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CATEGORIES:Isaac Newton Institute Seminar Series
SUMMARY:Optimal storage\, investment and management under 
 uncertainty - It is costly to avoid outages! - Ric
 hard Green (Imperial College London)
DTSTART;TZID=Europe/London:20190318T134500
DTEND;TZID=Europe/London:20190318T143000
UID:TALK121150AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/121150
DESCRIPTION:We show how electricity storage is operated optima
 lly when the load net of renewable output is uncer
 tain. We estimate a diurnal Markov-process represe
 ntation of this residual load in Germany in 2011 t
 o 2015 on an hourly basis and design a simple dyna
 mic stochastic electricity system model with non-i
 ntermittent generation technologies and storage. W
 e derive the optimal storage\, generator output an
 d capacity levels. If storage capacity replaces so
 me generation capacity\, the optimal storage strat
 egy must balance arbitrage (between periods of hig
 h and low marginal cost) against precautionary sto
 rage to ensure energy is available throughout a lo
 ng peak in net demand. We then solve the model num
 erically under realistic conditions and compare th
 e results to perfect foresight findings. We show t
 hat a perfect foresight model would over-estimate 
 the cost-saving potential of energy storage by 18%
 \, as it takes up arbitrage opportunities that ign
 ore the need for precautionary storage.Joint work 
 with Joachim Geske.
LOCATION:Seminar Room 1\, Newton Institute
CONTACT:INI IT
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