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Time series aggregation – A new methodological approach using the “peak-load-pricing” model

Arne Pöstges and Christoph Weber

Utilities Policy, 2019, vol. 59, issue C, -

Abstract: Coping with fluctuating renewables and large-scale integrated systems raises new challenges related to achieving simultaneously manageable computation times and sufficient levels of detail in energy optimization models. The present contribution proposes a new methodological approach for identifying appropriate time series aggregation, which may complement heuristic and numerical approaches. The basic idea is to define an evaluation criterion that assesses the quality of the solution of the model based on the aggregated time series (“reduced problem”) compared to the solution of the original problem. Analytical results may be derived for a simplified version of this problem, known as the “peak-load-pricing” model.

Keywords: Time series aggregation; Capacity planning; Peak-load-pricing (search for similar items in EconPapers)
JEL-codes: C43 C61 O21 Q41 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1016/j.jup.2019.05.003

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