Related papers: Insurance Contract for High Renewable Energy Integ…
Power company operators make power generation plans one day in advance, in what is known as the Unit Commitment (UC) problem. UC is exposed to uncertainties, such as unknown electricity load and disturbances caused by renewable energy…
Grid-connected hybrid renewable power systems with energy storage can reduce the intermittency of renewable power supply. However, emerging energy storage technologies need improvement to compete with lithium-ion batteries and reduce the…
We propose a novel reliability model for composing energy service requests. The proposed model is based on consumers' behavior and history of energy requests. The reliability model ensures the maximum incentives to providers. Incentives are…
The rapid growth of variable renewable energy has increased the need for flexible and efficiently coordinated energy resources. In this context, hybrid resources that combine renewable generation and battery storage within a single…
Deploying distributed renewable energy at the demand side is an important measure to implement a sustainable society. However, the massive small solar and wind generation units are beyond the control of a central operator. To encourage…
We present a general approach to the pricing of products in finance and insurance in the multi-period setting. It is a combination of the utility indifference pricing and optimal intertemporal risk allocation. We give a characterization of…
Electric vehicles (EVs) have been highly favoured as a future transportation mode in the transportation section in recent years. EVs have many advantages compared to traditional transportation, especially the environmental aspect. However,…
This paper investigates a Pareto optimal insurance problem, where the insured maximizes her rank-dependent utility preference and the insurer is risk neutral and employs the mean-variance premium principle. To eliminate potential moral…
Despite the growing necessity to make Internet greener, it is worth pointing out that energy-aware strategies to minimize network energy consumption must not undermine the normal network operation. In particular, two very important issues…
Large scale renewable energy integration is being planned for multiple power grids around the world. To achieve secure and stable grid operations, additional resources/reserves are needed to mitigate the inherent intermittency of renewable…
Within the last few years, the trend towards more distributed, renewable energy sources has led to major changes and challenges in the electricity sector. To ensure a stable electricity distribution in this changing environment, we propose…
Renewable energy communities (RECs) are prominent initiatives to provide end consumers an active role in the energy sector, raise awareness on the importance of renewable energy (RE) technologies and increase their share in the energy…
In this paper we formulate a contract design problem where a primary license holder wishes to profit from its excess spectrum capacity by selling it to potential secondary users/buyers. It needs to determine how to optimally price the…
The presence of variable renewable energy resources with uncertain outputs in day-ahead electricity markets results in additional balancing needs in real-time. Addressing those needs cost-effectively and reliably within a competitive market…
The integration of renewable sources poses challenges at the operational and economic levels of the power grid. In terms of keeping the balance between supply and demand, the usual scheme of supply following load may not be appropriate for…
This paper studies an optimal insurance contracting problem in which the preferences of the decision maker given by the sum of the expected loss and a convex, increasing function of a deviation measure. As for the deviation measure, our…
Optimization models have been broadly used within side the energy industry as useful decision-making systems for scheduling and dispatching electric powered energy resources; this is applied in a system called unit commitment (UC). Unit…
Power systems are susceptible to natural threats including hurricanes and floods. Modern power grids are also increasingly threatened by cyber attacks. Existing approaches that help improve power system security and resilience may not be…
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…
We consider a monopoly insurance market with a risk-neutral profit-maximizing insurer and a consumer with Yaari Dual Utility preferences that distort the given continuous loss distribution. The insurer observes the loss distribution but not…