TY - GEN
T1 - Risk-sensitive stochastic optimization for storage operation management
AU - Moazeni, Somayeh
AU - Defourny, Boris
AU - Hajimiragha, Amir H.
N1 - Publisher Copyright:
© 2015 IEEE.
PY - 2015/11/10
Y1 - 2015/11/10
N2 - This study concerns charging/discharging management of an energy storage device, integrated with a renewable energy supply to fully serve loads over a finite time horizon. The goal is to minimize the cost (or maximize the revenue) of exchanging energy with the electrical grid. The storage device is defined through conversion and dissipation losses, capacity limitations, and bounds on conversion rates. A general-purpose rolling horizon procedure is developed, with the goal of optimizing a risk functional of the cost distribution. Our computational results suggest that the general-purpose algorithm for our setting retains the qualitative behavior of the exact optimal control strategy, which is established under special assumptions. The value of the general-purpose algorithm is evaluated for both risk-neutral and risk-averse criteria, with notable improvements reported in the study.
AB - This study concerns charging/discharging management of an energy storage device, integrated with a renewable energy supply to fully serve loads over a finite time horizon. The goal is to minimize the cost (or maximize the revenue) of exchanging energy with the electrical grid. The storage device is defined through conversion and dissipation losses, capacity limitations, and bounds on conversion rates. A general-purpose rolling horizon procedure is developed, with the goal of optimizing a risk functional of the cost distribution. Our computational results suggest that the general-purpose algorithm for our setting retains the qualitative behavior of the exact optimal control strategy, which is established under special assumptions. The value of the general-purpose algorithm is evaluated for both risk-neutral and risk-averse criteria, with notable improvements reported in the study.
KW - Discharges (electric)
KW - Dynamic programming
KW - Energy storage
KW - Optimization
KW - Planning
KW - Stochastic processes
KW - Yttrium
UR - http://www.scopus.com/inward/record.url?scp=84961885123&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84961885123&partnerID=8YFLogxK
U2 - 10.1109/SEGE.2015.7324608
DO - 10.1109/SEGE.2015.7324608
M3 - Conference contribution
AN - SCOPUS:84961885123
T3 - International Conference on Smart Energy Grid Engineering, SEGE 2015
BT - International Conference on Smart Energy Grid Engineering, SEGE 2015
T2 - International Conference on Smart Energy Grid Engineering, SEGE 2015
Y2 - 17 August 2015 through 19 August 2015
ER -