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Hierarchical optimisation and equilibrium problems in electricity systems: challenges and status quo

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MESW02 - Electricity systems of the future: incentives, regulation and analysis for efficient investment

This talk starts off with a brief introduction to hierarchical optimisation and equilibrium problems, and continues with a broad overview of different applications of these types of problems within the electricity system (such as transmission and generation expansion planning, strategic bidding in markets and many more). We then establish the status quo of the existing models and analyse: what level of technical detail existing models cover; what are corresponding CPU times, model size and complexity; what are the current methods available to solve the arising problems, and, raise the discussion of what gets lost in translation. With the former analysis in mind, we outline the existing lack in the literature, or better yet the existing need to represent complex technical realities in our models. Complex realities such as: the AC optimal power flow, or unit commitment constraints. We then try to establish the link between the technical nature, and the corresponding arising mathematical difficulties in the hierarchical models, discussing issues such as non-convexities and non-existence of solutions. The talk concludes by pointing out some of the most recent methodological advances in these directions, and what still remains to be done.

This talk is part of the Isaac Newton Institute Seminar Series series.

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