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MECHANISM DESIGN FOR INCENTIVE REGULATION IN ELECTRICITY MARKETS

Demosthenis Teneketzis


Professor
University of Michigan - Department of EECS
 
Friday, October 31, 2014
12:30pm - 1:30pm
1311 EECS

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EECS 500 Seminar

About the Event

In the restructured electricity industry,electricity markets are an oligopoly.We discuss some of the problems arising as a result of the industry restructuring and the emerging smart grid. Such problems include generation expansion planning, integration of renewable energy into the smart grid, multilateral trades among non-strategic regional transmission operators possessing asymmetric information, and energy production coordination among strategic producers possessing asymmetric information. We formulate the generation expansion planning problem, and a problem of energy procurement from a strategic seller with renewable and non-renewable resources. We use Mechanism Design, a branch of microeconomic theory, to address these problems. We present the key ideas from Mechanism Design. If time permits, we will present the solution to the problem of energy procurement from a strategic seller with renewable and non-renewable energy resources.

Additional Information

Contact: Ann Pace

Phone: 763-5022

Email: ampace@umich.edu

Sponsor(s): University of Michigan, Department of Electrical Engineering & Computer Science

Open to: Public