Enhancing Energy Equity in Wholesale Electricity Market Operations

ABSTRACT

The transition towards a sustainable electric energy system entails equitable access for consumers from all social groups. However, the current electricity market operation practice renders the same set of locational marginal prices to all consumers, neglecting disparate energy burdens of distinct social groups and inducing potential energy equity issues. In this seminar, we will explore the fundamental principles of economic operation in U.S. power systems and electricity markets. Additionally, we will introduce our recent work on a novel equity-oriented two-stage day-ahead network-constrained economic dispatch model for wholesale energy market clearing. This model provides stage-wise differentiated LMPs, addressing the energy burdens of varied social groups and enhancing energy equity. Our approach offers a significant step towards more equitable energy market practices.

BIOGRAPHY

Zexin Liu is currently a Ph.D. student in the Department of Electrical and Computer Engineering at Stevens Institute of Technology. His research interests include energy equity in power systems and electricity markets.