Electric power: done wrong, it drags the economy and environment down; done right, it could help to create a more efficient, brighter, and cleaner future. Better policy, planning, and operations models–both simple analytical, and complex computational ones–are essential if we’re going to do it right. Better modeling is also fun, as the math of electricity models is inherently interesting and revealing–models often show flaws in our intuition. Used intelligently, models can point us towards better regulations, investments, and operating policies. Simple models provide insights, while complex models provide the numbers needed to choose specific investments and policies.
Dr. Hobbs will highlight one application using the power market model COMPETES: the design of renewable portfolio standards, and an analysis of their price and economic efficiency impacts in the Year 2030. He will also examine the cost of country-specific targets versus EU-wide targets.