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Register a new userOptimal Bidding of Energy Storage: A Surrogate Method with Combined Spatial-Temporal Entropy
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Added by
Yue Chen
Publication date
2021
fields
Informatics Engineering
and research's language is
English
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Energy storage is expected to play an increasingly important role in mitigating variations that come along with the growing penetration of renewable energy. In this paper, we study the optimal bidding of an energy storage unit in a semi-centralized market. The energy storage unit offers its available storage capacity and maximum charging/ discharging rate to the operator; then the operator clears the real-time market by minimizing the total cost. The energy storage unit is paid/ charged at locational marginal price (LMP). The problem casts down to a bilevel optimization problem with a mixed-integer lower-level. An improved surrogate-based method with the combined spatial-temporal entropy term is developed to solve this problem. Numerical examples demonstrate the scalability, efficiency, and accuracy of the proposed method.
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