Title: Energy Management, Uncertainty and Optimisation
Speaker: Gopal Basak, ISI Kolkata
Time and Date: Friday, May 5, 11:30 am.
Venue: Room 011 (Teaching Lab), IEOR Building
Abstract:
It is a big advantage in having a national grid for electricity distribution, but this also brings us with huge amount of problems of managing such a vast country. We have seen its massive failure in 2012 in northern grid. Can such things happen again? How can we measure the risk of such events, How can we measure the uncertainty of the distribution? Locally, globally? Since private players are in electricty generation and since it is a public good what should the right price be, more and more this becomes a concern. Especially so when the electricity is also being produced from renewable sources. Are there any exchange in India where we can buy and sell electricity as a trade-able goods. Pricing in this exchange will be a big issue as the production cost of electricity differs from the material its used, also whether from renewable or from non-renewables? Should the producers be allowed to store so that they can manipulate the price of electricity? Further, if we wish to pose this as a problem of optimisation, then it should be realised that such problems would yield different solutions depending whether we are looking from customers' perspective, or producers' or governments'. This talk will try to discuss these issues and highlight the problems at hand.