Mathematics Colloquium: Equilibrium, Energy and Environmental Systems

Speaker:   Michael Ferris, University of Wisconsin Madison

Title:   Equilibrium, Energy and Environmental Systems

Abstract:   Stochastic equilibria can be used to model many data driven applications, including many dynamic models of competition. In this model, players solve risk averse optimization problems that are coupled by a shared scenario tree. Players are linked by equilibrium conditions at nodes of that tree. Applications to energy planning and their interactions with environmental concerns will be outlined.

Energy markets are based on models that capture interactions between producers, trans- mission and consumers. The recent explosion in the use of renewable supply such as wind, solar and hydro has led to increased volatility in this system at a number of different time scales. We demonstrate how targets for 100% renewable electricity can affect these planning problems when interacting with markets and reliability concerns over time.

Time:  Friday, April 14, 12:30pm - 1:30pm

Zoom

(Joint with the East Coast Optimization Meeting)