Title: Society-Scale Decarbonization via Electrification: An Electricity Market Perspective

Abstract: Affordable, clean, and reliable electricity is fundamental for society-scale decarbonization. Further success of electrified technologies and electrification strategies for transportation, buildings, and various industrial sectors hinges on the ability of the electric power sector to efficiently produce and deliver low- or zero-emission electricity in a least cost and reliable manner.  This, in turn, requires re-engineering existing wholesale electricity markets that struggle to accommodate continuously growing penetrations of renewable and energy-limited resources. This presentation will first present a new chance-constrained wholesale market design, which is capable of internalizing uncertainty and variability of grid-scale renewable generation resources and which supports explicit risk trading. Using the proposed market design, we will develop a data-stressing technique to robustify market-clearing outcomes against extreme, yet plausible load and renewable generation scenarios. Finally, we will describe how the proposed electricity market design benefits from model-informed machine learning, which is leveraged for computational tractability on realistically large power grid instances.

Bio: Yury Dvorkin is an Assistant Professor and Goddard Junior Faculty Fellow in the Department of Electrical and Computer Engineering at New York University’s Tandon School of Engineering and Center for Urban Science and Progress. His research work has been supported by the U.S. National Science Foundation (NSF), U.S. Department of Energy, U.S. Department of Transportation, Advanced Research Projects Agency – Energy, Alfred P. Sloan Foundation, Electric Power Research Institute (EPRI), NYU Center for Urban Science and Progress, and NYU Center for Cybersecurity. Before joining NYU, Yury earned a Ph.D. degree at the University of Washington (2011-2016). Yury’s selected honors include the 2016 Scientific Achievement Award (Clean Energy Institute, University Washington), a 2019 NSF CAREER Award, the 2019 Goddard Junior Faculty Fellowship (New York University, 2019), and being selected as an invited participant and presenter at COP 26 (2021) and NAE Arab-American Frontiers Symposium (2021).