Second-order marginal costs approximation for energy storage charging and discharging price functions

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2 Citations (Scopus)

Abstract

A second-order technique is presented for the evaluation of peak/off-peak price functions, based on marginal costs methods, in energy storage technologies. This method is particularly useful in statical optimization of the fundamental parameters required for planning energy storage plants. Its applications permits transformation of the original dynamic optimization problem into its statical equivalent, thus reducing considerably the computing time needed. This transformation introduces two additional parameters to be optimized using statical optimization methods, i.e., charging and discharging duration.

Original languageEnglish (US)
Pages (from-to)154-159
Number of pages6
JournalJournal of Energy Resources Technology, Transactions of the ASME
Volume111
Issue number3
StatePublished - Sep 1989
Externally publishedYes

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Energy storage
cost
Costs
Planning
method
energy storage
price
parameter
evaluation
planning

ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Fuel Technology
  • Renewable Energy, Sustainability and the Environment

Cite this

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abstract = "A second-order technique is presented for the evaluation of peak/off-peak price functions, based on marginal costs methods, in energy storage technologies. This method is particularly useful in statical optimization of the fundamental parameters required for planning energy storage plants. Its applications permits transformation of the original dynamic optimization problem into its statical equivalent, thus reducing considerably the computing time needed. This transformation introduces two additional parameters to be optimized using statical optimization methods, i.e., charging and discharging duration.",
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AB - A second-order technique is presented for the evaluation of peak/off-peak price functions, based on marginal costs methods, in energy storage technologies. This method is particularly useful in statical optimization of the fundamental parameters required for planning energy storage plants. Its applications permits transformation of the original dynamic optimization problem into its statical equivalent, thus reducing considerably the computing time needed. This transformation introduces two additional parameters to be optimized using statical optimization methods, i.e., charging and discharging duration.

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