Optimizing trading decisions of wind power plants with hybrid energy storage systems using backwards approximate dynamic programming

Benedikt Finnah and Jochen Gönsch

International Journal of Production Economics, 2021, vol. 238, issue C

Abstract: On most modern energy markets, electricity is traded in advance and a power producer has to commit to deliver a certain amount of electricity some time before the actual delivery. This is especially difficult for power producers with renewable energy sources that are stochastic (like wind and solar). Thus, short-term electricity storages like batteries are used to increase flexibility. By contrast, long-term storages allow to exploit price fluctuations over time, but have a comparably bad efficiency over short periods of time.

Keywords: Renewable energy; Hydrogen storage; Hybrid energy storage system; Backwards approximate dynamic programming; Optimal computing budget allocation (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:238:y:2021:i:c:s0925527321001316

DOI: 10.1016/j.ijpe.2021.108155

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