Architecture and Economics for Grid Operation 3.0

This monograph presents a possible research agenda for analytics and control of a deep decarbonized energy grid with pervasive data, interactive consumers, and power electronics interfaces. It focuses on new lines of investigation that are driven by new technological, economical, and policy factors. Conventional monitoring and control of the power grid heavily depends upon the physical principles of the underlying engineering systems. There is, however, increasing complexity of the physical models compounded by a lack of precise knowledge of their parameters, as well as new uncertainties arising from behavioral, economic, and environmental aspects. On the other hand, the increasing availability of sensory data in the engineering and economic operations makes it attractive to leverage such data to model, monitor, analyze, and potentially close control loops over data. The monograph describes the design of clean, affordable, reliable, secure, and efficient electricity services and expands the horizon of the state of the research in the electric energy systems at a critical time that is seeing the emergence of Grid 3.0. It provides an accessible overview of the state-of-the-art aimed at stimulating further research.