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Yue Zhao

Stanford and Princeton Universities

 

Abstract

Uncertainty and variability of renewable energy generation impose great challenges on reliable operation of the electricity grid with high renewable penetration. Aggregation of diverse renewable energy sources can effectively reduce their uncertainty and variability. We develop a new market mechanism for renewable energy producers to achieve flexible and distributed aggregation. In this market, we introduce a novel risky (in addition to riskless) power forward contract that allows renewable energy producers to trade uncertain power output, so that their own risks are reduced. We show that the risky power market has a unique competitive equilibrium, characterized in closed form. Moreover, the market equilibrium enjoys a number of efficiency, fairness and stability properties that make the risky power market very appealing.

Biography

Yue Zhao (S’06–M’11) received the B.E. degree in electronic engineering from Tsinghua University, Beijing, China, in 2006, and the M.S. and Ph.D. degrees in electrical engineering, both from the University of California, Los Angeles (UCLA), Los Angeles, in 2007 and 2011, respectively. He is currently a Postdoctoral Scholar with the Departments of Electrical Engineering at Stanford University and Princeton University. His research interests include sustainable energy system, smart grid, infrastructure resilience and security, optimization theory, signal processing, and information theory.

 

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