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Evolving Dynamics of LMPs and AI in Energy Markets
This chapter explores the concept of locational marginal prices (LMPs) in the electrical market and their connection to circuit laws, emphasizing the importance of understanding pricing dynamics amidst zero marginal cost assets. It also discusses the integration of artificial intelligence and machine learning in power systems, highlighting both the advancements made and the need for transparency in AI applications. Additionally, the chapter introduces a fun competition encouraging listeners to develop analogies related to energy systems, bridging economics and engineering concepts.