9,152 research outputs found
Integrating Energy Storage into the Smart Grid: A Prospect Theoretic Approach
In this paper, the interactions and energy exchange decisions of a number of
geographically distributed storage units are studied under decision-making
involving end-users. In particular, a noncooperative game is formulated between
customer-owned storage units where each storage unit's owner can decide on
whether to charge or discharge energy with a given probability so as to
maximize a utility that reflects the tradeoff between the monetary transactions
from charging/discharging and the penalty from power regulation. Unlike
existing game-theoretic works which assume that players make their decisions
rationally and objectively, we use the new framework of prospect theory (PT) to
explicitly incorporate the users' subjective perceptions of their expected
utilities. For the two-player game, we show the existence of a proper mixed
Nash equilibrium for both the standard game-theoretic case and the case with PT
considerations. Simulation results show that incorporating user behavior via PT
reveals several important insights into load management as well as economics of
energy storage usage. For instance, the results show that deviations from
conventional game theory, as predicted by PT, can lead to undesirable grid
loads and revenues thus requiring the power company to revisit its pricing
schemes and the customers to reassess their energy storage usage choices.Comment: 5 pages, 4 figures, conferenc
Scenarios for the development of smart grids in the UK: literature review
Smart grids are expected to play a central role in any transition to a low-carbon energy future, and much research is currently underway on practically every area of smart grids. However, it is evident that even basic aspects such as theoretical and operational definitions, are yet to be agreed upon and be clearly defined. Some aspects (efficient management of supply, including intermittent supply, two-way communication between the producer and user of electricity, use of IT technology to respond to and manage demand, and ensuring safe and secure electricity distribution) are more commonly accepted than others (such as smart meters) in defining what comprises a smart grid.
It is clear that smart grid developments enjoy political and financial support both at UK and EU levels, and from the majority of related industries. The reasons for this vary and include the hope that smart grids will facilitate the achievement of carbon reduction targets, create new employment opportunities, and reduce costs relevant to energy generation (fewer power stations) and distribution (fewer losses and better stability). However, smart grid development depends on additional factors, beyond the energy industry. These relate to issues of public acceptability of relevant technologies and associated risks (e.g. data safety, privacy, cyber security), pricing, competition, and regulation; implying the involvement of a wide range of players such as the industry, regulators and consumers.
The above constitute a complex set of variables and actors, and interactions between them. In order to best explore ways of possible deployment of smart grids, the use of scenarios is most adequate, as they can incorporate several parameters and variables into a coherent storyline. Scenarios have been previously used in the context of smart grids, but have traditionally focused on factors such as economic growth or policy evolution. Important additional socio-technical aspects of smart grids emerge from the literature review in this report and therefore need to be incorporated in our scenarios. These can be grouped into four (interlinked) main categories: supply side aspects, demand side aspects, policy and regulation, and technical aspects.
An Energy Sharing Game with Generalized Demand Bidding: Model and Properties
This paper proposes a novel energy sharing mechanism for prosumers who can
produce and consume. Different from most existing works, the role of individual
prosumer as a seller or buyer in our model is endogenously determined. Several
desirable properties of the proposed mechanism are proved based on a
generalized game-theoretic model. We show that the Nash equilibrium exists and
is the unique solution of an equivalent convex optimization problem. The
sharing price at the Nash equilibrium equals to the average marginal disutility
of all prosumers. We also prove that every prosumer has the incentive to
participate in the sharing market, and prosumers' total cost decreases with
increasing absolute value of price sensitivity. Furthermore, the Nash
equilibrium approaches the social optimal as the number of prosumers grows, and
competition can improve social welfare.Comment: 16 pages, 7 figure
Recommended from our members
Of impacts, agents, and functions: An interdisciplinary meta-review of smart home energy management systems research
Smart home energy management technologies (SHEMS) have long been viewed as a promising opportunity to manage the way households use energy. Research on this topic has emerged across a variety of disciplines, focusing on different pieces of the SHEMS puzzle without offering a holistic vision of how these technologies and their users will influence home energy use moving forward. This paper presents the results of a systematic, interdisciplinary meta-review of SHEMS literature, assessing the extent to which it discusses the role of various SHEMS components in driving energy benefits. Results reveal a bias towards technical perspectives and controls approaches that seek to drive energy impacts such as load management and energy savings through SHEMS without user or third-party participation. Not only are techno-centric approaches more common, there is also a lack of integration of these approaches with user-centric, information-based solutions for driving energy impacts. These results suggest future work should investigate more holistic solutions for optimal impacts on household energy use. We hope these results will provoke a broader discussion about how to advance research on SHEMS to capitalize on their potential contributions to demand-side management initiatives moving forward
- …