Developing Optimization Algorithms and Computational Techniques for Future Resource Integration

Optimization models and algorithms are at the core of software tools used in the electricity market operation with the goal of minimizing the system operation cost while ensuring system security. However, the industry evolution has posed unprecedented challenges to the existing optimization and computation techniques. Among the drivers for these new challenges, the modeling requirements for more complicated resources such as fast-growing storage, hybrid resources, virtual power plants (VPP), renewables and the necessity to manage uncertainty in market operations. This panel will discuss the latest advances and challenges in formulating optimization problems, algorithm development, and solution techniques for solving large-scale market clearing problems to integrate future resources and manage uncertainty.