A Test System for ERCOT Market Design Studies: Development and Application

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Date
2019-12-23
Authors
Battula, Swathi
Tesfatsion, Leigh
McDermott, Thomas
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Tesfatsion, Leigh
Professor Emeritus
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

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The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Economics
Abstract

The ERCOT Test System developed in this study is an open-source library of Java/Python software classes, together with a synthetic grid construction method, specifically designed to facilitate the study of ERCOT market operations over successive days. In default form, these classes permit a high-level modeling of existing ERCOT market operations. Users can conduct a broad range of computational experiments under alternative parameter settings. In addition, users can readily extend these classes to model additional existing or envisioned ERCOT market features to suit different research purposes. An 8-bus test case is used to illustrate the capabilities of the test system. Ongoing studies making use of the test system to model larger-scale transmission components for integrated transmission and distribution systems are also reported.

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