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Harmonizing energy planning and market mechanisms to ensure supply adequacy in electricity markets

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MESW02 - Electricity systems of the future: incentives, regulation and analysis for efficient investment

 The objective of this talk is twofold: we first describe multi-stage stochastic optimization models with a very detailed representation of the system components that have been used to carry out realistic generation-transmission planning studies in large systems with strong renewable penetration. The optimization framework of these models allows not only to extract meaningful outputs – such as probabilistic-reserve needs, cost of flexibility – as well as they can be used to factor planning outcomes in auctions for long-term reliability products to ensure supply adequacy. We will show that attributes of generation plants can be factored in the procurement process of these products via primal (price-based) or dual (quantity-based) outcomes of the optimization-based framework for the planning studies.

This talk is part of the Isaac Newton Institute Seminar Series series.

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