HANOVER, MD, March 21, 2011 – Midwest ISO’s analytics team is among six finalists that will compete for the INFORMS 2011 Franz Edelman Award for Achievement in Operations Research and the Management Sciences in Chicago on April 11 at the Marriott Chicago Downtown.
Midwest ISO with Alstom Grid, The Glarus Group, and Paragon Decision Technology have levered the advances in computing capabilities and OR algorithms to energy and ancillary services markets. They added significant value to the Midwest region through improved reliability and increased efficiencies of the region’s power plants and transmission assets. Based on its annual Value Proposition study, the Midwest ISO region realized between $2.1 and $3.0 billion in cumulative savings from 2007 through 2010. Midwest ISO estimates an additional $6.1 to $8.1 billion of value will be achieved through 2020.
“The Midwest ISO is able to provide this value by applying new, complex analysis and optimization techniques on a broad regional basis,” said John R. Bear, president and CEO of the Midwest ISO. “This enables both improved use of existing electric system assets as well as a reduced need for future assets.”
This is the 40th year of the prestigious Franz Edelman competition. The winner will be announced at a special awards banquet on April 11, 2011 during the INFORMS Conference on Business Analytics & Operations Research. The conference takes place at the Marriott Chicago Downtown from April 10-12.
For the complete press release and information on all six 2011 Franz Edelman finalists, please visit the INFORMS newsroom.