ISO New England oversees the 24/7 operation of the power grid that covers the six-states of New England and administers the region’s $10+ billion “stock exchange” for the buying and selling of wholesale electricity. The power system is constantly evolving as new technologies emerge and energy policies evolve. There is a lot going on at our organization behind the scenes to make sure the grid continuously yields reliable electricity at competitive prices while addressing the unique challenges that come along with our industry.
Internship Title – Multi-period Market Design Study
Department – Advanced Technology Solutions
Minimum Education level: PhD
Preferred Majors: Operations Research, Economics, Industrial Engineering
Advanced Technology Solutions (ATS) department is responsible for research and development at ISO New England. ATS provides technical consultation and quantitative analysis services to other departments in the company. It makes significant contributions to improving the system reliability and increasing market efficiency in the ISO New England control area.
What will you be working on:
Intertemporal constraints, such as ramping capability and limited energy storage capability, couple market in different time intervals. This project is to study the impact of multi-period market designs on real-time markets with intertemporal linkages in terms of market efficiency and system reliability improvement.
Candidates are expected to
1. Implement multi-period market design models to a market simulator software.
2. Perform economic analysis on simulation results.
How will you make an impact:
The participation of renewable, energy storage, and resources with limited fuel inventory in electricity markets has created the need for optimal scheduling and pricing across multiple market intervals for resources with intertemporal constraints. This internship project can help to evaluate the benefits of multi-period market designs in the real-time market. The outcomes can help the organization make informed market design decisions for energy storage market design as well as managing intertemporal linkages in RT.
The intern will have a rare opportunity to apply theoretical market design models to solve real-world problem. The intern will gain better understanding of how LMP are formed, how electricity markets are cleared. The hand-on experience with analyzing real-time market data and gaining a good understanding of New England markets can benefit the intern tremendously if the intern chooses careers in the energy sector or financial sector.
What we look for in a candidate:
- Have deep knowledge of power system market designs including pricing and dispatch schemes
- Familiar with economic theories. Ó. Have experience in GAMSÔ. Have the ability to investigate issues and solve problems independently as well as collaboratively
- 2 or 3 year of a PhD program in operations research, economics, industrial engineering