Related papers: Multi-Region Optimal Energy Storage Arbitrage
We consider the problem of energy management in microgrid networks. A microgrid is capable of generating a limited amount of energy from a renewable resource and is responsible for handling the demands of its dedicated customers. Owing to…
Growth in the penetration of renewable energy sources makes supply more uncertain and leads to an increase in the system imbalance. This trend, together with the single imbalance pricing, opens an opportunity for balance responsible parties…
We present an approximate dynamic programming framework for designing degradation-aware market participation policies for battery energy storage systems. The approach employs a tailored value function approximation that reduces the state…
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…
This paper proposes a risk-averse approach to energy storage price arbitrage, leveraging conformal uncertainty quantification for electricity price predictions. The method addresses the significant challenges posed by the inherent…
Maintaining energy balance and economical operation is significant for multi-energy systems such as the energy hub. However, it is usually challenged by the frequently changing and unpredictable uncertainties at different timescales. Under…
Decarbonizing global energy systems requires extensive integration of renewable energy into the electric grid. However, the intermittency and variable nature of wind and other non-dispatchable renewable resources make integration a great…
We present modeling and analysis of day-ahead spatio-temporal energy markets in which each competitive aggregator aims at making the highest profit by managing a complex mixture of different energy resources, such as conventional…
In a dynamic distribution market environment, residential prosumers with solar power generation and battery energy storage devices can flexibly interact with the power grid via power exchange. Providing a schedule of this bidirectional…
The participation of renewable, energy storage, and resources with limited fuel inventory in electricity markets has created the need for optimal scheduling and pricing across multiple market intervals for resources with intertemporal…
This paper presents a stochastic optimization model for planning the participation of battery energy storage systems (BESSs) in energy and regulation markets. The proposed model quantifies and compares the business value of single and…
This paper proposes a dynamic valuation framework to determine the opportunity value of battery capacity degradation in grid applications based on the internal degradation mechanism and utilization scenarios. The proposed framework follows…
Efficient markets are characterised by profit-driven participants continuously refining their positions towards the latest insights. Margins for profit generation are generally small, shaping a difficult landscape for automated trading…
With the ongoing transition of electricity markets worldwide from hourly to intra-hourly bidding, market participants--especially Renewable Energy Sources (RES)--gain improved opportunities to adjust energy and reserve schedules and to…
Energy storage technologies are key to improving grid flexibility in the presence of increasing amounts of intermittent renewable generation. We propose an insurance contract that suitably compensates energy storage systems for providing…
This paper studies the joint optimization of edge node activation and resource pricing in edge computing, where an edge computing platform provides heterogeneous resources to accommodate multiple services with diverse preferences. We cast…
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…
The participation of electric vehicle (EV) aggregators in real-time electricity markets offers promising revenue opportunities through price-responsive energy arbitrage. A central challenge in economic bidding lies in quantifying the…
The distributed schedule optimization of energy storage constitutes a challenge. Such algorithms often expect an input set containing all feasible schedules or respectively require to efficiently search the schedule space. It is hardly…
Distributed, controllable energy storage devices offer several benefits to electric power system operation. Three such benefits include reducing peak load, providing standby power, and enhancing power quality. These benefits, however, are…