Rana Mukerji
President & Founder
Loudon Energy Analytics
Rana Mukerji is an industry leader and one of the top global experts in wholesale electricity market design. He has been involved in electricity market design since the inception of competitive electricity markets. He is widely recognized for his expertise and commitment to the transition to a more sustainable energy grid.
Mr. Mukerji founded Loudon Energy Analytics to provide cutting-edge electricity market analytics to help companies succeed in a rapidly changing electricity market landscape where traditional asset classes are giving way to renewable and distributed generating resources.
Prior to founding Loudon Energy Analytics, Mukerji was Senior Vice President of Market Structures for the New York Independent System Operator (NYISO) where he headed the market design and implementation functions for more than 18 years from 2006 to 2024. As the Head of the Market Structures function of the New York Independent System Operator (NYISO), Mukerji has laid the building blocks for the next generation of electric markets by designing the market structure needed to transition to a green and sustainable energy grid. These building blocks include enhancing NYISO’s energy and capacity market designs and software platforms to accommodate high levels of renewable energy, exploiting energy storage, and incorporating distributed resources in the markets. All of these, which have been successfully implemented through Mukerji’s leadership, are pioneering efforts which have been recognized by his peers in other ISO/RTOs in the USA as well as globally.
Before joining the NYISO, Mukerji spent seven years with ABB in Raleigh, NC and Zurich, Switzerland where he served as Vice President and General Manager and Group Senior Vice President. At ABB, Mukerji had global responsibility for ABB’s Power Technology Asset Management and Consulting services. He also led ABB’s $500 million global Utility Partner Business, overseeing 3,000 employees in 35 countries.
Mukerji was with General Electric in Schenectady, N.Y. from 1990 to 1999 where he was General Manager of GE’s Power Systems Energy Consulting business. At GE, Mukerji implemented the Six Sigma quality improvement program in the Power Systems Energy Consulting organization, and helped establish the GE-MAPS software as an industry standard tool for evaluating competitive power markets.
Mukerji graduated from the Indian Institute of Technology with a Bachelor’s degree in Electrical Engineering, and earned a Master of Engineering degree in Electric Power Engineering, and a Masters of Business Administration from Rensselaer Polytechnic Institute. He is a graduate of Harvard Business School’s Advanced Management Program.
Areas of Special Competence
Design of Electricity Markets – Mukerji’s most distinctive contribution is in the design of wholesale electricity markets for a future sustainable energy grid with significant amounts of intermittent and distributed energy resources. This is a critical area required to achieve the national and state goals for de-carbonization. Mukerji is recognized by his peers as an industry leader and one of the top worldwide experts in wholesale electricity market design. He has provided global leadership in evolving these markets. Some first-of-its kind implementations led by Mukerji include:
Forecasting of wind and later solar resources and putting these intermittent resources under the control areas dispatch.
Broader Regional Market initiative where neighboring control areas increased the frequency of control area exchanges from every hour to every fifteen minutes and developed interchange schedules to manage congestion and converge market prices.
Dynamic Reserves market enhancements where the quantity of reserved carried by the control area to backup intermittent resources are varied dynamically based on level of intermittent generation and available transmission headroom.
Capacity Accreditation where resources are compensated in the capacity market based on their marginal “load carrying capability”. This is particularly significant for wind, solar, storage and limited energy thermal and hydro resources.
Development of simulation tools to analyze wholesale electricity markets — Mukerji has provided industry leadership establishing wholesale power markets through the development of simulation tools to assess the viability of these markets. These tools test economic theories on how power markets should be designed on large existing control areas such as New York, PJM Interconnection, New England, and California.
Mukerji’s work on the development of transmission constrained chronological production simulation has been used extensively by researchers, economists and regulators to assess the viability of competitive power markets and to value generation assets in a competitive marketplace. Long-term power contracts have been replaced with a locational based marginal price based competitive markets. This work has included developing tools for chronological simulation of regional electricity markets and incorporated innovations such as the use of “operating nomograms” to capture voltage stability-based flow limits on key interfaces as well as simultaneous modeling of business rules and electrical constraints within a security constrained economic commitment and dispatch model. This work laid the foundation for subsequent market design and implementation of Locational Marginal Pricing (LMP) as used in North American ISOs.
His technical leadership led to the power industry adaptation of GE’s Optimal Power Flow and production cost simulation tool (MAPS). This software was the first one to address a full range of system performance and power system economics issues related to the transition to a competitive market environment. These tools were the basis of the early simulation of bid-based wholesale market operation and were used extensively in the formation and design of ISO/RTOs as well as by asset owners to assess the performance and profitability of their assets.