2 research outputs found
Optimal Storage Control for Dynamic Pricing
Renewable energy brings huge uncertainties to the power system, which
challenges the traditional power system operation with limited flexible
resources. One promising solution is to introduce dynamic pricing to more
consumers, which, if designed properly, could enable an active demand side. To
further exploit flexibility, in this work, we seek to advice the consumers an
optimal online control policy to utilize their storage devices facing dynamic
pricing. Towards designing a more adaptive control policy, we devise a
data-driven approach to estimating the price distribution. Simulation studies
verify the optimality of our proposed schemes
A Data-driven Storage Control Framework for Dynamic Pricing
Dynamic pricing is both an opportunity and a challenge to the demand side. It
is an opportunity as it better reflects the real time market conditions and
hence enables an active demand side. However, demand's active participation
does not necessarily lead to benefits. The challenge conventionally comes from
the limited flexible resources and limited intelligent devices in demand side.
The decreasing cost of storage system and the widely deployed smart meters
inspire us to design a data-driven storage control framework for dynamic
prices. We first establish a stylized model by assuming the knowledge and
structure of dynamic price distributions, and design the optimal storage
control policy. Based on Gaussian Mixture Model, we propose a practical
data-driven control framework, which helps relax the assumptions in the
stylized model. Numerical studies illustrate the remarkable performance of the
proposed data-driven framework.Comment: arXiv admin note: text overlap with arXiv:1911.0696