Multi-period optimal energy procurement and demand response in smart grid with uncertain supply

Libin Jiang, Steven Low
2011 IEEE Conference on Decision and Control and European Control Conference  
We propose a simple model that integrates twoperiod electricity markets, uncertainty in renewable generation, and real-time dynamic demand response. A load-serving entity decides its day-ahead procurement to optimize expected social welfare a day before energy delivery. At delivery time when renewable generation is realized, it sets prices to manage demand and purchase additional power on the real-time market, if necessary, to balance supply and demand. We derive the optimal day-ahead decision,
more » ... propose real-time demand response algorithm, and study the effect of volume and variability of renewable generation on the social welfare.
doi:10.1109/cdc.2011.6161320 dblp:conf/cdc/JiangL11 fatcat:oscivtosmzdu3jubsvss5ayypq