On the value and price-responsiveness of ramp-constrained storage

Energy Conversion and Management

Volumn 76, Issue , 2013, Pages 472-482

  Faghih, Ali ^a   Roozbehani, Mardavij ^a,b   Dahleh, Munther A ^a,b  

^a MASSACHUSETTS INSTITUTE OF TECHNOLOGY   (United States)

^b not available   (United States)

Author keywords

Control systems; Ramp constrained energy storage; Stochastic dynamic programming

Indexed keywords

CONTROL SYSTEMS; COSTS; DYNAMIC PROGRAMMING; FLIGHT CONTROL SYSTEMS; STOCHASTIC SYSTEMS;

COMPUTATIONAL EXPERIMENT; COMPUTATIONAL FRAMEWORK; CONSTRAINED ENERGY; INFINITE HORIZONS; NON-DECREASING FUNCTIONS; OPTIMAL UTILIZATION; QUANTITATIVE CHARACTERISTICS; STOCHASTIC DYNAMIC PROGRAMMING;

STORAGE MANAGEMENT;

EID: 84883380354     PISSN: 01968904     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.enconman.2013.07.072     Document Type: Article

References (24)

1. G.T. Bellarmine, and M.C. Turner Energy conservation and management in the US Energy Convers Manage 35 1994 363 373
2. M. Roozbehani, M.A. Dahleh, and S. Mitter Volatility of power grids under real-time pricing IEEE Trans Power Syst 27 2012 1926 1940
3. R. Rempala Optimal strategy in a trading problem with stochastic prices Syst Model Optim Lect Notes Control Inf Sci 197 1994 560 566
4. N. Secomandi Optimal commodity trading with a capacitated storage asset Manage Sci 56 2010 449 467
5. Kaminski V, Feng Y, Pang Z. Value, trading strategies and financial investment of natural gas storage assets. In: Northern Finance Association Conf. Kananaskis, Canada; 2008.
6. S. Devalkar, R. Anupindi, and A. Sinha Integrated optimization of procurement, processing and trade of commodities Oper Res 59 2011 1369 1381
7. J. Kondoh, I. Ishii, H. Yamaguchi, A. Murata, K. Otani, and K. Sakuta Electrical energy storage systems for energy networks Energy Convers Manage 41 2000 1863 1874
8. D.P. Jenkins, J. Fletcher, and D. Kane Model for evaluating impact of battery storage on microgeneration systems in dwellings Energy Convers Manage 49 2008 2413 2424
9. H. Lund, and G. Salgi The role of compressed air energy storage (CAES) in future sustainable energy systems Energy Conversi Manage 50 2009 1172 1179
10. C.K. Ekman, and S.H. Jensen Prospects for large scale electricity storage in Denmark Energy Convers Manage 51 2010 1140 1147
11. P. Kanakasabapathy, and K. Shanti Swarup Bidding strategy for pumped-storage plant in pool-based electricity market Energy Convers Manage 51 2010 572 579
12. M. Korpaas, A.T. Holen, and R. Hildrum Operation and sizing of energy storage for wind power plants in a market system Int J Electrical Power Energy Syst 25 2003 599 606
13. J.H. Kim, and W.B. Powell Optimal energy commitments with storage and intermittent supply Oper Res 59 2011 1347 1360
14. Harsha P, Dahleh MA. Optimal sizing of energy storage for efficient integration of renewable energy. In: Proc of 50th IEEE conf on decision and control. Orlando, Fl; 2011.
15. T.Y. Lee, and N. Chen Determination of optimal contract capacities and optimal sizes of battery energy storage systems for time-of-use rates industrial customers IEEE Trans Energy Convers 10 1995 562 568
16. Faghih A, Roozbehani M, Dahleh MA. Optimal utilization of storage and the induced price elasticity of demand in the presence of ramp constraints. In: Proceedings of the 50th IEEE conference on decision and control. Orlando, Fl; 2011.
17. D.S. Kirschen, G. Strbac, P. Cumperayot, and D. de Paiva Mendes Factoring the elasticity of demand in electricity prices IEEE Trans Power Syst 15 2000 612 617
18. D.S. Kirschen Demand-side view of electricity markets IEEE Trans Power Syst 18 2003 520 527
19. H. Qian, J. Zhang, J.S. Lai, and W. Yu A high-efficiency grid-tie battery energy storage system IEEE Trans Power Electron 26 2011 886 896
20. A123 Systems. Smart grid stabilization and smart energy storage solutions. < www.a123systems.com > [retrieved April 2012.
21. Faghih A, Roozbehani M, Dahleh MA. On the economic value and price-responsiveness of ramp-constrained storage. e-print; 2012. < http://arxiv.org/pdf/1211.1696v1.pdf >.
22. Bertsekas DP. Dynamic programming and opt control, vols. I & II, 2nd ed. Belmont: Athena Scientific; 2000.
23. PJM Interconnection website. Data Dictionary: Monthly real-time locational marginal pricing. < www.pjm.com > [retrieved December 2011].
24. ISO New England website. Historical hourly price data. < http://www.iso-ne.com > [retrieved December 2011].