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An Evolutionary Algorithm for the Optimization of Residential Energy Resources Read chapter Read first chapter

2017 | OriginalPaper | Chapter

Dynamic Decision Making in Energy Systems with Storage and Renewable Energy Sources

Authors : Stephan Meisel, Warren B. Powell

Published in: Advances in Energy System Optimization

Publisher: Springer International Publishing

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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.

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previous chapter Dispatch of Flexibility Options, Grid Infrastructure and Integration of Renewable Energies Within a Decentralized Electricity System
next chapter An Optimal Investment Model for Battery Energy Storage Systems in Isolated Microgrids
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Metadata
Title
Dynamic Decision Making in Energy Systems with Storage and Renewable Energy Sources
Authors
Stephan Meisel
Warren B. Powell
Copyright Year
2017
Book
Advances in Energy System Optimization

Print ISBN: 978-3-319-51794-0

Electronic ISBN: 978-3-319-51795-7

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-51795-7_6

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