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- Publisher Website: 10.1109/EEM.2015.7216740
- Scopus: eid_2-s2.0-84952013772
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Conference Paper: Scenario-based real-time demand response considering wind power and price uncertainty
Title | Scenario-based real-time demand response considering wind power and price uncertainty |
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Authors | |
Keywords | Consumer utility Demand response Real-time pricing Stochastic optimization Wind power |
Issue Date | 2015 |
Publisher | IEEE. The Journal's web site is located at http://ieeexplore.ieee.org/xpl/conhome.jsp?punumber=1002121 |
Citation | The 12th International Conference on the European Energy Market (EEM 2015), Lisbon, Portugal, 19-22 May 2015. In Conference Proceedings, 2015, p. 1-5 How to Cite? |
Abstract | Real-time pricing can potentially lead to economic advantages for consumers in the environment of smart grid. Compared with flat rates, dynamic pricing allows consumers more engagement through measures of demand response (DR). This paper investigated the optimal hourly electricity consumption scheduling problem of a given consumer responding real-time price. The objective of the proposed model is to maximize the surplus of a consumer that is equipped with wind power and storage devices. Hourly utility curve is considered as a function of power consumption. Bidirectional communication between the consumer and the supplier allows for interval price updates, so the consumer can flexibly adjust hourly demand. Key sources influencing final performance are price uncertainty and renewable power generation uncertainty. Uncertainties are modelled via scenario-based stochastic optimization, where its feasibility is illustrated in numerical simulations. |
Persistent Identifier | http://hdl.handle.net/10722/217359 |
ISBN |
DC Field | Value | Language |
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dc.contributor.author | Wei, M | - |
dc.contributor.author | Zhong, J | - |
dc.date.accessioned | 2015-09-18T05:57:22Z | - |
dc.date.available | 2015-09-18T05:57:22Z | - |
dc.date.issued | 2015 | - |
dc.identifier.citation | The 12th International Conference on the European Energy Market (EEM 2015), Lisbon, Portugal, 19-22 May 2015. In Conference Proceedings, 2015, p. 1-5 | - |
dc.identifier.isbn | 978-1-4673-6692-2 | - |
dc.identifier.uri | http://hdl.handle.net/10722/217359 | - |
dc.description.abstract | Real-time pricing can potentially lead to economic advantages for consumers in the environment of smart grid. Compared with flat rates, dynamic pricing allows consumers more engagement through measures of demand response (DR). This paper investigated the optimal hourly electricity consumption scheduling problem of a given consumer responding real-time price. The objective of the proposed model is to maximize the surplus of a consumer that is equipped with wind power and storage devices. Hourly utility curve is considered as a function of power consumption. Bidirectional communication between the consumer and the supplier allows for interval price updates, so the consumer can flexibly adjust hourly demand. Key sources influencing final performance are price uncertainty and renewable power generation uncertainty. Uncertainties are modelled via scenario-based stochastic optimization, where its feasibility is illustrated in numerical simulations. | - |
dc.language | eng | - |
dc.publisher | IEEE. The Journal's web site is located at http://ieeexplore.ieee.org/xpl/conhome.jsp?punumber=1002121 | - |
dc.relation.ispartof | International Conference on European Electricity Market (EEM) | - |
dc.subject | Consumer utility | - |
dc.subject | Demand response | - |
dc.subject | Real-time pricing | - |
dc.subject | Stochastic optimization | - |
dc.subject | Wind power | - |
dc.title | Scenario-based real-time demand response considering wind power and price uncertainty | - |
dc.type | Conference_Paper | - |
dc.identifier.email | Wei, M: weiming2@hku.hk | - |
dc.identifier.email | Zhong, J: jinzhong@hkucc.hku.hk | - |
dc.identifier.authority | Zhong, J=rp00212 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1109/EEM.2015.7216740 | - |
dc.identifier.scopus | eid_2-s2.0-84952013772 | - |
dc.identifier.hkuros | 250720 | - |
dc.identifier.spage | 1 | - |
dc.identifier.epage | 5 | - |
dc.publisher.place | United States | - |
dc.customcontrol.immutable | sml 151022 | - |