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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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