{"id":98583,"date":"2020-06-15T16:25:02","date_gmt":"2020-06-15T20:25:02","guid":{"rendered":"http:\/\/www.bu.edu\/eng\/?p=98583"},"modified":"2022-10-31T12:08:46","modified_gmt":"2022-10-31T16:08:46","slug":"3-million-for-transformational-energy-technology","status":"publish","type":"post","link":"https:\/\/www.bu.edu\/eng\/2020\/06\/15\/3-million-for-transformational-energy-technology\/","title":{"rendered":"$3 Million for Transformational Energy Technology"},"content":{"rendered":"

Caramanis will lead an i<\/strong>nterdisciplinary group of academic and industry researchers in creating a tool that measures the risk associated with energy markets<\/strong><\/p>\n

By Maureen Stanton for the Center for Information and Systems\u00a0Engineering<\/a><\/i><\/span><\/p>\n

Boston University was awarded $3 million in funding from the U.S. Department of Energy\u2019s Advanced Research Projects Agency-Energy (ARPA-E) for an academic-industry research collaboration that will be led by Michael Caramanis,<\/a> BU Professor (ME, SE) and faculty affiliate of the Center for Information & Systems Engineering<\/a> and of the Institute of Sustainable Energy.\u00a0\u00a0The funding will be used to develop a New Risk Assessment and Management Paradigm (NewRAMP) designed to overhaul Electricity Markets by efficiently addressing uncertainty in the forthcoming massive renewable generation and electrification of fossil fuel reliant energy uses.<\/p>\n

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Professor Michael Caramanis<\/figcaption><\/figure>\n

\u201cThe NewRAMP project 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,\u201d explains Prof. Caramanis. \u201cBy 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.\u201d<\/p>\n

BU-Harvard-MIT researchers team up with\u00a0Brattle Group and Southwest Power Pool to develop Transformational Energy Technology<\/strong><\/p>\n

Boston University has put together an interdisciplinary team of renowned researchers from its College of Engineering, College of Arts & Sciences, and Questrom School of Business, along with uniquely qualified experts from Harvard University and the Massachusetts Institute of Technology.\u00a0 It has also secured industry collaboration and support from the Brattle Group and the Southwest Power Pool (SPP).<\/p>\n

Joining PI Michael Caramanis from the BU College of Engineering are Professors Christos Cassandras (ECE, SE) and Yannis Pascalidis (ECE, BME, SE),<\/span>\u00a0Research Associate Professors Panagiotis Andrianesis (SE) and Pablo Ruiz (ME), and from the Questrom School of Business is Professor Nalin Kulatilaka (Finance) and from the College of Arts & Sciences is Adjunct Assistant Professor\u00a0John Liagouris (Computer Science).<\/span><\/p>\n

Co-investigators include Harvard University Professor William Hogan, Research Director of the\u00a0<\/span>Harvard Electricity Policy Group\u00a0(HEPG),<\/span> and MIT Professor Dimitris Bertsimas,\u00a0Associate Dean of Business Analytics.<\/span><\/p>\n

Industry collaborators include\u00a0Ryan Schoppe, Market Design, Southwest Power Pool\u00a0and from The Brattle Group Principals Philip Hanser and\u00a0James Read.<\/p>\n

Adds Caramanis, \u201cOur team includes key players in the establishment of wholesale power markets in the late 1990s, but despite their evolution and significant contributions, they have not yet had the opportunity to fully leverage new computation, measurement and communication capabilities to address the challenges posed by clean yet uncontrollable renewable generation and potentially synergistic new flexible loads, such as Electric Vehicles.\u201d<\/p>\n

Boston University received this competitive award from ARPA-E\u2019s Performance-based Energy Resource Feedback, Optimization, and Risk Management (PERFORM) program<\/a>, which works to develop innovative management systems that represent the relative delivery risk of each asset, like wind farms or\u00a0conventional power plants, and balance the collective risk of all assets across the grid.<\/p>\n

For additional information, please visit Prof. Caramnis’ \u00a0webpage<\/a> and the NewRamp project summary<\/a>. \u00a0http:\/\/www.bu.edu\/pcms\/caramanis<\/a>\u00a0 and download NewRamp.<\/strong><\/span><\/p>\n

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By Maureen Stanton, CISE Staff<\/em><\/p>\n

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“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,\u201d explains Prof. Caramanis. \u201cBy 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.\u201d<\/p>\n","protected":false},"author":8588,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[236,257,252,908,239,910],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/posts\/98583"}],"collection":[{"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/users\/8588"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/comments?post=98583"}],"version-history":[{"count":1,"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/posts\/98583\/revisions"}],"predecessor-version":[{"id":131027,"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/posts\/98583\/revisions\/131027"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/media?parent=98583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/categories?post=98583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bu.edu\/eng\/wp-json\/wp\/v2\/tags?post=98583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}