PERFORMANCE-BASED ENERGY RESOURCE FEEDBACK, OPTIMIZATION, AND RISK MANAGEMENT (PERFORM) - 0 views
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MiamiOH OARS on 23 Sep 19: The overall objective of PERFORM is to develop innovative technologies and approaches to quantify and manage risk for electric power systems. Risk management includes: (i) asset-level assessment to reflect an asset's ability to deliver on its energy and ancillary services obligations and (ii) system-level risk-driven operations and planning to optimally manage the cost and the risk of serving electricity demand given a portfolio of grid assets. ARPA-E envisions the design of a risk score or measure that clearly communicates the physical delivery risk of an asset's offer, similar to the role a credit score plays in determining the creditworthiness of an individual. At the system level, ARPA-E envisions the design of grid management systems that endogenously capture uncertainty and evaluate and hedge the system risk position to meet or exceed a baseline system risk index. The anticipated outcome of PERFORM is a transformative and disruptive risk-driven grid management paradigm that optimally utilizes all assets (including emerging technologies) to reduce costs and improve reliability