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SUMMARY:Participation of Energy Storage in Electricity Markets: Strategic 
 Withholding Behaviors and Equilibrium - Bolun Xu\, Columbia University
DTSTART:20250321T140000Z
DTEND:20250321T150000Z
UID:TALK229537@talks.cam.ac.uk
CONTACT:Fulvio Forni
DESCRIPTION:Energy storage is rapidly reshaping electricity markets worldw
 ide\, with deployments accelerating in regions like California and Texas. 
 While these resources offer flexibility that can reduce system costs and e
 missions\, recent market data reveals that storage operators often engage 
 in significant strategic withholding behaviors. Such behaviors—driven by
  complex and sometimes opaque cost structures (including degradation\, opp
 ortunity\, and risk premiums)—can lead to inefficient outcomes\, elevate
 d prices\, and underutilization of storage during critical peak demand per
 iods.\n\nIn this seminar\, I will discuss the theoretical and practical im
 plications of storage participation in two-stage electricity markets (day-
 ahead and real-time). I will present evidence from real-world market data 
 (such as CAISO and ERCOT) showing that current bidding practices can devia
 te substantially from the socially optimal outcomes. Informed by equilibri
 um models and agent-based simulations\, we will quantify the resulting pri
 ce impacts\, system costs\, and emission trade-offs\, highlighting the “
 price of anarchy” that arises when storage owners operate independently.
 \n\nFinally\, I will introduce potential market design improvements and re
 gulatory measures to mitigate inefficiencies\, including state-of-charge-b
 ased cost curves and dynamic bid caps. These proposals aim to align privat
 e incentives with overall market efficiency—ensuring that storage fully 
 delivers on its promise to bolster renewable integration\, reduce emission
 s\, and enhance power system reliability.\n\nThe seminar will be held in J
 DB Seminar Room \, Department of Engineering\, and online (zoom): https://
 newnham.zoom.us/j/92544958528?pwd=YS9PcGRnbXBOcStBdStNb3E0SHN1UT09
LOCATION:JDB Seminar Room\, Department of Engineering and online (Zoom)
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