Develop Optimal Electric System Resource Portfolios Under Uncertainty Sample Clauses

Develop Optimal Electric System Resource Portfolios Under Uncertainty. The Recipient shall: • Use updated probabilistic data developed in Tasks 2, 3, and 6 to parametrize RESOLVE stochastic functionality (developed in Task 4) to develop resource portfolios that consider uncertainty, potentially including but not limited to: o Uncertainty in global emissions; o Uncertainty across GCMs in the local (California-level) response to a given global emissions trajectory; o Uncertainty within GCMs regarding weather conditions; o Technology cost uncertainty; and o Policy uncertainty as it relates to electric demand (i.e., level of electrification). • Compare stochastic resource portfolios (i.e., resource portfolios developed considering uncertainty) to the SB 100-Compliant Reference Scenario from Task 6: o Expected investment & operational cost; o Variance in system operation costs under various weather years & extreme events; o Variance in policy attainment (e.g., GHG emissions, RPS/SB 100 generation) under various weather years & extreme events; o System reliability metrics (e.g., XXXX, LOLH, EUE), as reported through RECAP reliability simulations under various weather years & extreme events; o Calculate the conditional value at risk (CVaR) of grid outages considering actual realizations of long-term uncertainty; and o Visualize tradeoff between risk of grid outages and cost, identifying “non- dominated” portfolios that represent best solution given balance between risk & cost. • Assess contributions of technology solutions to improving climate resilience for: o Offshore Wind; o Green Hydrogen; o Long-Duration Energy Storage Technologies; o Demand Response and Demand Flexibility; and o Distributed Generation & Microgrids. • Summarize portfolio results in Stochastic Resource Portfolio Study Presentation Products: • Stochastic Resource Portfolio Study Presentation
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