Optimal Storage Control for Dynamic Pricing
Systems and Control
2019-11-19 v1 Systems and Control
Optimization and Control
Abstract
Renewable energy brings huge uncertainties to the power system, which challenges the traditional power system operation with limited flexible resources. One promising solution is to introduce dynamic pricing to more consumers, which, if designed properly, could enable an active demand side. To further exploit flexibility, in this work, we seek to advice the consumers an optimal online control policy to utilize their storage devices facing dynamic pricing. Towards designing a more adaptive control policy, we devise a data-driven approach to estimating the price distribution. Simulation studies verify the optimality of our proposed schemes.
Cite
@article{arxiv.1911.06963,
title = {Optimal Storage Control for Dynamic Pricing},
author = {Jiaman Wu and Zhiqi Wang and Yang Yu and Chenye Wu},
journal= {arXiv preprint arXiv:1911.06963},
year = {2019}
}