Abstract
Many countries are attempting to reduce emission of greenhouse gases by investing in wind power. Wind power is inherently random, but we are used to 100 percent reliable electricity service. Converting random wind into reliable electricity is expensive. Backup generation must be available to compensate for wind power shortfall. On the other hand, surplus wind power leads to negative prices and reduces the margins of fossil-fuel plant operators. We propose an alternative. Let us package random wind power into electricity with different levels of reliability and sell them at different prices. Such an electricity market will reduce subsidies, and it is more efficient than the current market. However, we have to think of electricity service differently.
About the speaker
Pravin Varaiya is one of the most distinguished researchers in information science and network systems. He obtained his PhD degree at UC Berkeley in 1966, and has been on the Berkeley faculty since then. He was Nortel Networks Distinguished Professor in the Department of Electrical Engineering and Computer Sciences. From 1975 to 1992 he was also Professor of Economics at Berkeley. He is a Member of the US National Academy of Engineering, and a Fellow of IEEE and the American Academy of Arts and Sciences. Prof Varaiya's research covers most sub-fields in electrical engineering and computer sciences and interacts with other engineering disciplines as well as economics, business and urban design. His research ranges from sensory technology development, to the design, management and control of communication networks, intelligent transport systems, electric power transmission systems and urban economic systems.
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Free and open to the public. Seating is on a first-come first-served basis.
Institute for Advanced Study
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