Energy policy, Electricity transmission
Specialty focus areas:
Economic analysis; Optimal Incentive Program to Maximize the Use of Alternative Energy; Resilient Power Transmission Network Design
We study the effectiveness of various incentive programs used worldwide to promote the use of alternative energy. Incentives are in various forms from minimum price guarantee to premium on top of the market price and to a fixed price. Many incentive systems are to protect investors from uncertainty in energy price in the future and the return on investment should take the hedging effect of the incentive programs. We propose to use financial option pricing approach to the valuation of various incentive programs to predict the adoption trend of alternative energy in the future. This is then used to optimally shape the incentive program with the objective of maximizing the use of alternative energy. ... We propose to develop mathematical programming-based approaches to enhancing the resilience of an existing power transmission network with the consideration of uncertainties in power demands, random node/arc failures, and malicious attacks. Resilience of a network can be defined as the ability to restore required connections at the minimum performance loss upon random failures or malicious attacks. It is, however, known that evaluation of network resilience is NP-hard, which means there is no polynomial algorithm to compute resilience of a network. We propose to use 2-stage stochastic programming approach to design resilient network, which would not require the evaluation of resilience.
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