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Electric Power Industry: Operational and Public Policy Challenges and Opportunities

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  • Geoffrey G. Parker
  • Burcu Tan
  • Osman Kazan

Abstract

The electric power industry is undergoing dramatic change driven by rapid technological transformation, concern over climate change, and evolving market structures. As a result, there is a need for new models to help the industry better utilize resources in a time of increasing uncertainty and to help government policy makers better understand the impacts of their regulatory decisions. We provide a structured review of the operations research and management science literatures to describe the current operational and policy issues in the electric power industry, with a particular focus on issues surrounding electricity market design, renewable integration, effects of climate policy on electric power infrastructure, rise of electric powered vehicles, energy storage, and the growing interdependence between natural gas and electric power sectors. We identify the current research frontier and classify the existing research into clusters with respect to managerial issues addressed. We offer a forecast for where the electric power industry is going and describe some important public policy issues. Finally, we highlight research opportunities and discuss how the management science community can contribute by considering the interaction between operational considerations and electric power policy.

Suggested Citation

  • Geoffrey G. Parker & Burcu Tan & Osman Kazan, 2019. "Electric Power Industry: Operational and Public Policy Challenges and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 28(11), pages 2738-2777, November.
    • Handle: RePEc:bla:popmgt:v:28:y:2019:i:11:p:2738-2777
    DOI: 10.1111/poms.13068
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    5. Konstantina Valogianni & Wolfgang Ketter & John Collins & Dmitry Zhdanov, 2020. "Sustainable Electric Vehicle Charging using Adaptive Pricing," Production and Operations Management, Production and Operations Management Society, vol. 29(6), pages 1550-1572, June.
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    7. Cai, Qiran & Qing, Jing & Xu, Qingyang & Shi, Gang & Liang, Qiao-Mei, 2024. "Techno-economic impact of electricity price mechanism and demand response on residential rooftop photovoltaic integration," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PB).
    8. Karakoyun, Ece Cigdem & Avci, Harun & Kocaman, Ayse Selin & Nadar, Emre, 2023. "Deviations from commitments: Markov decision process formulations for the role of energy storage," International Journal of Production Economics, Elsevier, vol. 255(C).
    9. Alexandar Angelus, 2021. "Distributed Renewable Power Generation and Implications for Capacity Investment and Electricity Prices," Production and Operations Management, Production and Operations Management Society, vol. 30(12), pages 4614-4634, December.
    10. Lingling Shi & Suresh P. Sethi & Metin Çakanyıldırım, 2022. "Promoting electric vehicles: Reducing charging inconvenience and price via station and consumer subsidies," Production and Operations Management, Production and Operations Management Society, vol. 31(12), pages 4333-4350, December.
    11. Bigerna, Simona & Hagspiel, Verena & Kort, Peter M. & Wen, Xingang, 2023. "How damaging are environmental policy targets in terms of welfare?," European Journal of Operational Research, Elsevier, vol. 311(1), pages 354-372.
    12. Dorota Chmielewska-Muciek & Patrycja Marzec-Braun & Jacek Jakubczak & Barbara Futa, 2024. "Artificial Intelligence and Developments in the Electric Power Industry—A Thematic Analysis of Corporate Communications," Sustainability, MDPI, vol. 16(16), pages 1-24, August.
    13. Dmitry Anokhin & Payman Dehghanian & Miguel A. Lejeune & Jinshun Su, 2021. "Mobility‐As‐A‐Service for Resilience Delivery in Power Distribution Systems," Production and Operations Management, Production and Operations Management Society, vol. 30(8), pages 2492-2521, August.
    14. Zhou, Xiaoyang & Wei, Xiaoya & Lin, Jun & Tian, Xin & Lev, Benjamin & Wang, Shouyang, 2021. "Supply chain management under carbon taxes: A review and bibliometric analysis," Omega, Elsevier, vol. 98(C).
    15. Jerry Anunrojwong & Santiago R. Balseiro & Omar Besbes & Bolun Xu, 2024. "Battery Operations in Electricity Markets: Strategic Behavior and Distortions," Papers 2406.18685, arXiv.org.
    16. Yao, Xusheng & Ma, Shoufeng & Bai, Yin & Jia, Ning, 2022. "When are new energy vehicle incentives effective? Empirical evidence from 88 pilot cities in China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 165(C), pages 207-224.
    17. Yuan Yuan & Feng Cai & Lingling Yang, 2020. "Renewable Energy Investment under Carbon Emission Regulations," Sustainability, MDPI, vol. 12(17), pages 1-15, August.
    18. Lu-Miao Li, Peng Zhou, and Wen Wen, 2023. "Distributed Renewable Energy Investment: The Effect of Time-of-Use Pricing," The Energy Journal, International Association for Energy Economics, vol. 0(Number 5).
    19. Andrei, Mariana & Rohdin, Patrik & Thollander, Patrik & Wallin, Johanna & Tångring, Magnus, 2024. "Exploring a decarbonization framework for a Swedish automotive paint shop," Renewable and Sustainable Energy Reviews, Elsevier, vol. 200(C).
    20. Gust, Gunther & Schlüter, Alexander & Feuerriegel, Stefan & Úbeda, Ignacio & Lee, Jonathan T. & Neumann, Dirk, 2024. "Designing electricity distribution networks: The impact of demand coincidence," European Journal of Operational Research, Elsevier, vol. 315(1), pages 271-288.
    21. Aben, Tom, 2022. "The (long) road towards smart management and maintenance: Organising the digital transformation of critical infrastructures," Other publications TiSEM 2f9f5416-2725-4680-b8d1-d, Tilburg University, School of Economics and Management.
    22. Abdurrahman Mawlood Mustafa & Asil Azimli & Rizgar Abdullah Sabir Jaf, 2022. "The Role of Resource Consumption Accounting in Achieving Competitive Prices and Sustainable Profitability," Energies, MDPI, vol. 15(11), pages 1-23, June.
    23. Amar Sapra & Peter L. Jackson, 2022. "Integration of long‐ and short‐term contracts in a market for capacity," Production and Operations Management, Production and Operations Management Society, vol. 31(7), pages 2872-2890, July.

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