Risk-averse real-time dispatch of integrated electricity and heat system using a modified approximate dynamic programming approach

Zhenning Pan, Tao Yu, Jie Li, Kaiping Qu and Bo Yang

Energy, 2020, vol. 198, issue C

Abstract: Coordinated operation of integrated electricity and heat system can improve operation flexibility and reduce cost. However, multiple uncertainties challenge its optimal operation. This paper aims at developing a risk-averse and computationally efficient policy for real-time stochastic dispatch of integrated electricity and heat system, which improves the economy as well as avoiding the risk of high costs in critical scenarios. First, real-time dispatch of integrated electricity and heat system is formulated as a multistage risk-averse stochastic sequential optimization problem with dynamic risk measure, where combined heat and power unit, energy storage, flexible electricity and heat load are jointly utilized to minimize the risk-adjusted total costs. Next, a risk-averse dynamic programming formulation of the original problem is presented, upon which a data-driven risk-averse approximate dynamic programming is employed to address computational challenge, and develop almost optimal and computationally efficient policy. By exploiting information from training samples in off-line learning, the proposed algorithm can efficiently responses to the stochastic exogenous information. Comparative simulations with different risk-aversion preferences and different methods verify the effectiveness of the proposed algorithm.

Keywords: Integrated electricity and heat system; Real-time optimization; Risk-averse optimization; Stochastic optimization; Approximate dynamic programming (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544220304540
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:198:y:2020:i:c:s0360544220304540

DOI: 10.1016/j.energy.2020.117347

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().