Related papers: Optimal control of storage for arbitrage, with app…
Phase balancing is essential to safe power system operation. We consider a substation connected to multiple phases, each with single-phase loads, generation, and energy storage. A representative of the substation operates the system and…
We consider a microgrid with random load realization, stochastic renewable energy production, and an energy storage unit. The grid controller provides the total net load trajectory that the microgrid should present to the main grid and the…
Battery participants in performance-based frequency regulation markets must consider the cost of battery aging in their operating strategies to maximize market profits. In this paper we solve this problem by proposing an optimal control…
Energy storage has great potential in grid congestion relief. By making large-scale energy storage portable through trucking, its capability to address grid congestion can be greatly enhanced. This paper explores a business model of…
This tutorial describes recently developed general optimality conditions for Markov Decision Processes that have significant applications to inventory control. In particular, these conditions imply the validity of optimality equations and…
The use of energy storage to balance electric grids is increasing and, with it, the importance of operational optimisation from the twin viewpoints of cost and system stability. In this paper we assess the real option value of balancing…
An important revenue stream for electric battery operators is often arbitraging the hourly price spreads in the day-ahead auction. The optimal approach to this is challenging if risk is a consideration as this requires the estimation of…
Power systems face increasing weather-driven variability and, therefore, increasingly rely on flexible but energy-limited storage resources. Energy storage can buffer this variability, but its value depends on intertemporal decisions under…
In this paper, we consider the problem of optimal demand response and energy storage management for a power consuming entity. The entity's objective is to find an optimal control policy for deciding how much load to consume, how much power…
Nowadays, power imbalance happens more frequently due to the more integration of renewable energy sources. Energy storage is a kind of devices that can charge energy at one time and discharge energy at another time. This function makes that…
This paper applies computational techniques of convex stochastic optimization to optimal operation and valuation of electricity storages in the face of uncertain electricity prices. Our valuations are based on the indifference pricing…
Motivated by the application of energy storage management in electricity markets, this paper considers the problem of online linear programming with inventory management constraints. Specifically, a decision maker should satisfy some units…
The field of optimal control typically requires the assumption of perfect knowledge of the system one desires to control, which is an unrealistic assumption for biological systems, or networks, typically affected by high levels of…
This study analyses the current viability of this business based on a sample of European countries in the year 2019; countries where electricity prices (day-ahead market) and financial conditions show a certain degree of heterogeneity. We…
High shares of variable renewable energy necessitate substantial energy storage capacity. However, it remains unclear how to design a market that, on the one hand, ensures a stable and sufficient income for storage firms, and, on the other…
It is likely that electricity storage will play a significant role in the balancing of future energy systems. A major challenge is then that of how to assess the contribution of storage to capacity adequacy, i.e. to the ability of such…
We study the price impact of storage facilities in electricity markets and analyze the long-term profitability of these facilities in prospective scenarios of energy transition. To this end, we begin by characterizing the optimal operating…
Inventory and queueing systems are often designed by controlling weighted combination of some time-averaged performance metrics (like cumulative holding, shortage, server-utilization or congestion costs); but real-world constraints, like…
We consider a general class of dynamic resource allocation problems within a stochastic optimal control framework. This class of problems arises in a wide variety of applications, each of which intrinsically involves resources of different…
The rapid expansion of wind and solar energy leads to an increasing volatility in the electricity generation. Previous studies have shown that storage devices provide an opportunity to balance fluctuations in the power grid. An economical…