Financially optimized scheduling of electric energy storage in presence of renewable energy resources

Narimani, Afsaneh, Nourbakhsh, Ghavameddin, Ledwich, Gerard, Walker, Geoffrey R., & Ghasemi, Negareh (2015) Financially optimized scheduling of electric energy storage in presence of renewable energy resources. In Proceedings of the IEEE 6th International Symposium on Power Electronics for Distributed Generation, IEEE, Aachen, Germany, pp. 1-5.

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Abstract

The increasing integration of Renewable Energy Resources (RER) and the role of Electric Energy Storage (EES) in distribution systems has created interest in using energy management strategies. EES has become a suitable resource to manage energy consumption and generation in smart grid. Optimize scheduling of EES can also maximize retailer’s profit by introducing energy time-shift opportunities. This paper proposes a new strategy for scheduling EES in order to reduce the impact of electricity market price and load uncertainty on retailers’ profit. The proposed strategy optimizes the cost of purchasing energy with the objective of minimizing surplus energy cost in hedging contract. A case study is provided to demonstrate the impact of the proposed strategy on retailers’ financial benefit.

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ID Code: 86028
Item Type: Conference Paper
Refereed: Yes
Additional URLs:
DOI: 10.1109/PEDG.2015.7223061
ISBN: 978-1-4799-5115-4
Divisions: Current > Schools > School of Electrical Engineering & Computer Science
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2015 [Please consult the author]
Deposited On: 27 Jul 2015 22:17
Last Modified: 18 Sep 2015 02:02

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