A Risk-Averse Stochastic Dynamic Programming Approach to Energy Hub Optimal Dispatch

Somayeh Moazeni, Amir H. Miragha, Boris Defourny

Research output: Contribution to journalArticle

Abstract

This paper studies the optimal operation problem of an energy hub with multiple energy sources to serve stochastic electricity and heat loads in the presence of uncertain prices as well as operational constraints, such as minimum uptime and downtime requirements. Price and demand uncertainties are modeled by stochastic processes. The goal is to minimize some risk functional of the energy hub operational cost. A stochastic dynamic optimization formulation is introduced for the problem. An approximate dynamic programming framework, based on cost function approximation, is proposed to obtain dynamic dispatch policies. The approach enables a risk-sensitive energy hub operator to consider a non-differentiable risk measure and various constraints. The performance of the approach for the energy hub dispatch problem and characteristics of the storage levels are numerically investigated.

Original languageEnglish (US)
Article number8542767
Pages (from-to)2169-2178
Number of pages10
JournalIEEE Transactions on Power Systems
Volume34
Issue number3
DOIs
StatePublished - May 1 2019

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Dynamic programming
Thermal load
Random processes
Cost functions
Mathematical operators
Electricity
Costs

All Science Journal Classification (ASJC) codes

  • Energy Engineering and Power Technology
  • Electrical and Electronic Engineering

Cite this

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A Risk-Averse Stochastic Dynamic Programming Approach to Energy Hub Optimal Dispatch. / Moazeni, Somayeh; Miragha, Amir H.; Defourny, Boris.

In: IEEE Transactions on Power Systems, Vol. 34, No. 3, 8542767, 01.05.2019, p. 2169-2178.

Research output: Contribution to journalArticle

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