SEMINAR: Energy Market Modeling and Policy

Dr. Andrew L. Liu, School of Industrial Engineering, Purdue University
When Mar 03, 2016
from 01:00 PM to 02:00 PM
Where Vogt Building, Room 311
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Abstract:

Smart Grid infrastructure is key to integrate the emerging technologies into the grid and to migrate to a clean, secure and sustainable energy system. Such infrastructure will also pave the way for demand participation in wholesale electricity markets, which will further help improve system efficiency and increase system reliability. Infrastructure alone, however, is not sufficient for reaching the full benefits of demand participation. The current prevailing fixed-electricity-rate structure needs to be replaced by dynamic rate structures. In this talk we will present an approximate dynamic programming (ADP)-based economic dispatch model that can implement the real-time pricing rate structure and seamlessly integrate demand participation into the wholesale markets, with the aid of control automation devices, broadly termed as Energy Management Controllers (or EMCs). We will discuss and compare the market outcomes with different entities controlling the EMCs (namely, with a wholesale market operator or consumers themselves controlling the devices).

About the Speaker:

Dr. Andrew (Lu) Liu joined the School of Industrial Engineering at Purdue University as an Assistant Professor in August 2009. He received his Ph.D. in Applied Mathematics and Statistics from The Johns Hopkins University in 2009. He also holds an M.S. in Mathematical Sciences from Johns Hopkins, and a B.S. in Applied Mathematics from Beijing Institute of Technology. Dr. Liu’s primary research interests lie in the interactions of optimization, game theory and industrial organization, with applications to model and analyze energy markets, environmental policies, and smart grid. He is the Purdue Discovery Park Research Fellow in 2014 – 2015, and his work has been funded by NSF, DOE and U.S. Air Force. In addition to his academic experience, Dr. Liu has worked at ICF International as a Senior Associate, responsible for developing optimization and stochastic models on investment in energy markets and environmental policy analysis.