62
views
0
recommends
+1 Recommend
0 collections
    0
    shares
      • Record: found
      • Abstract: found
      • Article: found
      Is Open Access

      Cost Minimizing Online Algorithms for Energy Storage Management with Worst-case Guarantee

      Preprint
      , ,

      Read this article at

      Bookmark
          There is no author summary for this article yet. Authors can add summaries to their articles on ScienceOpen to make them more accessible to a non-specialist audience.

          Abstract

          The fluctuations of electricity prices in demand response schemes and intermittency of renewable energy supplies necessitate the adoption of energy storage in microgrids. However, it is challenging to design effective real-time energy storage management strategies that can deliver assured optimality, without being hampered by the uncertainty of volatile electricity prices and renewable energy supplies. This paper presents a simple effective online algorithm for the charging and discharging decisions of energy storage that minimizes the electricity cost in the presence of electricity price fluctuations and renewable energy supplies, without relying on the future information of prices, demands or renewable energy supplies. The proposed algorithm is supported by a near-best worst-case guarantee (i.e., competitive ratio), as compared to the offline optimal decisions based on full future information. Furthermore, the algorithm can be adapted to take advantage of limited future information, if available. By simulations on real-world data, it is observed that the proposed algorithms can achieve satisfactory outcome in practice.

          Related collections

          Author and article information

          Journal
          2015-11-23
          2016-01-03
          Article
          1511.07559
          0ce1d824-97aa-4203-902d-57b6daae3b99

          http://arxiv.org/licenses/nonexclusive-distrib/1.0/

          History
          Custom metadata
          To appear in IEEE Transactions on Smart Grid
          cs.DS math.OC

          Numerical methods,Data structures & Algorithms
          Numerical methods, Data structures & Algorithms

          Comments

          Comment on this article