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SUMMARY:The Dynamics of Power
DTSTART:20110826T101500
DTSTAMP:20260510T025820Z
UID:6abb3adedeb194542db980cf5a80f49b016cca3d845a04dc31cd0c6c
CATEGORIES:Conferences - Seminars
DESCRIPTION:Prof. Sean Meyn\, UIUC\nWe are moving towards a radical transf
 ormation of our energy systems. \nThe success of the new paradigm created 
 by the Smart Grid vision will require not only the creation and integratio
 n of new technologies into the grid\, but also the redesign of its coupled
  market structures. \nEconomic models able to capture the new physical rea
 lity are a first requirement for the design of a reliable\, and "smart" el
 ectrical grid.\n\nIn a few years\, smart meters and wind farms may be rega
 rded as another "bridge to nowhere" unless we create the right architectur
 e to make use of these resources.\n\nTo begin to address these issues\, we
  survey elements of today's power \ngrid\, focusing on real time markets. 
   While there are many success \nstories\, the failures can be dramatic\, 
 as commonly seen recently in Australia\, or in Texas last March\, or in th
 e midwest and New Zealand this past April.  We investigate why these disas
 ters occur\,  and conclude that they are a consequence of design:  The sta
 tic models used in competitive equilibrium analyses capture none of the ke
 y issues in real time markets.  In particular\, typical economic analyses 
 ignore volatility on long and short time scales\, and constraints due to t
 he physical realities of the grid.\n\nSeveral research questions are prese
 nted - their solution will require collaboration among researchers in econ
 omics\, power and energy systems\, and decision and control.\n\nNB Prof. S
 ean Meyn is co-author (with late R. Tweedie) of the well known book "Marko
 v Chains and Stochastic Stability"
LOCATION:BC 02 https://plan.epfl.ch/?room==BC%2002
STATUS:CONFIRMED
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