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Electricity systems around the world are decarbonizing, driven by reductions in the cost of renewable energy and encouraged by supportive regulatory policy. Electricity market designs are increasingly being tested to ensure that the bulk power system can deliver reliable, cost-effective energy to all consumers. [ABSTRACT FROM AUTHOR]

Electric infrastructure worldwide has evolved significantly over the last decade, as nations increase the renewable share of their generation portfolio and build transmission to move energy from the resources to the load centers. Since 2007, the United States has increased its percentage of electric energy generated from wind and solar from lower than 1% to 7.5%, Europe from approximately 3% to over 13%, and China from 1% to 5%. [ABSTRACT FROM PUBLISHER]

The deployment of solar-based electricity generation, especially in the form of photovoltaics (PVs), has increased markedly in recent years due to a wide range of factors including concerns over greenhouse gas emissions, supportive government policies, and lower equipment costs. Still, a number of challenges remain for reliable, efficient integration of solar energy. Chief among them will be developing new tools and practices that manage the variability and uncertainty of solar power. [ABSTRACT FROM PUBLISHER]

Imagine a world in which wind energy is dispatchable, following a set point from the system operator just like other power plants. Is this a future dream that will only happen with massive storage or other breakthroughs? No, not at all?it is happening now in major parts of North America and Europe. The implementation is straightforward with the right wind forecasts for the dispatch process, and in turn this creates more market participation and higher value for forecasts in other time frames. [ABSTRACT FROM PUBLISHER]

The modern electric power system constitutes a fascinating challenge in delivering reliable and inexpensive power using uncertain components in an increasingly complex world. While the components of the power system have always been uncertain and variable to some degree, the addition of wind and solar energy is increasing the need to directly manage these attributes in more sophisticated ways. Indeed, the growth of wind energy has served as a catalyst that is forcing us to develop the next generation of tools and practices for continued efficient and reliable system operations. [ABSTRACT FROM PUBLISHER]