Optimal Storage, Investment and Management under Uncertainty: It is Costly to Avoid Outages! | Zendy

Joachim Geske | Zendy; Richard Green | Zendy

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Optimal Storage, Investment and Management under Uncertainty: It is Costly to Avoid Outages!

Author(s) -

Joachim Geske,

Richard Green

Publication year - 2019

Publication title -

the energy journal

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.244

H-Index - 77

eISSN - 1944-9089

pISSN - 0195-6574

DOI - 10.5547/01956574.41.2.jges

Subject(s) - arbitrage , energy storage , investment (military) , electricity , storage model , renewable energy , stochastic programming , pumped storage hydroelectricity , computer science , mathematical optimization , economics , distributed generation , engineering , mathematics , power (physics) , physics , electrical engineering , quantum mechanics , politics , political science , law , operating system , financial economics

Subject of this analysis is to show how storage is operated optimally under renewable and load uncertainty in the electricity system context. We estimate a homogeneous Markov Chain representation of the residual load in Germany in 2014 on an hourly basis and design a very simple dynamic stochastic electricity system model with non-intermittent generation technologies and storage. We compare these results to perfect foresight findings and identify a significant over estimation of the storage potential under perfect foresight. Keywords—storage, electricity system, uncertainty Categories—electricity and nuclear, energy security, energy modelling, energy economics

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