Category: Spotlight Faculty

$3 Million for Transformational Energy Technology

“NewRAMP will develop innovative approaches that quantify the risk of individual Electric-Power-Grid-interconnected assets based on their performance and ability to deliver market cleared capacity and energy,” explains Prof. Caramanis. “By synthesizing ideas and theories from finance and insurance, operations research, power system engineering and electricity market design, NewRAMP will offer ground-breaking methodologies constituting a risk-driven paradigm to achieve higher adoption of stochastic resources and a more efficient and reliable system operation. As such, it will contribute to reducing imported energy, reducing energy-related emissions, and improving energy efficiency.”