Princeton University Operations Research and Financial Engineering (ORFE) Professor Rene Carmona and University of California at Santa Barbara Professor Michael Ludkovski, along with Professor Ronnie Sircar (ORFE) and Dr. Glen Swindle (Scoville Risk Partner), have been awarded $3.5 million in funding from the US Department of Energy’s Advanced Research Projects Agency–Energy. The team will adapt the science of risk measures to quantify the reliability in production by individual electricity producers, from natural gas units to wind farms, and their aggregate impact on the stability of electricity grid operations.