Optimal day-ahead trading and storage of renewable energies-an approximate dynamic programming approach

Energy Systems

Volumn 1, Issue 1, 2010, Pages 61-77

  Löhndorf, Nils ^a   Minner, Stefan ^a  

^a UNIVERSITY OF VIENNA   (Austria)

Author keywords

Approximate dynamic programming; Day ahead market; Energy storage; Optimal bidding strategy; Renewable energies

Indexed keywords

APPROXIMATE DYNAMIC PROGRAMMING; CONTINUOUS STATE SPACE; DAY AHEAD MARKET; FINANCIAL RISKS; LEAST SQUARE; MARKET PRICE; MARKOV DECISION PROCESSES; MODEL PARAMETERS; NEGATIVE CORRELATION; OPTIMAL BIDDING STRATEGY; POLICY EVALUATION; POLICY ITERATION; POWER PRODUCER; PRICE UNCERTAINTY; RENEWABLE ENERGIES; RENEWABLE POWER GENERATION; RESPONSE SURFACE; SUPPLY AND DELIVERY; SUPPLY UNCERTAINTY; VALUE FUNCTION APPROXIMATION;

APPROXIMATION ALGORITHMS; COMMERCE; COSTS; ELECTRIC POWER GENERATION; ENERGY STORAGE; FLYWHEELS; HYBRID SYSTEMS; INVESTMENTS; LEAD ACID BATTERIES; LEAST SQUARES APPROXIMATIONS; LINEAR PROGRAMMING; MARKOV PROCESSES; OPTIMIZATION; POLYNOMIAL APPROXIMATION; RENEWABLE ENERGY RESOURCES; UNCERTAINTY ANALYSIS;

DYNAMIC PROGRAMMING;

EID: 79952360158     PISSN: 18683967     EISSN: 18683975     Source Type: Journal    
DOI: 10.1007/s12667-009-0007-4     Document Type: Article

References (18)

1. Bathurst, G.N., Strbac, G.: Value of combining energy storage and wind in short-term energy and balancing markets. Electr. Power Syst. Res. 67, 1-8 (2003)
2. Bathurst, G.N.,Weatherill, J., Strbac, G.: Trading wind generation in short term energy markets. IEEE Trans. Power Syst. 17(3), 782-789 (2002)
3. Bertsekas, D.: Dynamic Programming and Optimal Control, 3rd edn., vol. 2. Athena Scientific, Nashua (2007)
4. Brunetto, C., Tina, G.: Optimal hydrogen storage sizing for wind power plants in day ahead electricity markets. IET Renew. Power Gener. 1(4), 220-226 (2007)
5. Chen, C.C.P., Tsui, K.-L., Barton, R.R., Meckesheimer, M.: A review on design, modeling and applications of computer experiments. IIE Trans. 38(4), 273-291 (2006)
6. Fleten, S.E., Kristoffersen, T.K.: Stochastic programming for optimizing bidding strategies of a Nordic hydropower producer. Eur. J. Oper. Res. 181, 916-928 (2007)
7. García-González, J., De la Muela, R.M.R., Santos, L.M., González, A.M.: Stochastic joint optimization of wind generation and pumped-storage units in an electricity market. IEEE Trans. Power Syst. 23(2), 460-468 (2008)
8. Graves, F., Jenkin, T.,Murphy, D.: Opportunities for electricity storage in deregulating markets. Electr. J. 12(8), 46-56 (1999)
9. Gujarati, D.N.: Basic Econometrics, 5th edn. McGraw-Hill, New York (2009)
10. Korpås, M., Holen, A.T.: Operation planning of hydrogen storage connected to wind power operating in a power market. IEEE Trans. Energy Convers. 21(3), 599-606 (2006)
11. Lagoudakis, M.G., Parr, R.: Least-squares policy iteration. J. Mach. Learn. Res. 4, 1107-1149 (2003)
12. Matevosyan, J., Söder, L.: Minimization of imbalance cost trading wind power on the short-term power market. IEEE Trans. Power Syst. 21(3), 1396-1404 (2006)
13. Neubarth, J., Woll, O., Weber, C., Gerecht, M.: Beeinflussung der Spotmarktpreise durch Windstromerzeugung. Energiewirtsch. Tagesfr. 56(7), 42-45 (2006)
14. Powell, W.B.: Approximate Dynamic Programming. Wiley, New York (2007)
15. Puterman, M.L.: Markov Decision Processes: Discrete Stochastic Dynamic Programming. Wiley, New York (1994)
16. Schainker, R.B.: Executive overview: energy storage options for a sustainable energy future. In: IEEE Power Engineering Society General Meeting, pp. 2309-2314. IEEE Press, New York (2004)
17. Sutton, R.S., Barto, A.G.: Reinforcement Learning: An Introduction. MIT Press, Cambridge (1998)
18. Wen, F., David, A.K.: Strategic bidding in competitive electricity markets: a literature survey. In: IEEE Power Engineering Society Summer Meeting, pp. 2168-2173 (2000)