Related papers: Optimal energy storage management for self-consump…
Considering the intermittency of renewable energy systems, a sizing and scheduling model is proposed for a finite number of static electric loads. The model objective is to maximize solar energy utilization with and without storage. For the…
Energy storage systems will play a key role in the power system of the twenty first century considering the large penetrations of variable renewable energy, growth in transport electrification and decentralisation of heating loads.…
We present a novel technique to solve the problem of managing optimally a pumped hydroelectric storage system. This technique relies on representing the system as a stochastic optimal control problem with state constraints, these latter…
In alignment with the Paris Agreement, the city of Oxford in the UK aims to become carbon neutral by 2040. Renewable energy help achieve this target by reducing the reliance on carbon-intensive grid electricity. This research seeks to…
We develop a Monte-Carlo based numerical method for solving discrete-time stochastic optimal control problems with inventory. These are optimal control problems in which the control affects only a deterministically evolving inventory…
We propose a novel data-driven neural network (NN) optimization framework for solving an optimal stochastic control problem under stochastic constraints. Customized activation functions for the output layers of the NN are applied, which…
We study optimal portfolio choice under Epstein-Zin recursive utility in the presence of general leverage constraints. We first establish that the optimal value function is the unique viscosity solution to the associated…
We propose a novel recursive utility for controlling stochastic processes under risk and uncertainty. Our formulation uses a robustified Orlicz risk that can evaluate risk and uncertainty simultaneously. We focus on a control problem of a…
We consider a model of optimal investment and consumption with both habit formation and partial observations in incomplete It\^{o} processes market. The investor chooses his consumption under the addictive habits constraint while only…
In this paper we provide non-simultaneous charging and discharging guarantees for a linear energy storage system (ESS) model for a model predictive control (MPC) based home energy management system (HEMS) algorithm. The HEMS optimally…
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…
An energy management scheme is presented for a grid-connected hybrid power system comprising of a photovoltaic generator as the primary power source and fuel-cell stacks as backup generation. Power production is managed between the two…
This paper proposes a control strategy for a Reverse Fuel Cell used to manage a Renewable Energy Community. A two-stage scenario-based Model Predictive Control algorithm is designed to define the best economic strategy to be followed during…
In many power grids, a large portion of the energy costs for commercial and industrial consumers are set with reference to the coincident peak load, the demand during the maximum system-wide peak, and their own maximum peak load, the…
We study a stochastic control approach to managed futures portfolios. Building on the Schwartz 97 stochastic convenience yield model for commodity prices, we formulate a utility maximization problem for dynamically trading a single-maturity…
This paper presents an online energy management system for an energy hub where electric vehicles are charged combining on-site photovoltaic generation and battery energy storage with the power grid, with the objective to decide on the…
The integration of distributed energy resources, particularly photovoltaic (PV) systems and electric vehicles (EVs), introduces significant uncertainty and complexity into modern energy systems. This paper explores a novel approach to…
The intermittent nature of renewable energy resources such as wind and solar causes the energy supply to be less predictable leading to possible mismatches in the power network. To this end, hydrogen production and storage can provide a…
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…
The supply of electrical energy is being increasingly sourced from renewable generation resources. The variability and uncertainty of renewable generation, compared to a dispatch-able plant, is a significant dissimilarity of concern to the…