Stochastic Optimization of Microgrid Operation With Renewable Generation and Energy Storages

The operation of energy storage systems (ESSs) in power systems where variable renewable energy sources (VRESs) and ESSs must contribute to securing the supply, can be considered as an arbitrage against scarcity. The value of using stored energy instantly must be balanced against its potential futur...

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Bibliographic Details
Published in:IEEE transactions on sustainable energy Vol. 13; no. 3; pp. 1481 - 1491
Main Authors: Aaslid, Per, Korpas, Magnus, Belsnes, Michael M, Fosso, Olav B
Format: Journal Article
Language:English
Published: Piscataway IEEE 01.07.2022
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subjects:
Costs
Distributed generation
Dynamic programming
Energy Management
Energy storage
energy storage systems
Generators
Information processing
Internal energy
Markov chains
Markov processes
Optimization
Predictive models
quantile regression
Renewable energy sources
stochastic dual dynamic programming
Stochastic models
Stochastic programming
Storage systems
Uncertainty
variable renewable energy sources
ISSN:1949-3029, 1949-3037
Online Access:Get full text
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Summary:The operation of energy storage systems (ESSs) in power systems where variable renewable energy sources (VRESs) and ESSs must contribute to securing the supply, can be considered as an arbitrage against scarcity. The value of using stored energy instantly must be balanced against its potential future value and future risk of scarcity. This paper proposes a multi-stage stochastic programming model for the operation of microgrids with VRESs, ESSs and thermal generators that is divided into a short- and a long-term model. The short-term model utilizes information from forecasts updated every six hours, while the long-term model considers the value of stored energy beyond the forecast horizon. The model is solved using stochastic dual dynamic programming and Markov chains, and the results show that the significance of accounting for short- and long-term uncertainty increases for systems with a high degree of variable renewable generation and ESSs and limited dispatchable generation capacity.
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ISSN:1949-3029
1949-3037
DOI:10.1109/TSTE.2022.3156069