Title :
Optimal electric energy storage operation
Author :
Junjie Qin ; Sevlian, R. ; Varodayan, D. ; Rajagopal, R.
Author_Institution :
Inst. of Comput. & Math. Eng. & the Stanford Sustainable Syst. Lab., Stanford Univ., Stanford, CA, USA
Abstract :
Estimating the arbitrage value of storage is an important problem in power systems planning. Various studies have reported different values based numerical solutions of variations of a basic model. In this paper, we instead rely on a closed form solution for storage control. The closed form highlights the right type of forecasting that is required and allows large horizon problems to be solved. We study various scenarios and provide a simple methodology for evaluating the arbitrage value of storage.
Keywords :
energy storage; power system planning; optimal electric energy storage operation; power system planning; storage control; Batteries; Dynamic programming; Electricity; Optimal control; Standards; Stochastic processes; Energy storage operation; stochastic dynamic programming; warehousing problem;
Conference_Titel :
Power and Energy Society General Meeting, 2012 IEEE
Conference_Location :
San Diego, CA
Print_ISBN :
978-1-4673-2727-5
Electronic_ISBN :
1944-9925
DOI :
10.1109/PESGM.2012.6345242
