Abstract:
We study the optimal operation of energy storage operated by a consumer who owns intermittent renewable generation and faces (possibly random) electricity prices and diff...Show MoreMetadata
Abstract:
We study the optimal operation of energy storage operated by a consumer who owns intermittent renewable generation and faces (possibly random) electricity prices and different types of AC/DC load. We formulate the optimal storage operation problem as a finite-horizon dynamic program, with an objective of minimizing the expected energy cost. The incorporation of different types of AC/DC energy sources and appliances complicates the sequential decision making problem on storage operation. We provide a complete characterization on an optimal threshold policy, and implement the characterized optimal policy in realistic settings with random renewable generation and electricity prices. Numerical results demonstrate that the value of storage (the consumer's net benefit obtained by optimally operating the storage) increases with the generation from renewable sources.
Published in: 2016 IEEE 55th Conference on Decision and Control (CDC)
Date of Conference: 12-14 December 2016
Date Added to IEEE Xplore: 29 December 2016
ISBN Information: