Multi-period optimal energy procurement and demand response in smart grid with uncertain supply

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 renewa...

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Bibliographic Details
Published in:2011 50th IEEE Conference on Decision and Control and European Control Conference pp. 4348 - 4353
Main Authors: Libin Jiang, Low, S.
Format: Conference Proceeding
Language:English
Published: IEEE 01.12.2011
Subjects:
Correlation
Electricity
Home appliances
Load management
Procurement
Real time systems
Renewable energy resources
ISBN:9781612848006, 1612848001
ISSN:0191-2216
Online Access:Get full text
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Summary: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.
ISBN:9781612848006
1612848001
ISSN:0191-2216
DOI:10.1109/CDC.2011.6161320