Multi-period optimal energy procurement and demand response in smart grid with uncertain supply
Published 1 December 2011
Libin Jiang, Steven H. Low
Citations154
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TL;DR
The optimal day-ahead decision is derived, the real-time demand response algorithm is proposed, and the effect of volume and variability of renewable generation on the social welfare is studied.
Abstract
We propose a simple model that integrates two-period electricity markets, uncertainty in renewable generation, and real-time dynamic demand response. A load-serving entity decides its day-ahead procurement to optimize expected social welfare a day before energy delivery. At delivery time when renewable generation is realized, it sets prices to manage demand and purchase additional power on the real-time market, if necessary, to balance supply and demand. We derive the optimal day-ahead decision, propose real-time demand response algorithm, and study the effect of volume and variability of renewable generation on the social welfare.
Keywords
Engineering
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