ECON 138: Optimization Models with Applications in Power Systems and Electricity Markets

Course Description

Optimization techniques are increasingly used in economics and power systems worldwide. These methods are particularly relevant to operating modern electricity systems with growing shares of intermittent low-carbon renewable resources and storage. The technical characteristics of generation units and transmission networks require the solution of sophisticated constrained optimization problems to ensure secure, reliable, and efficient operation. The addition of renewable resources, high levels of storage, and load flexibility technologies adds a second layer of complexity regarding the consideration of uncertainty. This course provides students with an understanding of the general concepts and optimization models and techniques used in the analysis of electricity markets and modern power system operations and planning. This course introduces both the theoretical concepts and practical applications of optimization methods and decision making under uncertainty methodologies in electricity market operations, system planning, and regulation. The course requires knowledge of probability theory at the level of Stats 116, optimization at the level of MS&E 111, statistical analysis at the level of Economics 102B, and microeconomics at the level of Economics 51.