The Role of Uncertainty and Look Ahead in Scheduling and Pricing Models for a Sustainable Decarbonization of Power Systems

The decarbonization agenda has prompted a global shift in the generation matrix, leading to vast integration of renewable resources. New climate patterns and their linkage to natural hazards add another layer of uncertainty that operators must handle. Despite significant changes in operational modes and increasing uncertainties, computational scheduling models remain largely unchanged. These models are pivotal in power systems, determining generation scheduling, market prices, and driving long-term investments. In this high-uncertainty environment with low variable costs, storage and flexibility become vital for system reliability and economic affordability. However, to fully harness the benefits of storage, flexibility, and renewables, computational models need to account for uncertainties and a realistic look-ahead to capture relevant system's opportunity costs. In this panel, we explore the role of uncertainty and look ahead in scheduling and pricing models for a sustainable decarbonization of power systems.