(59b) Managing Economic Uncertainty in a Smart Grid Environment
AIChE Spring Meeting and Global Congress on Process Safety
2013
2013 Spring Meeting & 9th Global Congress on Process Safety
Computing and Systems Technology Division
Smart Grid for the Process Industries: Tutorial Overview and Panel Discussion
Tuesday, April 30, 2013 - 9:00am to 9:30am
Smart grids provide an opportunity for electricity consumers to participate in the wholesale electricity market. This can be economically advantageous if there is temporal flexibility in the consumer’s loads: loads can be shifted from time when electricity prices are high to times when electricity is inexpensive. However, participation in the electricity markets also brings with it risks associated with the ever-changing cost of electricity. Periods of extreme weather, including drought, can cause marginal prices to skyrocket, while mild weather can result in consistently low prices. Using data from the Pecan Street, Inc., a smart grid demonstration project involving 300 homes and 60 electrical vehicles in Austin, Texas, we evaluate the risk inherent in the electricity markets and provide guidance for making investment decisions in a dynamic and stochastic smart grid environment, ranging from community energy storage (CES) projects to solar thermal and photovoltaic investment.
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