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At least 253 records · Page 14

Least-Cost Storage Mix for Low-Carbon Operations

As communities plan for high- or ultrahigh-renewable power systems, they face diverse options for energy storage. Each energy storage technology has a unique power capacity and discharge duration, and each community has a unique load, generation mix, and weather pattern. Determining the optimal storage portfolio across these parameters could save planners significant costs when building out high-renewable power systems.

analysis↗

Off-design performance of molten salt-driven Rankine cycles and its impact on the optimal dispatch of concentrating solar power systems

This paper presents a model for improving off-design performance predictions for molten salt-driven Rankine power cycles, such as in concentrating solar power tower applications. The model predicts cycle off-design performance under various boundary conditions, including molten salt inlet temperature, mass flow rate, and ambient temperature. The model is validated using industry performance data and benchmarked with results from the literature. A complete concentrating solar power plant, inclusive of solar heliostat field and receiver, is then considered, by implementing the Rankine cycle off-design performance results into the National Renewable Energy Laboratory’s System Advisor Model software, which includes a tool that determines optimal power production schedules. The work improves upon the current System Advisor Model by updating off-design performance characteristics. A case study demonstrates the impact of cycle off-design behavior on annual performance for a stand-alone concentrating solar power system and a concentrating solar power-photovoltaic hybrid system. In addition, we demonstrate how cycle off-design performance influences optimal operator dispatch decisions and, thereby, overall system design and economics. We conclude that off-design cycle performance impacts “optimal” sub-system sizing, especially for a concentrating solar power-photovoltaic hybrid configuration in which concentrating solar power must dispatch in conjunction with photovoltaic generation.

14 SOLAR ENERGY↗

Co-Simulation Model for Optimal Wind-Hydro Coordination Using Wind Farm Control Dynamics

The growing share of Variable Renewable Energy sources (VRES) in power systems presents challenges for regula- tors, grid operators and energy producers. The VRES’ operation has limited flexibility in their operations, as they are highly dependent on ambient environments. To address these challenges, decision-makers must consider multiple objectives, among these are revenue, power system services and mechanical load on wind turbines. Coordinated operation of power plants and different wind farm control strategies are examples of measures that can benefit these objectives. This study proposes a Multi-Objective Linear Programming (MOLP) model to simulate the optimum operation of wind and hydropower plants that share limited transmission capacity. Further, wind farm control dynamics are included to obtain realistic output power and accumulated damage. From this, a case study based on a relevant location in Norway is presented to analyze the improved effect of wind- hydro coordination and wind farm control in achieving the objectives of accumulated wind turbine damage and total revenue of the hybrid power system. In addition, the study considers the potential advantages of adding a variable-speed pump to the hydropower plant. The results demonstrate that by considering multiple objectives in the optimization, one may achieve better overall performance of the objectives. By utilizing the flexibility of hydro storage, the decision maker may adjust to obtain the most desired outcome. Moreover, the added flexibility of utilizing a pump for hydro storage shows great improvements for the combined revenue of the power plants and reduced curtailment of the wind farm. However, less impact is observed from using a variable speed pump compared to a fixed speed pump.

13 HYDRO ENERGY↗

Global Optimization via Quadratic Disjunctive Programming for Water Networks Design with Energy Recovery

Generalized disjunctive programming (GDP) models with bilinear and concave constraints, often seen in water network design, are challenging optimization problems. This work proposes quadratic and piecewise linear approximations for nonlinear terms to reformulate GDP models into quadratic GDP (QGDP) models that suitable solvers may solve more efficiently. We illustrate the benefits of the quadratic reformulation with a water treatment network design problem in which nonconvexities arise from bilinear terms in the mixers’ mass balances and concave investment cost functions of treatment units. Given the similarities with water network design problems, we suggest quadratic approximation for the GDP model for the optimal design of a large-scale reverse electrodialysis (RED) process. This power technology can recover energy from salinity differences between by-product streams of the water sector, such as desalination brine mixed with regenerated wastewater effluents. The solver Gurobi excels in handling QGDP problems, but weighing the problem’s precision and tractability balance is crucial. The piecewise linear approximation yields more accurate, yet larger QGDP models that may require longer optimization times in large-scale process synthesis problems.

Water Networks↗

A Fast Dynamic Internal Predictive Power Scheduling Approach for Power Management in Microgrids: Preprint

This paper presents a Dynamic Internal Predictive Power Scheduling (DIPPS) approach for optimizing power management in microgrids, particularly focusing on external power exchanges among diverse prosumers. DIPPS utilizes a dynamic objective function with a time-varying binary parameter to control the timing of power transfers to the external grid, facilitated by efficient usage of energy storage for surplus renewable power. The microgrid power scheduling problem is modeled as a mixed-integer nonlinear programming (MINLP-PS) and subsequently transformed into a mixed-integer linear programming (MILPPS) optimization through McCormick's relaxation to reduce computational complexity. A predictive window window with 6 data points is solved at an average of 0.92s, a 97.6% improvement over the 38.27s required for the MINLP-PS formulation, implying the numerical feasibility of the DIPPS approach for real-time implementation. Finally, the approach is validated against a static objective using real-world load data across three case studies with different time-varying parameters, demonstrating the ability of DIPPS to optimize power exchanges and efficiently utilize distributed resources while shifting the external power transfers to specified time durations.

24 POWER TRANSMISSION AND DISTRIBUTION↗

Bi-Level Adaptive Storage Expansion Strategy for Microgrids Using Deep Reinforcement Learning

Battery energy storage (BES) is a versatile resource for the secure and economic operation of microgrids (MGs). Prevailing stochastic optimization-based approaches for BES expansion planning for MGs are computationally complicated. This work proposes a data-driven bi-level multi-period BES expansion planning framework to determine the siting, sizing, and timing of BES installations. The proposed planning framework unifies deep reinforcement learning (DRL) and linear programming, thereby decoupling the determinations for the integer and continuous decision variables in two time scales, respectively. In the upper level, a rainbow DRL agent with quantile regression is trained to provide dynamic planning policies to accommodate stochastic renewable energy resources (RESs), load, and battery price changes efficiently. Further, the lower level computes the optimal operation of MGs with frequency constraints to hedge the islanding contingency. The two levels communicate with one another by exchanging storage configuration and operating expenses in order to accomplish the shared goal of minimizing investment and operation costs. Comparative case studies on an MG are carried out to demonstrate the superiority of the proposed DRL-based solution to the mixed-integer linear programming counterpart on efficiency, scalability, and adaptability.

24 POWER TRANSMISSION AND DISTRIBUTION↗

Hybrid Simulation Framework

HYBRID is a modeling toolset to assess the economic viability of Nuclear-Renewable Integrated Energy Systems (N-R IES). The frameworks enabling this toolset are INL’s RAVEN, its CashFlow plugin and the Modelica language. The toolset includes sample RAVEN workflows performing economic assessments. These workflows consist of: generation of stochastic time series and application of probabilistic analysis and optimization algorithms (RAVEN); a library of Modelica models representing the physical behavior of N-R IES; and the CashFlow plugin mapping physical performance to economic performance. The toolset allows assembling existing and new models such as nuclear reactors, renewable energy sources, energy storage, gas turbines, industrial processes, etc. into an N-R IES. The toolset workflows evaluate the dynamics of the N-R IES responding to stochastic conditions (electricity demand, price, etc.) and optimize the dispatch economics as well as N-R IES capacity planning.

Epiney, Aaron↗

Standard Operating Procedure for Optimal Deployment of Meteorological Instrumentation Within the Solar Radiation Research Laboratory: 2024 Edition

The objective of the National Renewable Energy Laboratory's (NREL's) Solar Radiation Research Laboratory (SRRL) is to collect and use high-quality solar radiation data sets for research leading to the widespread adoption of solar technologies. To appropriately populate and track the diverse array of instruments at the NREL-SRRL, NREL has established a Standard Operating Procedure (SOP) for optimal instrument deployment within the SRRL for both the Baseline Measurement System (BMS) and the Research Measurement System (RMS). Using best practices methodologies, the NREL-SRRL maintains a varied and extensive array of solar monitoring equipment to test, evaluate, and characterize the solar sensors used by federal and international agencies as well as the solar industry to determine the solar resource. The SOP provides the industry with guidance for solar resource assessment and is used for procedures in the long-term continuous monitoring of legacy instruments alongside state-of-the-art instruments. Based on the SOP, instruments are annually evaluated for continued deployment. Instruments that do not meet the SOP criteria are decommissioned, and new instruments that meet the criteria are deployed. Streamlining and optimizing the use of this facility ensures that the lab continues to be a world-leading solar calibration and measurement facility. This 2024 edition includes updates to the appendices to reflect the instrument changes from one year to another.

14 SOLAR ENERGY↗

Optimization of Energy Flow through Synthetic Metabolic Modules and Regulatory Networks in a Model Photosynthetic Eukaryotic Microbe

Photosynthetic organisms have recently gained considerable attention for a role in development of renewable energy sources. Genome-enabled systems biology methods, coupled with functional and synthetic genomics, present opportunities to develop sustainable and economical applications such as fuel production within the next 10 to 15 years. However, optimization of light-driven metabolism for biomass or biofuel production will require a detailed systems biology understanding of photosynthetic processes and cellular metabolism. Genome-scale metabolic models (GEMs) are at the core of systems analysis of cellular processes and form a common organizational framework for analyses of data resulting from functional genomics experimental work and computational studies. Therefore, there is a clear demand for high quality photosynthetic model organisms and the appropriate computational tools that enable systems analysis of light-driven metabolism. Through research conducted we expanded the currently available repertoire of photosynthetic GEMs to include the commercially valuable model diatom Phaeoctylum tricornutum. Diatoms have a peculiar and distinct evolutionary footprint and represent a major eukaryotic lineage that is taxonomically and functionally distinct from green and red algae and vascular plants. Therefore, the true potential for light-driven metabolism aimed at biofuel production remains poorly understood at a systems level for a large subset of the global diversity of photosynthetic organisms. The metabolic capabilities of P. tricornutum were comparatively modeled with those from other photosynthetic groups in order to elucidate the occurrence of metabolic traits within and between phototrophs. Additionally, this research resulted in significant extension of the COnstraints Based Reconstruction and Analysis (COBRA) Toolbox to accommodate the crucial need for infrastructure required for ‘omics data integration and analysis in the context of genome-scale models. Therefore, the proposed research achieved two important goals. First, within the broad scope of photosynthetic organisms, we functionally compared and, as a result, identified cellular processes that require optimization in order to enable deployment as biofuel feedstock. Second, the proposed research resulted in development of key computational infrastructure, which can be further extended to other biological systems, that is currently lacking but necessary for multiple ‘omics data integration.

59 BASIC BIOLOGICAL SCIENCES↗

Design, Synthesis, and Validation: Genome Scale Optimization of Energy Flux through Compartmentalized Metabolic Networks in a Model Photosynthetic Eukaryotic Microbe (Final Report)

Photosynthetic organisms have recently gained considerable attention for a role in development of renewable energy sources. Genome-enabled systems biology methodology and modeling, coupled with high throughput genome engineering strategies, present opportunities to develop sustainable and economical applications such as fuel production within the next 10 to 15 years. However, optimization of light-driven metabolism for biomass or biofuel production will require significant advances in methodological throughput as well as improvements in detailed systems biology understanding of photosynthetic processes and cellular metabolism. The ability of diatoms to thrive in upwelling-induced, periodically nutrient-rich conditions makes them the base for the world’s shortest and most energy-efficient food webs. Diatom photosynthesis is estimated to account for between 25% and 40% of the 45-50 billion tons of organic carbon fixed annually in the sea.

60 APPLIED LIFE SCIENCES↗

Empowering Rural Electrification in Honduras: An Integrated Assessment of PV/BESS and Productive Uses of Electricity in Gracias a Dios

Honduras faces significant challenges in its energy sector, particularly in rural areas where access to reliable and affordable electricity remains limited. The flagship rural electrification initiative for Honduras Secretary of Energy (SEN) is the Politica de Acceso Universal a la Electricidad (PAUEH - Universal Electricity Access Policy), a key solution for addressing this energy poverty is the deployment of more than 1700 distributed solar and hybrid mini-grid solutions. In late 2023 as a first step towards supporting SEN's electrification efforts, the National Renewable Energy Laboratory (NREL) developed a literature review of SEN electrification policy documents and conducted a series of technical capacity-building workshops with SEN and other energy sector stakeholders in Honduras focused on using NREL's open-source REopt tool to conduct techno-economic assessments and develop least-cost optimizations for potential solar + storage mini-grid systems. Building on some initial capacity building on mini-grid modeling, the National Renewable Energy Laboratory (NREL) worked with SEN to develop a detailed techno-economic assessment for electrifying two schools, a healthcare clinic, and a hospital in a hypothetical community within the department of Gracias a Dios. The analysis also evaluates the business case for cold storage productive use of energy (PUE) applications for the fisheries value chain and how the incorporation of these PUE loads potentially impacts both the viability of the PV+BESS solutions as well as local economic development. By assessing the potential for deployment of integrated PV/BESS systems to both support critical community services like education and healthcare, as well as potential for downstream enterprise and economic development, this analysis represents a first step that can help to inform specific strategies for development of pilot PV+BESS projects aligned with national priorities and sector level planning under PAUEH.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

Fortalecimiento de la Electrificación Rural en Honduras: Una Evaluación Integrada de PV+BESS y Usos Productivos de la Electricidad en Gracias a Dios, Honduras [Empowering Rural Electrification in Honduras: An Integrated Assessment of PV/BESS and Productive Uses of Electricity in Gracias a Dios] (Spanish Translation)

Honduras faces significant challenges in its energy sector, particularly in rural areas where access to reliable and affordable electricity remains limited. The flagship rural electrification initiative for Honduras Secretary of Energy (SEN) is the Politica de Acceso Universal a la Electricidad (PAUEH - Universal Electricity Access Policy), a key solution for addressing this energy poverty is the deployment of more than 1700 distributed solar and hybrid mini-grid solutions. In late 2023 as a first step towards supporting SEN's electrification efforts, the National Renewable Energy Laboratory (NREL) developed a literature review of SEN electrification policy documents and conducted a series of technical capacity-building workshops with SEN and other energy sector stakeholders in Honduras focused on using NREL's open-source REopt tool to conduct techno-economic assessments and develop least-cost optimizations for potential solar + storage mini-grid systems. Building on some initial capacity building on mini-grid modeling, the National Renewable Energy Laboratory (NREL) worked with SEN to develop a detailed techno-economic assessment for electrifying two schools, a healthcare clinic, and a hospital in a hypothetical community within the department of Gracias a Dios. The analysis also evaluates the business case for cold storage productive use of energy (PUE) applications for the fisheries value chain and how the incorporation of these PUE loads potentially impacts both the viability of the PV+BESS solutions as well as local economic development. By assessing the potential for deployment of integrated PV/BESS systems to both support critical community services like education and healthcare, as well as potential for downstream enterprise and economic development, this analysis represents a first step that can help to inform specific strategies for development of pilot PV+BESS projects aligned with national priorities and sector level planning under PAUEH. This is the Spanish translation of NREL/TP-7A40-90865.

14 SOLAR ENERGY↗

Hydrogen Energy Storage Integrated with a Combined Cycle Plant

A project is being developed that will build upon the existing infrastructure and resources at the Intermountain Power Project (IPP) site to provide reliable, dispatchable energy and to support the transmission of renewable energy resources while transitioning to an economical green energy future. The concept study depicted in this report outlines a techno-economic optimization to fulfill the demand for 30% vol hydrogen co-firing in the IPP 840 MW advanced class combined cycle power plant. In an initial step, a site assessment concluded the site has sufficient land available to co-locate a hydrogen production and storage facility. The team evaluated and defined a scalable concept that considered technology characteristics, including input and output models to be used for optimization purposes. The concept for the hydrogen production and storage system integrates multiple technologies, to determine system size and scalable approach, for each of the technologies evaluated, the team defined component and subcomponent sizes, minimum and maximum capacity, modularity, component utility consumption (electric, water), component flexibility and servicing, layout, and technology status, as well as technology alternatives. For hydrogen generation, the project considers Siemens Energy’s Silyzer-300 (S300) technology, a 17.5 MW modular Proton Exchange Membrane (PEM) electrolyzer. For the S300 configuration, the team determined that three S300 arrays, or approximately 1,000 kg/hr, per block would yield a compact block design. This configuration results in a fairly wide and flexible arrangement that fits well into the spaces available at the site. Therefore, the overall design approach is based on multiple identical blocks of 3 arrays to minimize engineering cost and optimize constructability. In parallel, a transmission screening study was conducted to determine any potential transmission constraints from the energy sources that could feed the hydrogen production equipment. The study results show that minimum transmission constraints would be encountered to deliver 400 MW renewable generation from southern California, or south-central Wyoming. At last, the techno-economic analysis concluded that a scenario that uses solar and wind power yields the lowest levelized cost of hydrogen (LCOH 2 ) production and the lowest cost per tonne of CO 2 reduced. In this optimized scenario, the hydrogen production plant was determined as 6,201 kg/hr and the hydrogen storage (underground cavern) was determined as 4,600 tonnes. The resulting capacity factor for the hydrogen production plant was 66.33% with 8,745 operating hours in one year. This techno-economic analysis provided various options for integrating hydrogen storage at the Intermountain Power Plant site to co-fire the CCPP units. The results provide insightful data about the magnitude of capacity needed and the economics of producing hydrogen and reducing CO 2 emissions.

08 HYDROGEN↗

Decoupling electrode kinetics to elucidate reaction mechanisms in alkaline water electrolysis

Alkaline water electrolysis (AWE) presents key advantages, including reduced material costs, enhanced operational stability, and compatibility with non-precious metal catalysts, positioning it as a scalable route for hydrogen production. In this study, we introduce a minimally invasive single-cell configuration incorporating a reference electrode via diaphragm extension to form an internal ion channel. This setup, combined with an interfaced potentiostat and auxiliary electrometer, enables real-time, independent monitoring of anode and cathode behavior, offering high-resolution electrochemical diagnostics. While it is well established that the hydrogen evolution reaction (HER) exhibits sluggish kinetics in alkaline media, our study reveals that this limitation persists even in practical AWE systems where nickel-based substrates are used as electrodes. This observation is supported by both experimental data and voltage breakdown modeling. Arrhenius-type analysis reveals that localized electric fields induced by catalysts shift the reaction kinetics from classical Butler–Volmer behavior toward a Marcus-like regime, where interfacial molecular dynamics and bimolecular charge transfer dominate. We propose a semi-empirical model and a surficial reaction mechanism to describe these dynamics. This work underscores the critical need for cathode innovation and provides a rational framework for designing advanced catalysts and electrode architectures to optimize AWE performance.

08 HYDROGEN↗

Optimal Dispatch for the US Virgin Islands to Increase Renewable Rates in Saint Croix

The US Virgin Islands, like many other small island nations, face significant challenges related to its energy supply. Their dependency on imported fossil fuels not only drives up energy costs, but also contributes to different environmental problems. Nevertheless, their generally sunny and windy climate makes this archipelago an ideal location for renewable energy development. Increasing the use of sources such as wind, and solar can help reduce their energy dependency, lower their levelized cost of electricity, and improve the health and wellbeing of local communities. In this paper, an optimal dispatcher is employed to analyze the implications on energy security of employing different technology options according to the plans of the local system operator. In this context, short term stability is ensured by inserting operational constraints in the energy management system based on stability analysis developed in PSCAD. The results highlight the usefulness of integrating PV and battery system, while further analysis are required to justify integrating wind power.

energy islands↗

Cryogenic energy storage: Standalone design, rigorous optimization and techno-economic analysis

Energy storage allows flexible use and management of excess electricity and intermittently available renewable energy. Cryogenic energy storage (CES) is a promising storage alternative with a high technology readiness level and maturity, but the round-trip efficiency is often moderate and the Levelized Cost of Storage (LCOS) remains high. The complex flowsheets with intricate thermodynamics at cryogenic temperatures as well as the presence of multiple loops and refrigeration cycles pose considerable challenges for rigorous model-based design and optimization of CES systems. We present an optimization strategy that couples rigorous process simulation and Bayesian optimization with flowsheet decomposition and identification of hidden coupling constraints to optimally design standalone CES systems. Further refinement is done via a local search using the limited-memory Broyden–Fletcher–Goldfarb–Shanno algorithm. Here our results indicate that it is possible to achieve more than 52% round-trip efficiency and an LCOS of $153/MWh for a standalone 100 MW/400 MWh CES system limited to short-term storage with daily charging–discharging. However, a detailed techno-economic assessment reveals that the LCOS considering total capital investment may exceed $267/MWh when all direct and indirect costs of installation and operation are considered.

25 ENERGY STORAGE↗

Supporting ARPA-E Power Grid Optimization (Final Report)

Pacific Northwest National Laboratory (PNNL), Arizona State University (ASU), Georgia Institute of Technology (Georgia Tech), Los Alamos National Laboratory (LANL), National Renewable Energy Laboratory (NREL), Texas A&M University (TAMU), The University of Texas at Austin (UT), and the University of Wisconsin-Madison (UW-M) supported the ARPA-E Grid Optimization (GO) Competition by providing a common problem formulation, data format, datasets, evaluation mechanism, scoring, rules, and results that resulted in the awarding of $\$9.24$ million dollars to teams from academia, industry, and national labs for solving three sets of increasingly difficult non-linear, security- constrained AC Optimal Powerflow (AC-OPF) optimization problems in order to increase the efficiency of the US Electric Grid. It is estimated that a 1% increase in efficiency can save $\$1$ billion. Current industry practices typically use a linear DC model (DC-OPF) in order solve the OPF problem within the time constraints of the operation schedule. The GO Competition challenges the best power engineers, mathematicians, and computer scientists to make possible operational decisions based on accurate physical models. To accomplish this, the GO Competition created a series of Challenges and funded teams to produce the best solver. Challenge 1 was to solve the security constrained Alternating Current Optimal Power Flow (ACOPF) problem. Challenge 2 extended that to by adding adjustable transformer tap ratios, phase shifting transformers, switchable shunts, price-responsive demand, ramp rate constrained generators and loads, and fast-start unit commitment (UC). Furthermore, Challenge 2 was a maximization problem while Challenge 1 was a minimization problem. While Challenge 3 was being developed, the entrants were invited to find better solutions to the Challenge 2 synthetic datasets with no restrictions on time, hardware, or algorithms. The Challenge 2 solutions turned out to be very good. Challenge 3 expanded the Challenge 2 problem further by using multiperiod dynamic markets, including advisory models for extreme weather events, day-ahead markets, and the real-time markets with an extended look-ahead. These problems included active bid-in demand and topology optimization. Together the Challenges used nearly 30 million CPU hours. Since each team was working on the same problem, using the same data, and running on the same hardware, fair comparisons could be drawn as to the best solver. The datasets were varied enough, however, that the best solver for one dataset was not necessarily the best at another, so cumulative scores were used. The process was managed by the PNNL maintained website https://GOCompetition.energy.gov, where Entrants could find information about the problem, the data, the rules, submit their solver for evaluation, and see the scores of all the competing teams on a Leaderboard. Interest was world-wide but only American teams were eligible for prizes. The Competition has produced 34 journal articles 115 papers and been cited over 500 times in the literature, including 12 dissertations (4 from foreign countries; Columbia (2), Germany, and Italy) and 3 from the DOE ExaScale project. Software developed by Pearl Street Technologies for Challenges 1 and 2 is now deployed by Southwest Power Pool (SPP) and Midcontinent Independent Service Operator (MISO). Other teams have received inquiries from venture capitalists. Google DeepMind has thanked the Competition for making the datasets developed for the Competition public. They are using it to train machine learning models. The larger datasets have billions of unknowns to be solved for, but only a small percent matter in the final solution. Knowing what unknowns are important can dramatically speedup the solution.

24 POWER TRANSMISSION AND DISTRIBUTION↗

Economic dispatch for electricity merchant with energy storage and wind plant: State of charge based decision making considering market impact and uncertainties

Here this paper investigates how the market impact of electricity merchants and uncertainty of wind generation affect their co-optimized scheduling policy, specifically for merchants who have both energy storage and wind plants. In the existing literature, merchants' trading actions are usually assumed not to affect market prices; however, a large-scale energy storage merchant's actions can affect market prices. To this end, we approximate the electricity price by a linear function of the quantity of power traded by the merchant in the reward function to achieve decision-making incorporating the market impact. This paper utilizes the dynamic programming approach to analyze merchants' optimal multi-period decision-making incorporating market impact, uncertain wind generation, and energy storage constraints. First, our results demonstrate that for a merchant with co-located energy storage facilities and wind power plants, the energy storage's feasible state of charge (SOC) range can be segmented into four possible sub-ranges by three analytically developed SOC reference points. The unique optimal trading decision can be achieved by comparing the current energy inventory and the SOC references of the next period. Second, our results show that market impact and uncertainties substantially change the optimal storage scheduling policy by impacting the values of the reference points. To mitigate the negative effect of the merchant's market impact on buying and selling actions, the merchant may reduce the amount of generating or pumping electricity each period to maximize profit. Moreover, we identify and investigate the trade-off between market price and transaction quantity. Our findings provide co-optimized scheduling guidance for electricity merchants with co-located energy storage and renewable power plants systems.

17 WIND ENERGY↗