The University of Illinois was awarded a $500,000 Project Grant from the National Science Foundation Division of Electrical, Communications and Cyber Systems. The grant falls under the Engineering program (CFDA 47.041) and will fund the CAREER project "Risk-Sensitive Market Design for Power Systems: Scalable Learning and Pricing" from February 2021 through January 2026.
The project aims to develop scalable algorithms for learning and pricing in power systems to account for risk factors like renewable energy fluctuations and component failures. It seeks to improve market design for the power grid to accommodate greater integration of renewable resources in a reliable and cost-effective manner. The University of Illinois will conduct the research and engineering work over the five-year period using the federal funding.
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