Algorithms and Tools for Managing Future Power Grids and Electricity Markets

The increasing penetration of renewable energy sources in coming years in the electrical grid and the advances in smart grid technologies require new efficient algorithms and tools to efficiently manage the power grid and electricity markets while maintaining reliability in a cost effective manner. The variability associated with the renewable resources will require more efficient monitoring, situational awareness tools, advanced market applications and fast and sophisticated controls of the power grid. As the online rotating mass associated with the grid will be reduced due to the high penetration of renewable resources, there will be a high need for the fast evaluation of the system security under dynamic system operating conditions. There will also be a need for more advanced modeling and optimization techniques for the market applications.