Grid that’s Risk-Aware for Clean Electricity - GRACE
Project Innovation + Advantages:
Duke University is developing a Grid that’s Risk-Aware for Clean Electricity (GRACE) energy management system (EMS) framework for characterizing the uncertainty of electric power system assets to optimize their performance. GRACE determines the scheduling, dispatch, and compensation of different resources in organized wholesale electricity markets and vertically integrated utilities by building upon industry-implemented market structure and algorithms to incorporate risk considerations. The team will characterize uncertainty of grid asset performance, determine risk-aware reserve targets and asset commitment and dispatch, and translate performance uncertainty into risk scores and associated compensation for energy and reserves. GRACE does not require major changes in industry practices and will be ready for seamless near-term integration. Relative to current practices, GRACE is expected to reduce CO2 emissions by more than 3% while also substantially reducing operational costs.
PERFORM projects will design methods and risk scores to clearly communicate the physical delivery risk of an energy asset’s offer and design grid management systems that organically capture uncertainty. These management systems will evaluate and hedge the system risk position to meet or exceed a baseline system risk index. This pursuit will achieve the following area impacts:
Innovation in grid management will reduce consumer costs, increase the value of emerging technologies, and help achieve a clean and sustainable electric power sector. Merging risk techniques in power systems with those from finance and actuarial science enables further economic growth and redefines the role of electric power sector entities.