We present and benchmark an approximate dynamic programming algorithm that is capable of designing near-optimal control policies for a portfolio of heterogenous storage devices in a time-dependent environment, where wind supply, demand, and electricity prices may evolve stochastically. We found that the algorithm was able to design storage policies that are within 0.08% of optimal on deterministic models, and within 0.86% on stochastic models. We use the algorithm to analyze a dual-storage system with different capacities and losses, and show that the policy properly uses the low-loss device (which is typically much more expensive) for high-frequency variations. We close by demonstrating the algorithm on a five-device system. The algorithm easily scales to handle heterogeneous portfolios of storage devices distributed over the grid and more complex storage networks.
All Science Journal Classification (ASJC) codes
- Information Systems
- Computer Science Applications
- Management Science and Operations Research
- Dynamic programming-optimal control
- Industries: electric
- Programming: stochastic