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1. Pricing Conditional Value at Risk-Sensitive Economic Dispatch

   https://doi.org/10.1109/PESGM46819.2021.9637845  

   Ndrio, Mariola; Madavan, Avinash N.; Bose, Subhonmesh (January 2021, 2021 IEEE Power & Energy Society General Meeting (PESGM))

   There are growing concerns over the ability of current electricity market designs to adequately model and optimize against the stochastic nature of renewable resources such as wind and solar. In this paper, we consider an economic dispatch problem that explicitly accounts for said uncertainty and enforces network and generation limits using conditional value at risk. Our key contribution is the definition and analysis of risk-sensitive locational marginal prices (risk-LMPs) derived from such a market clearing problem. Risk-LMPs extend conventional LMPs to the uncertain setting. Settlements defined via risk-LMPs compensate resources for both energy and reserve schedules. We study these prices via sample average approximation (SAA) on example power networks to demonstrate their viability for electricity pricing with large-scale integration of renewables. 

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2. Evaluating and Visualizing the Economic Impact of Commercial Districts Due to an Electric Power Network Disruption

   https://doi.org/10.1111/risa.13372  

   Garcia Tapia, Andrea; Suarez, Mildred; Ramirez‐Marquez, Jose E.; Barker, Kash (August 2019, Risk Analysis)

   Abstract Critical infrastructure networks enable social behavior, economic productivity, and the way of life of communities. Disruptions to these cyber–physical–social networks highlight their importance. Recent disruptions caused by natural phenomena, including Hurricanes Harvey and Irma in 2017, have particularly demonstrated the importance of functioning electric power networks. Assessing the economic impact (EI) of electricity outages after a service disruption is a challenging task, particularly when interruption costs vary by the type of electric power use (e.g., residential, commercial, industrial). In contrast with most of the literature, this work proposes an approach to spatially evaluate EIs of disruptions to particular components of the electric power network, thus enabling resilience‐based preparedness planning from economic and community perspectives. Our contribution is a mix‐method approach that combines EI evaluation, component importance analysis, and GIS visualization for decision making. We integrate geographic information systems and an economic evaluation of sporadic electric power outages to provide a tool to assist with prioritizing restoration of power in commercial areas that have the largest impact. By making use of public data describing commercial market value, gross domestic product, and electric area distribution, this article proposes a method to evaluate the EI experienced by commercial districts. A geospatial visualization is presented to observe and compare the areas that are more vulnerable in terms of EI based on the areas covered by each distribution substation. Additionally, a heat map is developed to observe the behavior of disrupted substations to determine the important component exhibiting the highest EI. The proposed resilience analytics approach is applied to analyze outages of substations in the boroughs of New York City. 

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3. Market Designs for Inertia Remuneration in Electricity Systems

   https://doi.org/10.1007/s40518-025-00265-w  

   Pauschert, Lukas; Sioshansi, Ramteen (December 2025, Current Sustainable/Renewable Energy Reports)

   Abstract Purpose of ReviewThe share of asynchronous inverter-based resources is increasing in many electricity systems, displacing synchronous generators. This leads to a decreasing level of system inertia, which threatens electricity-system stability. This dynamic raises the question of how to secure sufficient levels of inertia. One possibility is taking a market-based approach to incentivize the installation of inertia-providing equipment. To this end, this paper reviews market designs to reimburse inertia provision that are discussed in the literature. Recent FindingsWe find five distinct market designs to remunerate inertia that are discussed in the literature—bilateral negotiation, tendering, auctions, bonus systems, and integrating inertia-related constraints into energy-market models. In addition, there are other approaches that are not based on a market mechanism—penalties, regulatory obligations, self-provision by electricity-system operators, and redispatch. We examine current approaches that are employed by Ireland, Great Britain, Australia, and Germany, which demonstrate the real-world use of these theoretical designs. We assess the five market designs based on their advantages and disadvantages. SummaryWe find that there is not a single market design that outperforms the othersvis-à-visall market-performance indicators. Which market design is suited best for a specific use case depends upon the particular circumstances. A solely market-based solution may not be sufficient to secure electricity-system stability and should be enriched with regulatory guidelines to mitigate the risk of market failure. 

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4. Price-Aware Deep Learning for Electricity Markets

   Dvorkin, Vladimir; Fioretto, Ferdinando (February 2024, NeurIPS 2023 Workshop: Tackling Climate Change with Machine Learning)

   While deep learning gradually penetrates operational planning, its inherent prediction errors may significantly affect electricity prices. This letter examines how prediction errors propagate into electricity prices, revealing notable pricing errors and their spatial disparity in congested power systems. To improve fairness, we propose to embed electricity market-clearing optimization as a deep learning layer. Differentiating through this layer allows for balancing between prediction and pricing errors, as oppose to minimizing prediction errors alone. This layer implicitly optimizes fairness and controls the spatial distribution of price errors across the system. We showcase the price-aware deep learning in the nexus of wind power forecasting and short-term electricity market clearing. 

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5. Meta-analysis of the strategies for self-healing and resilience in power systems

   https://doi.org/10.1016/j.adapen.2021.100036  

   Shittu, E; Tibrewala, A; Kalla, S and; Wang, X (January 2021, Advances in applied energy)

   This paper presents a survey of the literature on the strategies to enhance the resilience of power systems while shedding lights on the research gaps. Using a deductive methodology on the literature covering the resilience of power systems, we reviewed more than two hundred peer-reviewed articles spanning the 2010–2019 decade. We find that there is vacuum on the level of integration that considers the interdependence of local or decentralized decision making in an adaptive power system. This gap is widened by the absence of policies to enhance resilience in power networks. While there is significant coverage and convergence of research on algorithms for solving the multi-objective problem in optimization routines, there are still uncharted territories on how to incorporate system degradation while designing these self-restoration systems. We posit that a shift to a smarter, cleaner and more resilient power network requires sustained investments rather than disaster-induced responses. 

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