The Engineering and Economics of Electricity Research Group (E3RG) at Cornell University is a research center and laboratory specializing in electric power systems engineering and experimental economics. The group is a member of PSERC, the NSF Power Systems Engineering Research Center, and CERTS, The Consortium for Electric Reliability Solutions. The E3RG, located at Cornell University's Ithaca, NY campus, is affiliated with the Schools of Electrical and Computer Engineering and Civil and Environmental Engineering and the Departments of Economics and Applied Economics and Management, and spans 3 colleges.
The group focuses on problems related to the restructuring of the electric power system, principally in the US. It was founded in 1996 and developed the POWERWEB platform as a vehicle for experimenting with electric market mechanisms and for testing their effects on the interconnected electric power system. Using students and industry professionals, and by paying them consistent with their performance, market tests are created that mimic real-world incentives to help us better understand why markets work the way they do. The results are useful for designing better market mechanisms that respect the engineering realities of real electric power systems.
"Test now or pay later"