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

Stephan Meisel; Warren Buckler Powell

doi:10.1007/978-3-319-51795-7_6

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

Stephan Meisel
, Warren Buckler Powell

Research output: Contribution to journal › Conference article › peer-review

3 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 language	English (US)
Pages (from-to)	87-101
Number of pages	15
Journal	Trends in Mathematics
Issue number	190029
DOIs	https://doi.org/10.1007/978-3-319-51795-7_6
State	Published - 2017
Event	1st International Symposium on Energy System Optimization, ISESO 2015 - Heidelberg, Germany Duration: Nov 9 2015 → Nov 10 2015

All Science Journal Classification (ASJC) codes

General Mathematics

Keywords

Energy storage
Sequential decision making
Stochastic optimization

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10.1007/978-3-319-51795-7_6

Cite this

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title = "Dynamic decision making in energy systems with storage and renewable energy sources",

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.",

keywords = "Energy storage, Sequential decision making, Stochastic optimization",

author = "Stephan Meisel and Powell, \{Warren Buckler\}",

note = "Funding Information: Acknowledgements The work of the first author was supported by the German Academic Exchange Service (DAAD). Publisher Copyright: {\textcopyright} 2017, Springer International Publishing AG.; 1st International Symposium on Energy System Optimization, ISESO 2015 ; Conference date: 09-11-2015 Through 10-11-2015",

year = "2017",

doi = "10.1007/978-3-319-51795-7\_6",

language = "English (US)",

pages = "87--101",

journal = "Trends in Mathematics",

issn = "2297-0215",

publisher = "Springer International Publishing AG",

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TY - JOUR

T1 - Dynamic decision making in energy systems with storage and renewable energy sources

AU - Meisel, Stephan

AU - Powell, Warren Buckler

PY - 2017

Y1 - 2017

N2 - 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.

AB - 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.

KW - Energy storage

KW - Sequential decision making

KW - Stochastic optimization

UR - https://www.scopus.com/pages/publications/85048159112

UR - https://www.scopus.com/pages/publications/85048159112#tab=citedBy

U2 - 10.1007/978-3-319-51795-7_6

DO - 10.1007/978-3-319-51795-7_6

M3 - Conference article

AN - SCOPUS:85048159112

SN - 2297-0215

SP - 87

EP - 101

JO - Trends in Mathematics

JF - Trends in Mathematics

IS - 190029

T2 - 1st International Symposium on Energy System Optimization, ISESO 2015

Y2 - 9 November 2015 through 10 November 2015

ER -

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

Abstract

All Science Journal Classification (ASJC) codes

Keywords

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