Dynamic decision making in energy systems with storage and renewable energy sources

Stephan Meisel, Warren Buckler Powell

Research output: Contribution to journalConference article

2 Scopus citations

Abstract

We model an energy system with a storage device, a renewable energy source and with market access as a Markov decision process. We have identified four classes of pure policies (PFAs, CFAs, VFAs and lookaheads), each of which may work best depending on the characteristics of the system (volatility of prices, stationarity, accuracy of forecasts). We demonstrate that each of the four classes can work best on a particular instance of the problem. We describe the problem characteristics that bring out the best of each policy.

Original languageEnglish (US)
Pages (from-to)87-101
Number of pages15
JournalTrends in Mathematics
Issue number190029
DOIs
StatePublished - Jan 1 2017
Event1st International Symposium on Energy System Optimization, ISESO 2015 - Heidelberg, Germany
Duration: Nov 9 2015Nov 10 2015

All Science Journal Classification (ASJC) codes

  • Mathematics(all)

Keywords

  • Energy storage
  • Sequential decision making
  • Stochastic optimization

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