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

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  • 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, John Wiley & Sons, vol. 2014(1).
    • Handle: RePEc:wly:jnljam:v:2014:y:2014:i:1:n:340842
    DOI: 10.1155/2014/340842
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    References listed on IDEAS

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    1. Zhiwei Gao & Dexing Kong & Chuanhou Gao, 2012. "Modeling and Control of Complex Dynamic Systems: Applied Mathematical Aspects," Journal of Applied Mathematics, John Wiley & Sons, vol. 2012(1).
    2. Wade, N.S. & Taylor, P.C. & Lang, P.D. & Jones, P.R., 2010. "Evaluating the benefits of an electrical energy storage system in a future smart grid," Energy Policy, Elsevier, vol. 38(11), pages 7180-7188, November.
    3. Zhiwei Gao & Dexing Kong & Chuanhou Gao, 2012. "Modeling and Control of Complex Dynamic Systems: Applied Mathematical Aspects," Journal of Applied Mathematics, Hindawi, vol. 2012, pages 1-5, December.
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