IDEAS home Printed from https://ideas.repec.org/a/hin/jnljam/340842.html
   My bibliography  Save this article

A New Pricing Scheme for Controlling Energy Storage Devices in Future Smart Grid

Author

Listed:
  • Jingwei Zhu
  • Michael Z. Q. Chen
  • Baozhu Du

Abstract

Improvement of the overall efficiency of energy infrastructure is one of the main anticipated benefits of the deployment of smart grid technology. Advancement in energy storage technology and two-way communication in the electric network are indispensable components to achieve such a vision, while efficient pricing schemes and appropriate storage management are also essential. In this paper, we propose a universal pricing scheme which permits one to indirectly control the energy storage devices in the grid to achieve a more desirable aggregate demand profile that meets a particular target of the grid operator such as energy generation cost minimization and carbon emission reduction. Such a pricing scheme can potentially be applied to control the behavior of energy storage devices installed for integration of intermittent renewable energy sources that have permission to grid connection and will have broader applications as an increasing number of novel and low-cost energy storage technologies emerge.

Suggested Citation

  • Jingwei Zhu & Michael Z. Q. Chen & Baozhu Du, 2014. "A New Pricing Scheme for Controlling Energy Storage Devices in Future Smart Grid," Journal of Applied Mathematics, Hindawi, vol. 2014, pages 1-11, September.
    • Handle: RePEc:hin:jnljam:340842
    DOI: 10.1155/2014/340842
    as

    Download full text from publisher

    File URL: http://downloads.hindawi.com/journals/JAM/2014/340842.pdf
    Download Restriction: no
    File URL: http://downloads.hindawi.com/journals/JAM/2014/340842.xml
    Download Restriction: no
    File URL: https://libkey.io/10.1155/2014/340842?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hin:jnljam:340842. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mohamed Abdelhakeem (email available below). General contact details of provider: https://www.hindawi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.