Economic optimization of operations for hybrid energy systems under variable markets
Abstract
We prosed a hybrid energy systems (HES) which is an important element to enable increasing penetration of clean energy. Our paper investigates the operations flexibility of HES, and develops a methodology for operations optimization for maximizing economic value based on predicted renewable generation and market information. A multi-environment computational platform for performing such operations optimization is also developed. In order to compensate for prediction error, a control strategy is accordingly designed to operate a standby energy storage element (ESE) to avoid energy imbalance within HES. The proposed operations optimizer allows systematic control of energy conversion for maximal economic value. Simulation results of two specific HES configurations are included to illustrate the proposed methodology and computational capability. These results demonstrate the economic viability of HES under proposed operations optimizer, suggesting the diversion of energy for alternative energy output while participating in the ancillary service market. Economic advantages of such operations optimizer and associated flexible operations are illustrated by comparing the economic performance of flexible operations against that of constant operations. Sensitivity analysis with respect to market variability and prediction error, are also performed.
- Authors:
-
- Idaho National Lab. (INL), Idaho Falls, ID (United States)
- Publication Date:
- Research Org.:
- Idaho National Laboratory (INL), Idaho Falls, ID (United States)
- Sponsoring Org.:
- USDOE Office of Nuclear Energy (NE)
- OSTI Identifier:
- 1357460
- Alternate Identifier(s):
- OSTI ID: 1328550
- Report Number(s):
- INL/JOU-15-36620
Journal ID: ISSN 0306-2619; PII: S0306261916306535
- Grant/Contract Number:
- AC07-05ID14517; AC-07-05ID14517
- Resource Type:
- Accepted Manuscript
- Journal Name:
- Applied Energy
- Additional Journal Information:
- Journal Volume: 177; Journal Issue: C; Journal ID: ISSN 0306-2619
- Publisher:
- Elsevier
- Country of Publication:
- United States
- Language:
- English
- Subject:
- 29 ENERGY PLANNING, POLICY, AND ECONOMY; Economic analysis; Hybrid energy systems; Operations optimization; Power market; Renewable
Citation Formats
Chen, Jen, and Garcia, Humberto E. Economic optimization of operations for hybrid energy systems under variable markets. United States: N. p., 2016.
Web. doi:10.1016/j.apenergy.2016.05.056.
Chen, Jen, & Garcia, Humberto E. Economic optimization of operations for hybrid energy systems under variable markets. United States. https://doi.org/10.1016/j.apenergy.2016.05.056
Chen, Jen, and Garcia, Humberto E. Sat .
"Economic optimization of operations for hybrid energy systems under variable markets". United States. https://doi.org/10.1016/j.apenergy.2016.05.056. https://www.osti.gov/servlets/purl/1357460.
@article{osti_1357460,
title = {Economic optimization of operations for hybrid energy systems under variable markets},
author = {Chen, Jen and Garcia, Humberto E.},
abstractNote = {We prosed a hybrid energy systems (HES) which is an important element to enable increasing penetration of clean energy. Our paper investigates the operations flexibility of HES, and develops a methodology for operations optimization for maximizing economic value based on predicted renewable generation and market information. A multi-environment computational platform for performing such operations optimization is also developed. In order to compensate for prediction error, a control strategy is accordingly designed to operate a standby energy storage element (ESE) to avoid energy imbalance within HES. The proposed operations optimizer allows systematic control of energy conversion for maximal economic value. Simulation results of two specific HES configurations are included to illustrate the proposed methodology and computational capability. These results demonstrate the economic viability of HES under proposed operations optimizer, suggesting the diversion of energy for alternative energy output while participating in the ancillary service market. Economic advantages of such operations optimizer and associated flexible operations are illustrated by comparing the economic performance of flexible operations against that of constant operations. Sensitivity analysis with respect to market variability and prediction error, are also performed.},
doi = {10.1016/j.apenergy.2016.05.056},
journal = {Applied Energy},
number = C,
volume = 177,
place = {United States},
year = {Sat May 21 00:00:00 EDT 2016},
month = {Sat May 21 00:00:00 EDT 2016}
}
Web of Science
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