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<p class="MsoNormal"><span style="font-size:11.0pt">Heres a quick reminder of the webinar later this morning with full call in information at the bottom. I look forward to seeing you soon.<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-left:.5in"><b><span style="color:black;mso-ligatures:none">From:
</span></b><span style="color:black;mso-ligatures:none">skurtz@ucmerced.edu<br>
<b>When: </b>9:00 AM - 10:00 AM October 27, 2023 <br>
<b>Subject: </b>LDES seminar on Electricity Markets<br>
<b>Location: </b>https://ucmerced.zoom.us/j/4364884550<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-left:.5in">You are invited to join a seminar by Dr. Rajni Bansal of UC San Diego. PLEASE NOTE: This will be two weeks after the seminar by RedFlow, which will be Oct. 13<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
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<u><span style="font-size:12.0pt;color:#0E101A">Title:<span class="apple-converted-space">
</span></span></u><span style="font-size:12.0pt;color:#0E101A">Efficiency and Market Power in Electricity Markets with Inelastic Demand, Energy Storage, and Hybrid Energy Resources<o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A"><o:p> </o:p></span></p>
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<u><span style="font-size:12.0pt;color:#0E101A">Abstract:</span></u><span style="font-size:12.0pt;color:#0E101A"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A">We<span class="apple-converted-space"> </span>focus on the electricity market and examine how the competition between<span class="apple-converted-space"> </span>different resources, such as traditional generators,
energy storage,<span class="apple-converted-space"> </span>and hybrid resources, affects market efficiency. We first consider the<span class="apple-converted-space"> </span>participation of conventional resources in a two-stage market, i.e.,<span class="apple-converted-space"> </span>day-ahead
and real-time settlement. Although designed to allocate<span class="apple-converted-space"> </span>resources efficiently, price manipulation by strategic participants can<span class="apple-converted-space"> </span>undermine these goals. To address price manipulation,
some markets have<span class="apple-converted-space"> </span>proposed system-level market power mitigation policies, which substitute<span class="apple-converted-space"> </span>noncompetitive bids with default bids based on estimated generation<span class="apple-converted-space"> </span>costs.
Using equilibrium analysis, we illustrate that such a policy in<span class="apple-converted-space"> </span>the day-ahead stage is more robust to price manipulations than in<span class="apple-converted-space"> </span>real-time, which may lead to non-equilibrium
solutions. <o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A"><o:p> </o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A">We<span class="apple-converted-space"> </span>then study emerging technologies and analyze how their integration<span class="apple-converted-space"> </span>affects market efficiency. We first analyze the participation
of energy<span class="apple-converted-space"> </span>storage. Our analysis indicates that the existing participation<span class="apple-converted-space"> </span>mechanism, where storage bids power in a market, may diminish market<span class="apple-converted-space"> </span>benefits
due to its unique operational characteristics, e.g., the<span class="apple-converted-space"> </span>operating cost depends on charge-discharge cycles, unlike conventional<span class="apple-converted-space"> </span>generators. We propose a novel market mechanism
based on an energy <o:p></o:p></span></p>
<p class="elementtoproof" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;font-variant-caps: normal;orphans: auto;text-align:start;widows: auto;-webkit-text-stroke-width: 0px;word-spacing:0px">
<span style="font-size:12.0pt;color:#0E101A">cycling function that maps cycle depth to per-cycle prices. We next<span class="apple-converted-space"> </span>study the participation of hybrid resources combining energy storage and<span class="apple-converted-space"> </span>renewable
energy sources. We benchmark the performance of two types of<span class="apple-converted-space"> </span>market models: a granular model and an integrated model. Our analysis<span class="apple-converted-space"> </span>shows that granular models lead to lower
operating costs but add<span class="apple-converted-space"> </span>computational complexity, which may not be desirable from the operators<span class="apple-converted-space"> </span>perspective. Though less computationally intensive, integrated models<span class="apple-converted-space"> </span>result
in more intervals violating the physical limits of constituent<span class="apple-converted-space"> </span>energy storage.<o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A"><o:p> </o:p></span></p>
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<u><span style="font-size:12.0pt;color:#0E101A">Author Bio:</span></u><span style="font-size:12.0pt;color:#0E101A"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A"><o:p> </o:p></span></p>
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<span style="font-size:12.0pt;color:#0E101A">Rajni<span class="apple-converted-space"> </span>Kant Bansal works as a Postdoctoral Researcher at the Center for Energy<span class="apple-converted-space"> </span>Research in the University of California San Diego.
He has a Ph.D. in<span class="apple-converted-space"> </span>Mechanical Engineering, and an M.S.E in Applied Mathematics and<span class="apple-converted-space"> </span>Statistics from Johns Hopkins University. During his studies at JHU, he<span class="apple-converted-space"> </span>also
worked alongside the Grid Operations and Planning team at the<span class="apple-converted-space"> </span>Electric Power Research Institute. Apart from this, he completed his<span class="apple-converted-space"> </span>B.Tech. in Mechanical Engineering from
the Indian Institute of<span class="apple-converted-space"> </span>Technology Kanpur and has prior experience as a financial analyst at<span class="apple-converted-space"> </span>Credit Suisse Investment Bank.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">Join Zoom Meeting<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><a href="https://ucmerced.zoom.us/j/4364884550">https://ucmerced.zoom.us/j/4364884550</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Meeting ID: 436 488 4550<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">Meeting ID: 436 488 4550<o:p></o:p></span></p>
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