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Optimizing trading decisions of wind power plants with hybrid energy storage systems using backwards approximate dynamic programming

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  • Finnah, Benedikt
  • Gönsch, Jochen

Abstract

On most modern energy markets, electricity is traded in advance and a power producer has to commit to deliver a certain amount of electricity some time before the actual delivery. This is especially difficult for power producers with renewable energy sources that are stochastic (like wind and solar). Thus, short-term electricity storages like batteries are used to increase flexibility. By contrast, long-term storages allow to exploit price fluctuations over time, but have a comparably bad efficiency over short periods of time.

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  • Finnah, Benedikt & Gönsch, Jochen, 2021. "Optimizing trading decisions of wind power plants with hybrid energy storage systems using backwards approximate dynamic programming," International Journal of Production Economics, Elsevier, vol. 238(C).
    • Handle: RePEc:eee:proeco:v:238:y:2021:i:c:s0925527321001316
    DOI: 10.1016/j.ijpe.2021.108155
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    1. Finnah, Benedikt & Gönsch, Jochen & Ziel, Florian, 2022. "Integrated day-ahead and intraday self-schedule bidding for energy storage systems using approximate dynamic programming," European Journal of Operational Research, Elsevier, vol. 301(2), pages 726-746.
    2. Kim, Seokwoo & Choi, Dong Gu, 2024. "A sample robust optimal bidding model for a virtual power plant," European Journal of Operational Research, Elsevier, vol. 316(3), pages 1101-1113.
    3. Benedikt Finnah, 2022. "Optimal bidding functions for renewable energies in sequential electricity markets," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 44(1), pages 1-27, March.
    4. Sgarbossa, Fabio & Arena, Simone & Tang, Ou & Peron, Mirco, 2023. "Renewable hydrogen supply chains: A planning matrix and an agenda for future research," International Journal of Production Economics, Elsevier, vol. 255(C).
    5. Karakoyun, Ece Cigdem & Avci, Harun & Kocaman, Ayse Selin & Nadar, Emre, 2023. "Deviations from commitments: Markov decision process formulations for the role of energy storage," International Journal of Production Economics, Elsevier, vol. 255(C).
    6. Sgarbossa, Fabio & Arena, Simone & Tang, Ou & Peron, Mirco, 2022. "Reprint of: Renewable hydrogen supply chains: A planning matrix and an agenda for future research," International Journal of Production Economics, Elsevier, vol. 250(C).
    7. Zhu, Junpeng & Meng, Dexin & Dong, Xiaofeng & Fu, Zhixin & Yuan, Yue, 2023. "An integrated electricity - hydrogen market design for renewable-rich energy system considering mobile hydrogen storage," Renewable Energy, Elsevier, vol. 202(C), pages 961-972.

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