Related papers: Directly Constraining Marginal Prices in Distribut…
Energy storage systems (ESSs) are essential components of the future smart grid to smooth out the fluctuating output of renewable energy generators. However, installing large number of ESSs for individual energy consumers may not be…
Energy storage has exhibited great potential in providing flexibility in power system to meet critical peak demand and thus reduce the overall generation cost, which in turn stabilizes the electricity prices. In this work, we exploit the…
Distributed renewable energy resources have attracted significant attention in recent years due to the falling cost of the renewable energy technology, extensive federal and state incentives, and the application in improving load-point…
Flexibility in electric power consumption can be leveraged by Demand Response (DR) programs. The goal of this paper is to systematically capture the inherent aggregate flexibility of a population of appliances. We do so by clustering…
An operational optimization strategy for microgrid energy storage systems (ESSs) is developed to address practical user-oriented application requirements, and its effectiveness is validated using real-world operational data. First, a…
The provision of renewable electricity is the foundation for a sustainable future. To achieve the goal of sustainable renewable energy, Battery Energy Storage Systems (BESS) could play a key role to counteract the intermittency of solar and…
The integration of large shares of electricity produced by non-dispatchable Renewable Energy Sources (RES) leads to an increasingly volatile energy generation side, with temporary local overproduction. The application of energy storage…
An increasing number of retail energy markets show price fluctuations, providing users with the opportunity to buy energy at lower than average prices. We propose to temporarily store this inexpensive energy in a battery, and use it to…
Integrating the gas and district heating with the electrical grid in a multi-energy grid has been shown to provide flexibility and prevent bottlenecks in the operation of electrical distribution grids. This integration assumes a top-down…
We consider the robust pricing and hedging of American options in a continuous time setting. We assume asset prices are continuous semimartingales, but we allow for general model uncertainty specification via adapted closed convex…
It is anticipated that large-scale energy storage facility (ESF) will become an essential part of the future energy markets to increase the penetration of renewables. In this paper, a new optimization algorithm is developed to participate…
There is an opportunity in modern power systems to explore the demand flexibility by incentivizing consumers with dynamic prices. In this paper, we quantify demand flexibility using an efficient tool called time-varying elasticity, whose…
Energy cooperatives (ECs) such as residential and industrial microgrids have the potential to mitigate increasing fluctuations in renewable electricity generation, but only if their joint response is coordinated. However, the coordination…
Minimizing both power fluctuations and energy waste in an electrical grid is a central challenge to energy policy. Any discrepancy between power production and loads may lead to inefficiencies and instability in the system. Right now, the…
The energy transition is expected to significantly increase the share of renewable energy sources whose production is intermittent in the electricity mix. Apart from key benefits, this development has the major drawback of generating a…
Flexible load at the demand-side has been regarded as an effective measure to cope with volatile distributed renewable generations. To unlock the demand-side flexibility, this paper proposes a peer-to-peer energy sharing mechanism that…
Efficiently accommodating uncertain renewable resources in wholesale electricity markets is among the foremost priorities of market regulators in the US, UK and EU nations. However, existing deterministic market designs fail to internalize…
The uncertainty in the power supply due to fluctuating Renewable Energy Sources (RES) has severe (financial and other) implications for energy market players. In this paper, we present a device-level Demand Response (DR) scheme that…
We derive the price of a spread option based on two assets which follow a bivariate volatility modulated Volterra process dynamics. Such a price dynamics is particularly relevant in energy markets, modelling for example the spot price of…
This paper studies the feasibility of integrating a community energy storage (CES) system with rooftop photovoltaic (PV) power generation for demand-side management of a neighbourhood while maintaining the distribution network voltages…