Optimal storage investment and management under uncertainty It is costly to avoid outages!

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Title: Optimal storage investment and management under uncertainty It is costly to avoid outages!
Authors: Geske, J
Green, R
Item Type: Conference Paper
Abstract: Subject of this analysis is to show how storage is operated optimally under renewable and load uncertainty in the electricity system context. We estimate a homogeneous Markov Chain representation of the residual load in Germany in 2014 on an hourly basis and design a very simple dynamic stochastic electricity system model with non-intermittent generation techno - logies and storage. We compare these results to perfect foresight findings and identify a significant over estimation of the storage potential under perfect foresight.
Issue Date: 14-Jul-2016
Date of Acceptance: 22-May-2016
URI: http://hdl.handle.net/10044/1/50964
ISBN: 978-1-5090-1210-7
Publisher: IEEE
Start Page: 524
End Page: 529
Journal / Book Title: 2016 IEEE 8th International Power Electronics and Motion Control Conference (IPEMC-ECCE Asia)
Copyright Statement: © 2016 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Sponsor/Funder: Engineering & Physical Science Research Council (EPSRC)
Funder's Grant Number: EP/L014386/1
Conference Name: 8th IEEE International Power Electronics and Motion Control Conference (IPEMC-ECCE Asia)
Keywords: Science & Technology
Technology
Engineering, Electrical & Electronic
Engineering
Storage
Electricity system
Uncertainty
Publication Status: Published
Start Date: 2016-05-22
Finish Date: 2016-05-26
Conference Place: Hefei, China
Appears in Collections:Imperial College Business School



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