{"id":6826,"date":"2022-02-02T14:56:42","date_gmt":"2022-02-02T14:56:42","guid":{"rendered":"https:\/\/luksicscholars.org\/?post_type=ls-event&p=6826"},"modified":"2022-02-02T14:56:43","modified_gmt":"2022-02-02T14:56:43","slug":"the-value-of-flexibility-in-long-term-energy-planning-decisions","status":"publish","type":"ls-event","link":"https:\/\/luksicscholars.org\/en\/event\/the-value-of-flexibility-in-long-term-energy-planning-decisions\/","title":{"rendered":"The Value of Flexibility in Long-term Energy Planning Decisions"},"content":{"rendered":"\n
\"\"<\/figure><\/div>\n\n\n\n

<\/span><\/p>\n\n\n\n

Enzo Sauma is a Professor of the School of Engineering and the Director of the UC Energy Research Center at the Pontificia Universidad Catolica de Chile. He is both Ph.D. (Dec. 2005) and M.S. (Dec. 2002) in Industrial Engineering and Operations Research at University of California, Berkeley. He also holds B.Sc. and M.Sc. degrees in Industrial Engineering from Pontificia Universidad Catolica de Chile. His interest includes power systems economics, environmental economics, mathematical programming, energy efficiency, renewable energy, and energy policy. He has received several international awards (INFORMS, ICORAID, NEXUS-Fulbright, etc.). He is a member of INFORMS, IAEE, AAAS and Senior Member of IEEE.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Timezone: PST<\/p>\n

Featuring Enzo Sauma, Stanford Luksic Visiting Scholar, Winter 2022.<\/p>\n

Climate change is probably the biggest challenge worldwide today. Therefore, acting quickly is required. However, since there are many uncertainties related with energy systems (such as, the evolution of technology, the evolution of prices, and the changes in power consumption behavior), making too much commitment to today’s technology and prices might not be the best alternative. As these uncertainties are revealed over time, adding flexibility in today\u2019s decisions can have a great value. In this talk, I will show that adding flexibility to the energy planning decision process (like the option to wait and see) may be valuable and that the value of flexibility increases as more uncertainty is handled. Although flexibility is not for free, I will show, through a couple of examples, that it may not be the best decision to invest as quickly as possible in an environmentally-friendly solution, as uncertainty is increasing in energy systems. On the contrary, adding flexibility today is crucial in order to be able to adapt decisions as uncertainty is revealed. In this sense, having some economic tools that estimate the value of the flexibility at every point in time is very important to make efficient planning decisions in the energy sector.<\/p>\n","protected":false,"has_excerpt":true},"featured_media":0,"parent":0,"comment_status":"open","ping_status":"closed","template":"","class_list":["post-6826","ls-event","type-ls-event","status-publish","hentry"],"acf":{"date_start":"2022-02-04 13:30:00","date_end":"2022-02-04 14:30:00","timezone":"PST - Pacific Standard Time (GMT-8:00)","list_description":"","event_type":"virtual","organized_by":"Stanford Center for Latin American Studies","organized_by_url":"https:\/\/clas.stanford.edu\/","is_private":false,"attendance_instructions":"This event will be live-streamed. At the start of the webinar, please access the Stanford CLAS YouTube channel using the \"Live-stream Here\" button below:","external_link":"https:\/\/www.youtube.com\/watch?v=hLzf-Zwi0HA&ab_channel=StanfordCenterforLatinAmericanStudies","external_email":"","external_use":"url","external_cta":"Live-stream Here","is_portal_event":false,"related_scholar":false,"target_description":"","registration_instructions":"","reject_event":false,"reminders_sent":false,"microinteractions":{"remindme":{"count":"","users":false}}},"yoast_head":"\nThe Value of Flexibility in Long-term Energy Planning Decisions - Luksic Scholars<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/luksicscholars.org\/en\/event\/the-value-of-flexibility-in-long-term-energy-planning-decisions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Value of Flexibility in Long-term Energy Planning Decisions - Luksic Scholars\" \/>\n<meta property=\"og:description\" content=\"Timezone: PST Featuring Enzo Sauma, Stanford Luksic Visiting Scholar, Winter 2022. Climate change is probably the biggest challenge worldwide today. Therefore, acting quickly is required. However, since there are many uncertainties related with energy systems (such as, the evolution of technology, the evolution of prices, and the changes in power consumption behavior), making too much commitment to today's technology and prices might not be the best alternative. As these uncertainties are revealed over time, adding flexibility in today\u2019s decisions can have a great value. In this talk, I will show that adding flexibility to the energy planning decision process (like the option to wait and see) may be valuable and that the value of flexibility increases as more uncertainty is handled. Although flexibility is not for free, I will show, through a couple of examples, that it may not be the best decision to invest as quickly as possible in an environmentally-friendly solution, as uncertainty is increasing in energy systems. 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