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Optimal strategies for operating energy storage in an arbitrage or smoothing market
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Flatley, Lisa, MacKay, Robert S. and Waterson, Michael (2016) Optimal strategies for operating energy storage in an arbitrage or smoothing market. Journal of Dynamics and Games, 3 (4). pp. 371-398. doi:10.3934/jdg.2016020 ISSN 2164-6066.
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WRAP_8779629-ec-111016-mike_w_storageoperation10c_5.pdf - Accepted Version - Requires a PDF viewer. Download (1037Kb) | Preview |
Official URL: http://dx.doi.org/10.3934/jdg.2016020
Abstract
We characterize cost-minimizing operating strategies for an energy store over a given interval of time [0, T]. The cost functional here can represent, for example, a traditional economic cost or a penalty for time-variation of the output from a storage-assisted wind farm or more general imbalance between supply and demand. Our analysis allows for leakage, operating inefficiencies and general cost functionals. In the case where the cost of a store depends only on its instantaneous power output (or input), we present an algorithm to determine the optimal strategies. A key feature is that this algorithm is localized in time, in the sense that the action of the store at a time t ∈ [0, T] requires cost information over only some usually much shorter subinterval of time [t, tk] ⊂ [t, T].
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HG Finance T Technology > TK Electrical engineering. Electronics Nuclear engineering |
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Divisions: | Faculty of Social Sciences > Economics Faculty of Science, Engineering and Medicine > Science > Mathematics |
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Library of Congress Subject Headings (LCSH): | Energy storage -- Mathematical models, Hydroelectric power plants, Arbitrage, Wind power plants, Renewable energy sources, Algorithms -- Industrial applications | ||||||
Journal or Publication Title: | Journal of Dynamics and Games | ||||||
Publisher: | American Institute of Mathematical Sciences (A I M S Press) | ||||||
ISSN: | 2164-6066 | ||||||
Official Date: | 31 October 2016 | ||||||
Dates: |
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Volume: | 3 | ||||||
Number: | 4 | ||||||
Page Range: | pp. 371-398 | ||||||
DOI: | 10.3934/jdg.2016020 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Reuse Statement (publisher, data, author rights): | This is a pre-copy-editing, author-produced PDF of an article accepted for publication in Journal of Dynamics and Games following peer review. The definitive publisher authenticated version Flately, Lisa, MacKay, Robert S. and Waterson, Michael. (2016) Optimal strategies for operating energy storage in an arbitrage market. Journal of Dynamics and Games, 3 (4). is available online at http://dx.doi.org/10.3934/jdg.2016020 | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 12 October 2016 | ||||||
Date of first compliant Open Access: | 1 August 2017 | ||||||
RIOXX Funder/Project Grant: |
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