Abstract
Over the past few years, the Midwest Independent Transmission System Operator, Inc. (MISO) has transformed the electric utility industry in 13 Midwestern US states through the development and implementation of energy and ancillary services markets. MISO uses mixed-integer programming to determine when each power plant should be on or off. Operations research methods set energy output levels and establish the prices at which energy trades. These new markets increased the efficiency of the existing electric infrastructure (power plants and transmission lines) in the Midwest, improved the reliability of the grid, and reduced the need for future infrastructure investments. These advances enabled the MISO region to realize between $2.1 billion and $3.0 billion in cumulative savings from 2007 through 2010. We expect additional savings of $6.1 billion to $8.1 billion through 2020.
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