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While wind and solar power contribute to sustainability, their intermittent nature poses challenges when integrated into the grid. To mitigate these issues, renewable energy can be combined with coal fired power and hydropower sources to…
To capture the stochastic characteristics of renewable energy generation output, the chance-constrained unit commitment (CCUC) model is widely used. Conventionally, analytical solution for CCUC is usually based on simplified probability…
We study allocation problems with reserve systems under minimum beneficiary-share guarantees, requirements that targeted matches constitute at least a specified percentage of total matches. While such mandates promote targeted matches, they…
The imbalance costs incurred by a stochastic power producer due to forecast production errors have a significant impact on its total profit and therefore, such an impact needs to be taken into account when evaluating investment decisions.…
The growing penetration of variable renewable energy sources (VRES) requires additional flexibility reserve to ensure reliable power system operations. Current industry practice typically assumes a certain fraction of the VRES power…
This paper presents models for renewable energy systems with storage, and considers its optimal operation. We model and simulate wind and solar power production using stochastic differential equations as well as storage of the produced…
Forecast reconciliation is considered an effective method to achieve coherence (within a forecast hierarchy) and to improve forecast quality. However, the value of reconciled forecasts in downstream decision-making tasks has been mostly…
Over the past years, the share of electricity production from wind power plants has increased to significant levels in several power systems across Europe and the United States. In order to cope with the fluctuating and partially…
Sharing economy is a transformative socio-economic phenomenon built around the idea of sharing underused resources and services, e.g. transportation and housing, thereby reducing costs and extracting value. Anticipating continued reduction…
Wind energy has been integrated into the power system with the hope that it improves the energy efficiency and decreases greenhouse gas emission. However, several studies over the world imply that the result was in the opposite way that was…
As the number of prosumers with distributed energy resources (DERs) grows, the conventional centralized operation scheme may suffer from conflicting interests, privacy concerns, and incentive inadequacy. In this paper, we propose an energy…
Wind has the potential to make a significant contribution to future energy resources. Locating the sources of this renewable energy on a global scale is however extremely challenging, given the difficulty to store very large data sets…
The increasing challenges to the grid stability posed by the penetration of renewable energy resources urge a more active role for demand response programs as viable alternatives to a further expansion of peak power generators. This work…
Electricity markets are experiencing a rapid increase in energy storage unit participation. Unlike conventional generation resources, quantifying the competitive operation and identifying if a storage unit is exercising market power is…
The capability to widely sample the state and action spaces is a key ingredient toward building effective reinforcement learning algorithms. The variational optimization principles exposed in this paper emphasize the importance of an…
This paper studies the duopoly competition between renewable energy suppliers with or without energy storage in a local energy market. The storage investment brings the benefits of stabilizing renewable energy suppliers' outputs, but it…
This paper proposes an optimal strategy for a Renewable Energy Community participating in the Italian pay-as-bid ancillary service market. The community is composed by a group of residential customers sharing a common facility equipped with…
Multi stage stochastic programs arise in many applications from engineering whenever a set of inventories or stocks has to be valued. Such is the case in seasonal storage valuation of a set of cascaded reservoir chains in hydro management.…
Security-Constrained Unit Commitment (SCUC) is one of the most significant problems in secure and optimal operation of modern electricity markets. New sources of uncertainties such as wind speed volatility and price-sensitive loads impose…
In this paper, a class of systems in which auxiliary batteries fed by fossil fuel generation and wind farms work together to supply power to the grid are modeled and strategies are solved to minimize the consumption of fossil fuels while…