Electricity Cost Optimization in Energy Storage Systems by Combining a Genetic Algorithm with Dynamic Programming

Seung-Ju Lee and Yourim Yoon
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Seung-Ju Lee: Department of Computer Engineering, Gachon University, 1342 Seongnamdaero, Sujeong-gu, Seongnam-si, Gyeonggi-do 13120, Korea
Yourim Yoon: Department of Computer Engineering, Gachon University, 1342 Seongnamdaero, Sujeong-gu, Seongnam-si, Gyeonggi-do 13120, Korea

Mathematics, 2020, vol. 8, issue 9, 1-20

Abstract: Recently, energy storage systems (ESSs) are becoming more important as renewable and microgrid technologies advance. ESSs can act as a buffer between generation and load and enable commercial and industrial end users to reduce their electricity expenses by controlling the charge/discharge amount. In this paper, to derive efficient charge/discharge schedules of ESSs based on time-of-use pricing with renewable energy, a combination of genetic algorithm and dynamic programming is proposed. The performance of the combined method is improved by adjusting the size of the base units of dynamic programming. We show the effectiveness of the proposed method by simulating experiments with load and generation profiles of various commercial electricity consumers.

Keywords: energy storage systems; renewable energy sources; genetic algorithms; dynamic programming (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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