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Large scale electricity storage is set to play an increasingly important role in the management of future energy networks. A major aspect of the economics of such projects is captured in arbitrage, i.e. buying electricity when it is cheap and selling it when it is expensive. We consider a mathematical model which may account for nonlinear---and possibly stochastically evolving---cost functions, market impact, input and output rate constraints and both time-dependent and time-independent inefficiencies or losses in the storage process. We develop an algorithm which is maximally efficient in the sense that it incorporates the result that, at each point in time, the optimal management decision depends only a finite, and typically short, time horizon. We give examples related to the management of a real-world system. Finally we consider a model in which the associated costs evolve stochastically in time. Our results are formulated in a perfectly general setting which permits their application to other commodity storage problems.
We study the optimal control of storage which is used for both arbitrage and buffering against unexpected events, with particular applications to the control of energy systems in a stochastic and typically time-heterogeneous environment. Our philosop
It is likely that electricity storage will play a significant role in the balancing of future energy systems. A major challenge is then that of how to assess the contribution of storage to capacity adequacy, i.e. to the ability of such systems to mee
We study how storage, operating as a price maker within a market environment, may be optimally operated over an extended period of time. The optimality criterion may be the maximisation of the profit of the storage itself, where this profit results f
Increasing wind turbines (WT) penetration and low carbon demand can potentially lead to two different flow peaks, generation and load, within distribution networks. This will not only constrain WT penetration but also pose serious threats to network
Reduced installation and operating costs give energy storage systems an opportunity to participate actively and profitably in electricity markets. In addition to providing ancillary services, energy storage systems can also arbitrage temporal price d