Lynne Kiesling-Knowledge Problem
@knowledgeprob
Director, Inst for Regulatory Law & Economics @NorthwesternU, Adjunct Prof @NU_MSES, @sfiscience External Faculty, @AEI Nonres Senior Fellow
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The Institute for Regulatory Law & Economics Five Prisms:
PJM made the fatal flaw of trying to treat capacity for resource adequacy as a centrally planned commodity 20 years ago and has damned all of its stakeholders to an eternity of arguing about meaningless metrics ever since
Just to clarify here: PJM assigns a 92% ELCC to DR that is required to be available ALL 8760h of the year. With regards to large loads, Google-Amazon-Microsoft have instead asked PJM to create a new data center DR product capped at 100h/year + requested PJM to estimate the…
Most of the biggest planned data centers line up closely with regions that have abundant natural gas supply. Not a coincidence when scalability and reliability matter.
How can evidence and analysis actually lead to good policy? This week, @JasonBordoff and @JohnArnoldFndtn discuss hurdles in building energy infrastructure, power of evidence-based policymaking, and bridging the gap between quality research and policy. energypolicy.columbia.edu/building-energ…
A new serious market has emerged for lithium ion batteries: energy storage #BESS 2025 will see it become 20% of a huge 1,700GWh battery market. That’s bigger than the entire battery market in 2020/2021. And main drivers growth isn’t just about China, it’s in the US as well.…
What can lawmakers do about rising electricity costs? Hear from: - @Clancy4Utah - @NiconomistLoris - Michael Buschbacher, Boyden Gray This Thursday at 11 MT / 1pm ET! - State nuclear policy - SPEED Act and permitting - And why we need to build more
"The Constitution of Innovation." A powerful new manifesto for revitalizing European innovation culture by @lugaricano, Bengt Holmstrom & @competitionprof. “A renaissance is possible," the argue, but it will require a change in attitude and policies. "A much better Europe is…
AND IT IS OUT! We have had enough reports saying Europe is stagnating. Change is not possible if we do not change the way the EU works. With Bengt Holmstrom and @competitionprof , I argue the EU should focus on prosperity and stop regulating everything. constitutionofinnovation.eu
Good read about built data centers that are sitting there empty because they can't get access to power. bloomberg.com/news/articles/…
Hot off the presses! Smart student Braden Pecora wanted to answer whether weather matters for grid modeling. The answer? Yes! and No! Grid modelers, please check it out. CC: @joshdr83 #FutureOfEnergy sciencedirect.com/science/articl…
I'm teaching precisely this in my class tomorrow: why uniform price auctions make truthful revelation of your marginal cost incentive compatible. It's the guts of SCED (security constrained economic dispatch), which has saved consumers billions of dollars since implemented.
Ahead of the budget everyone is talking about how to cut energy bills. Many of the ideas are good, but one proposal to ‘break the link’ between gas and energy prices, doesn't stack up in my opinion. A thread on why I’m skeptical and why MPs should be wary 👇
P = MC People think electricity markets should “pay-as-bid” because that’s how plumbers work and that's the thinking triggered by "bid". If one plumber quotes $100, another quotes $500, you pick the $100 guy. "Why shouldn't electricity prices be done this way?" Because it will…
Reforming the market structure is important – for instance I believe we need stronger price signals for locating generation in sensible places. 🧭 But moving to pay-as-bid and pretending that generators won’t adapt their behaviour is magical thinking. 🦄
This is tremendous on one of pop music's greats, with a deserved shout-out to the "unplugged" version recorded years later. ‘Take On Me’ has been stuck in our heads for 40 years. Here’s how it got there. wapo.st/4oobhco
I was on the road this week but feels like people didn't share this much. Vistra 3Q25: "This load growth is already leading to higher utilization rates for our combined cycle gas assets where capacity factors have increased from the low 50% range to the high 50s over the last…
Why are electricity prices rising? I co-authored a short piece summarizing the valuable new research done by the energy markets folks at @LBNL. See "Study Brings Light to Heated Discussion over Rising Electricity Bills."
.@Energy’s ANOPR could change the way large energy users (e.g. data centers) connect to the grid. This Policy Brief, by Roselle LLP and @ClementsFERC, working with @NichInstitute, unpacks a promising principle in the ANOPR: interconnection for flexible loads should be expedited.
Indeed. World getting closer to accepting most obvious econ implications of AI: things it can do will get very cheap, complements to those will get expensive, society will get richer, things with + income elasticity of demand will get more expensive. Scarce factors get rents. 1/2
How the Baumol effect and Jevons paradox are related & what they mean for the AI supercycle By @Alex_Danco Full piece in the a16z newsletter
💯. I was similarly impatient (and still am TBH), so when I was in junior high/high school I thought I was "bad at math". Once I got more patient with myself I got better. And then in college I worked as a calculus tutor; having to explain calculus to others helped immensely!
When I was young, I sucked at math. Even in early college. Then I sat down and did alot of practice. It did three things: a) made me realize I was bad because I wanted to get it right away but that it could not work that way; b) building up slowly but continuously would work in…
At the heart of economics is a scientific mystery--a mystery as deep, fundamental, and inspiring as that of the expanding universe or the forces that bind matter. How is order produced from freedom of choice? - Vernon Smith (paraphrased), 1982 AER
A great op-ed -- although to be clear in many places we already have a market where we "ask" demand to be flexible and allow demand to express a price to reflect its willingness to do so. Time to focus on cutting down barriers that prevent that market from being more robust!
I have a @nytimes op-ed today on managing power demand growth w/out driving up rates. Central point: load growth is an opportunity to *offset* upward pressure on rates, if we plan the system to make fuller use of infrastructure we’ve already paid for.
As a native Pittsburgher, I recommend it!
"The whole point of competition is not to decide what to do at a given point and time, but it is concerned with the introduction of new products and new methods of distribution."
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