Sensitivity of future regional and global energy markets and macroeconomic activity to a hypothetical global energy market disruption
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29 ENERGY PLANNING, POLICY, AND ECONOMY↗
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Voluntary Renewable Energy Markets 101 Workshop
These slides are for the Voluntary Renewable Energy Markets 101 Workshop at the annual Renewable Energy Markets Conference.
101↗
Voluntary Energy Markets - Status & Trends (2024 Data)
These slides are for the voluntary power market on status and trends from 2024 data.
29 ENERGY PLANNING, POLICY, AND ECONOMY↗
Microreactor-liquid metal battery system in energy markets: An evaluation of potential costs, technology, and policy impacts
Microreactors represent an emerging innovation in the nuclear industry; yet have been overshadowed by their high capital costs. With the Inflation Reduction Act of 2022 (IRA), new opportunities have emerged to improve the economics of microreactor systems. This work examines liquid metal batteries (LMB) as a value-adding technology as part of microreactor-LMB systems within three U.S. electricity markets: ERCOT, PJM, and MISO. Our investigation considers key uncertainties: the cost of microreactors, the performance of LMBs, and the eligible tax credit levels. To this end, we use a dispatch optimization to trace not only the changes in system economics but also to provide a granular picture of energy delivery within the systems. We find that even with favorable costs for microreactors, significant regional variations in the project sizing and returns exist across the markets. Our heuristic method identifies their non-electric application potentials beyond electricity and technical requirements to maximize returns. The results suggest that 12–39 % of reactor heat could be cost-effectively diverted to produce more valuable by-products in U.S. markets. Including the impacts of tax credits, we establish the outcomes of each provision with varying rates. Coupling an LMB to a microreactor consistently improves the net present value of a microreactor compared to its standalone operation. In conclusion, for reasonable assumed conditions, we quantify a heterogeneous impact of round-trip efficiency (RTE) and extended LMB service life across the three markets—a one-year extension in LMB service life is roughly equivalent to a 2.11 % improvement in RTE for ERCOT, 1.16 % for PJM, and 1.04 % for MISO.
22 - GENERAL STUDIES OF NUCLEAR REACTORS↗
U.S. Marine Energy Demand and Market Opportunities
Marine energy has the potential to power 57% of U.S. electrical needs. During this presentation, an overview of the market potential of marine energy technologies will be discussed to help meet the growing U.S. and global energy demand.
16 TIDAL AND WAVE POWER↗
The Design of a Multiphase CO2 Turbine Test Facility
As the energy market continues to evolve with increased renewables, such as solar and wind energy, the need to balance energy demand with its availability has become increasingly more challenging. The country’s aggressive decarbonization goals in the upcoming decades will increase renewable energy market penetration, thus exacerbating the disparity between energy demand and renewable resource availability. Long-duration energy storage technologies, such as pumped thermal energy storage (PTES), are potential solutions to this challenge with high potential round-trip efficiency (RTE), no geological or geographical constraints, and low safety risks. The charge mode of a PTES system operates a heat pump cycle, converting input power to thermal energy in hot and cold reservoirs. Fundamentally, heat pumps are commonly used in daily life, but the operating conditions required by high RTE PTES systems are outside the design experience of these systems. The low-pressure side of the cycle for a supercritical CO2 (sCO2) PTES operates just above the vapor-dome and potentially drives the turbine to expand into the dome, resulting in multiphase operation in the rear stages of the turbine. This paper presents the design of the test facility for an advanced multiphase-tolerant sCO2 turbine for the heat pump of a PTES system. Heat rejection and pressure loss estimations for the multiphase sections of the test loop presented unforeseen challenges.
25 ENERGY STORAGE↗
Benefits of Energy Storage for Washington, D.C.: Analysis for the Department of Energy and Environment
This report analyzes the potential for using energy storage to create energy savings for residents of Washington, D.C. in light of recent increases in energy market prices. It describes the role of energy storage in avoiding market costs, quantifies the specific benefits that could be achieved with energy storage deployments in Washington, D.C., and then presents case studies of how utilities and other states have created programs to achieve cost savings with energy storage.
25 ENERGY STORAGE↗
Community Choice Aggregation(CCA) Data Collection Webinar for Status and Trends in the Voluntary Market Report (2024 Data) [Slides]
We have subcontracted LEAN Energy US, to help us improve our CCA data collection effort for the Annual Voluntary Energy Markets Data Report. LEAN Energy US (Local Energy Aggregation Network) is a national 501(c)3 non-profit organization dedicated to accelerating the country's transition to clean and renewable power, supporting competition and customer choice in the energy sector, and maintaining affordable electricity rates. We work in partnership with a range of organizations to actively support the formation and operational success of Community Choice Aggregation (CCA) programs around the country. This webinar, hosted in partnership with LEAN Energy US, is intended to introduce their members to our data collection effort and encourage CCAs in their network to participate.
29 ENERGY PLANNING, POLICY, AND ECONOMY↗
Control co-design under uncertainty for offshore wind farms: Optimizing grid integration, energy storage, and market participation
Offshore wind farms (OWFs) are set to significantly contribute to global decarbonization efforts. Developers often use a sequential approach to optimize design variables and market participation for grid-integrated offshore wind farms. However, this method can lead to sub-optimal system performance, and uncertainties associated with renewable resources are often overlooked in decision-making. Here, this paper proposes a control co-design approach, optimizing design and control decisions for integrating OWFs into the power grid while considering energy market and primary frequency market participation. Additionally, we introduce optimal sizing solutions for energy storage systems deployed onshore to enhance revenue for OWF developers over time. This framework addresses uncertainties related to wind resources and energy prices. We analyze five U.S. west-coast offshore wind farm locations and potential interconnection points, as identified by the Bureau of Ocean Energy Management (BOEM). Results show that optimized control co-design solutions can increase market revenue by 3.2% and provide flexibility in managing wind resource uncertainties.
Control Co-design↗
An empirical analysis of supply offers in the ERCOT operating reserves markets
Here, this paper seeks to improve theoretical and empirical understanding of supplier dynamics in wholesale markets for operating reserves, which have been understudied compared to energy markets. We begin by identifying several economic factors that unit owners may consider when submitting offers into operating reserves auctions in two-stage, co-optimized markets common across much of North America. Next, we analyze historical offer data from the Electric Reliability Council of Texas (ERCOT) market to assess whether actual reserve market behavior aligns with expectations based on economic theory, as well as with commonly used assumptions in electricity market modeling efforts. We find that the aggregate supply of operating reserves in ERCOT varies meaningfully over time, becoming more expensive during summer afternoons, which is consistent with theoretical expectations but contradicts the typical modeling assumption of temporally invariant reserve offers. Analysis of offers made by individual units uncovers additional insights, such as the existence of large offer pattern differences by unit owner and the tendency of battery storage units to submit very low offer prices. We conclude by discussing how our findings can be integrated into electricity market modeling assumptions to improve alignment with observed operating reserve offer inputs and pricing outcomes.
29 ENERGY PLANNING, POLICY, AND ECONOMY↗
A hybrid surrogate modeling framework for the Digital Twin of a Fluoride-salt-cooled High-temperature Reactor (FHR)
While nuclear energy is a non-greenhouse-gas emitting energy source, expensive operational costs due to the high-level of safety requirements decreases their competitiveness in the sustainable energy market. Advanced reactor concepts paired with Digital Twins aim to increase the commercialization gains of nuclear energy by reducing operational costs, increasing reactor reliability and enhancing power generation. To support Digital Twin tasks such as real-time autonomous control, proactive maintenance monitoring or optimizing power demand operations, a fast and accurate virtual representation of the Nuclear Power Plant (NPP) is required. The computational cost of high-fidelity, physics-based models are unsuitable for real-time analysis or scalability. Here, in this work, a hybrid surrogate modeling framework is developed fora Fluoride-salt-cooled High-temperature Reactor (FHR) that leverages physics-inspired models for key reactor components and uses data-driven methods for rapid system state space prediction. The Xenon reactivity feedback model is integrated to inform the surrogate model about the reactor core and the homologous pump theory model is the basis for representing pump degradation. Using a detailed, two dimensional thermal hydraulics model to generate data on the FHR, we train a network of Vectorized Autoregressive Moving-Average with eXogenous input (VARMAX) models to predict the remaining state values. The result is a surrogate model that provides a detailed reactor state representation of 41 system states and a pump degradation analysis. The framework is applied to Load Follows profiles, yielding high accuracy and a speedup that is more than 4000x faster compared to the higher- fidelity thermal hydraulics model, enabling real-time operational intelligence and applications in long horizon predictions. While the surrogate model framework is demonstrated for the particular case of FHR, the hybrid physical/data-driven modeling approach including the network of surrogates and the underlying modularity has the potential to be applied to other physical asset systems.
Digital Twins↗
A bilevel multistage stochastic self-scheduling model with indivisibilities for trading in the continuous intraday electricity market
In this paper, we study the profit maximization problem of a virtual power plant trading in the continuous intraday electricity market. Our virtual power plant model is compatible with renewable, and thermal assets, covering a range of virtual power plants currently participating in energy markets. We model the trading problem as a bilevel multistage stochastic program. The upper level of the problem accounts for the profit maximization of the virtual power plant with explicit modeling of the technical constraints of the operational status of the thermal power plant including minimum start-up and shut-down times, ramp-up and ramp-down rates, and minimum generation level. The upper level also decides which continuous and indivisible (fill-or-kill) orders are submitted to the market. The lower-level problem accounts for the clearing of the continuous intraday market, i.e., matching of buy and sell orders. Because of the presence of fill-or-kill orders, the lower-level problem is mixed-integer, which prevents its direct conversion to a single-level problem using duality. In order to solve this challenging problem, we develop a convex-hull extended formulation for the lower-level problem, apply duality theory to obtain a single-level stochastic equivalent formulation, and employ McCormick envelopes to turn the problem into a multistage stochastic mixed-integer linear problem, which we solve using the stochastic dual dynamic integer programming algorithm. We conduct numerical experiments and analyze the optimal trading behavior of a virtual power plant trading in an ideal continuous market without arbitrage.
Bilevel multistage stochastic programming problem↗
Electric transmission value and its drivers in United States power markets
Electric transmission infrastructure plays a vital role during extreme weather and supply disruptions and can enable low-cost electricity systems. This paper contributes to a more complete understanding of the value and cost-effectiveness of transmission, as well as barriers to its development. By studying wholesale energy market prices in the United States between 2012 and 2022, we find that additional transfer capacity between regions would have been especially valuable, with a median value of $116 million per GW per year. This capacity would often have provided balanced benefits to each region. The market value of transmission was highly influenced by a small fraction of time: 5% of hours typically captured at least 45% of the total value. These peak periods were primarily driven by unforeseen changes in conditions within one day of operations. Annualized transmission infrastructure cost estimates were lower than the average market value for most locations, including all links crossing regional seams, where the value-to-cost ratio was often greater than 4. This suggests that there are barriers to developing valuable grid infrastructure. These results complement forward-looking modeling studies and support efforts to improve modeling practices.
Energy economics↗
Driving Economics and Reducing Risks: The Business Case for Security-by-Design in Nuclear Power
This report provides an analysis of the financial, operational, and strategic advantages of incorporating Security-by-Design (SeBD) early in the lifecycle of nuclear power plant projects. By framing security as a foundational design element rather than a late-stage add-on, owners, vendors, and operators can reduce budget overruns, strengthen regulatory compliance, and increase revenue opportunities. The report details key lifecycle phases, highlighting the strategic imperative for organizations (including project developers, investors, vendors, and regulators) to adopt SeBD. Drawing on industry estimates, real-world case studies, and comparative cost analyses, the findings underscore that even a modest upfront investment in SeBD can yield substantial long-term returns by preventing costly retrofit activities, minimizing regulatory delays, and positioning nuclear vendors for the ability to adapt in the evolving security market. By avoiding excessive retrofit expenses and positioning security as a built-in feature rather than an afterthought, nuclear projects can protect their financial performance, enhance public trust, and secure a competitive edge in an increasingly complex global energy market. The authors advocate for SeBD’s strategic implementation, supported by established quality management methodologies, thereby promoting continuous improvement and defect avoidance. Ultimately, early SeBD integration represents a strategic investment, yielding significant returns by preventing costly retrofits and positioning nuclear projects for enhanced competitiveness and public trust.
22 GENERAL STUDIES OF NUCLEAR REACTORS↗
A critical review and meta-analysis of energy demand, carbon footprint, and other environmental impacts from carbon fiber manufacturing
The demand for carbon fibers and carbon fiber-reinforced polymers (CFRPs) is rapidly growing due to their outstanding mechanical properties and potential to enhance sustainability, particularly for lightweighting applications. However, carbon fibers are typically produced from fossil-based feedstocks, involve energy-intensive processes, and have limited options for sustainable end-of-life management or circularity. Despite these challenges, the energy demand and lifecycle environmental implications of their production remain poorly understood. Here, we conduct a critical literature review and meta-analysis of carbon fiber manufacturing, revealing significant variations in reported energy demand, carbon footprint, and lifecycle inventory data. Our analysis makes two novel contributions. First, we identify key underlying factors driving these variations. Second, we highlight that carbon fiber, far from being a homogeneous product, has grades varying substantially in mechanical properties, end-use markets, energy intensity of manufacturing processes, and therefore environmental impacts—an aspect often underrepresented in life cycle assessments. We assert that current data are insufficient for reliably evaluating environmental impacts, posing a risk of misleading decision-making. Addressing this gap requires new lifecycle inventory datasets clearly incorporating carbon fiber heterogeneity and key influencing factors identified in this study. Additionally, we propose actionable recommendations, including a checklist, to advance sustainability in the carbon fiber sector.
CED↗
Computational Algorithms for Unit Commitment with AC Power Flows (Final Report)
Security-constrained unit commitment (SCUC) is a key component in power system operations. When AC power flow constraints are considered in the SCUC model (AC-SCUC), the problem becomes extremely difficult due to its discrete and non-convex nature, as described in “Grid Optimization Competition Challenge 3 Problem Formulation (GOCC)”. There are four main challenges: (i) Discrete decisions regarding unit online/offline status and start-up/shut-down procedures for every single unit. The number of discrete decision variables increases considerably when a system integrates multiple generators; (ii) Configuration-based combined-cycle formulations, and multi-commodity models that include ramping products, spin/non-spin products, and regulation up/down products. The combined-cycle units introduce additional discrete decision variables and auxiliary service products further complicate the model by connecting multi-commodity products’ continuous and discrete variables; (iii) SCUC models with AC power flow constraints are far more complex due to massive bilinear terms in the large-scale nonlinear power balance equations. The nonlinear power balance equations are further complicated by the discrete step control variables of shunts; (iv) N − 1 contingency analysis. The size of the model increases linearly with the number of contingencies considered, greatly increasing the size of the optimization model. Accordingly, there is an emergent need to develop a robust algorithm capable of deriving a high-quality solution in a short time and passing through contingency tests simultaneously. In this project, we explore innovative techniques to address this challenging problem by integrating advanced polyhedral theory, approximation methods, relaxation strategies, decomposition techniques, and parallel computing. Each technique approaches the problem from a different perspective, leveraging its specific strengths to tackle distinct challenges. Each individual method has demonstrated its effectiveness in the PI’s previous research. Their integration is expected to significantly reduce the computational time required to solve the proposed complex problem. Successful completion of this project has the potential to transform the industry by enhancing optimization solvers capable of handling large-scale day-ahead energy market clearing models within strict time constraints, while incorporating AC power flow constraints. This advancement will lead to reduced overall generation costs and, consequently, increased social welfare.
29 ENERGY PLANNING, POLICY, AND ECONOMY↗
Agent-Based Simulation of Price-Demand Dynamics in Multi-Service Charging Station
As the adoption of electric vehicles and hydrogen fuel-cell vehicles grows, understanding how dynamic pricing strategies influence charging and refueling behaviors becomes crucial for optimizing local energy markets. This paper proposes a simulation-based analysis of a hydrogen-electricity integrated charging station that serves both types of vehicles. A multi-agent simulation framework is developed to model the interactions between vehicles and the station, incorporating price- and delay-sensitive behaviors in decision-making. The station can dynamically adjust energy prices, while vehicles optimize their charging or refueling choices based on their utility values. A series of sensitivity analyses are conducted to evaluate how electricity pricing, infrastructure capacity, and waiting behavior impact station performance. Results highlight that moderate electricity prices maximize user participation without sacrificing profit, infrastructure should be right-sized to demand to avoid over- or underutilization, and delay-toleration also affects service outcomes, which may reach the maximum service coverage at the threshold of 45 minutes.
Wang, Xudong [University of Tennessee, Knoxville (↗
Fossil Energy in the Hydrogen Economy – A Carbon-Water-Energy Nexus Adaptive Evaluation Platform
This project develops tools to evaluate fossil energy within the hydrogen economy. In particular, the project seeks to explore the Carbon-Water-Energy Nexus and develop adaptive evaluation tools. The primary goal of this project was to evaluate fossil-based hydrogen production methods with an emphasis on their sustainability, particularly with respect to carbon emissions and water use. The overall technical objectives that guided this evaluation consisted of 1) technology assessment, which sought to establish a comprehensive baseline of existing and emerging technologies for the generation, transportation, storage, and end use of hydrogen derived from fossil fuels, 2) carbon footprint analysis through quantification and analysis of carbon emissions associated with these hydrogen technologies, and identification of novel strategies and technologies that can effectively mitigate the carbon footprint, 3) water intensity assessment by evaluating the water needs (water-energy nexus) associated with different fossil fuel-based hydrogen technologies and proposing strategies to reduce water use, thus ensuring sustainable resource management, and 4) review of regulatory, policy and economic trends were examined to provide an overview of the factors influencing the adoption and integration of fossil fuel-derived hydrogen technologies into current energy markets. Beyond the technical outcomes, this project contributed to 5) education and workforce development through targeted training and educational opportunities for engineering students, preparing the next generation of professionals with technical, economic, and regulatory expertise in the hydrogen economy. Ultimately, this effort was intended to train the future workforce to provide useful insights to policymakers, industry stakeholders, and the broader energy community to facilitate informed decisions and responsible development within the hydrogen economy.
08 HYDROGEN↗