Type of paper:
Money, Banking, Energy, Miso, Importance, Marketing, Market, Time
The Midwest Independent transmission Operator (MISO) uses operation research techniques to determine which power plants are to be switched on or off in order to save energy and ensure optimal energy supply. The Operations Research methods used here set the energy levels and helps in determining the prices at which energy should trade. The new markets have helped in increasing the efficiency of the existing electric infrastructure and the improved reliability of the grid. MISO have accounted for energy savings for up to $3 billion for the first three years of existence. MISO implements the use of linear programming in operations research to ensure optimal power usage and savings. The MISO operation research strategies have helped in learning the following lessons: Building confidence takes time and requires determination and persistence. Widespread dedication lead to success and for this to be achieved commitment is required. The importance of OR could was also displayed as it helped in making a huge impact in the initial deployment of the energy market. Other lessons learnt include: the importance of frequent communication to keep all parties informed through all stages of the project, performing smaller tests before spending money on full-scale projects, involving everybody in the solution through an open stakeholder process and the importance of using a centralized control which adds value by improving the reliability of transmission system and managing congestion in real time. It can be observed that simple operations like switching on and off of various energy sources play a vital role in saving huge amounts of revenue. To achieve this, an enviable Operations Research strategy needs to be implemented.
Carlson et al.: Application of OR for Energy and Ancillary Services Markets Interfaces 42(1), pp. 58–73, ©2012 INFORMS
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