Optimal utilization of storage systems under real-time pricing | IEEE Conference Publication | IEEE Xplore

Optimal utilization of storage systems under real-time pricing


Abstract:

This paper considers the problem of optimal battery usage under real-time pricing scenarios. The problem is formulated as a finite-horizon optimization problem, and solve...Show More

Abstract:

This paper considers the problem of optimal battery usage under real-time pricing scenarios. The problem is formulated as a finite-horizon optimization problem, and solved via an incremental algorithm that is provably optimal in the long run. The proposed approach gives rise to a class of algorithms that utilize the battery state-of-charge to make usage decisions in real-time. The proposed algorithm is simple to implement, easy to modify for a variety use cases, and outperform the state-of-the-art technique such as Markov Decision Process (MDP) based. The robustness and flexibility of the proposed algorithm is tested extensively via numerical studies.
Date of Conference: 21-25 May 2017
Date Added to IEEE Xplore: 03 July 2017
ISBN Information:
Electronic ISSN: 2474-9133
Conference Location: Paris, France

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