Meeting inelastic demand in systems with storage and renewable sources
We consider a system where inelastic demand for electric power is met from three sources:
1) the grid; 2) in-house renewables such as solar panels; and 3) an in-house energy storage
device. In our setting, energy demand, renewable power supply, and cost for grid power are
all time-varying and stochastic. Furthermore, there are limits and inefficiency associated with
charging and discharging the energy storage device. We formulate the storage operation
problem as a dynamic program with parameters estimated from real-world demand, supply …
1) the grid; 2) in-house renewables such as solar panels; and 3) an in-house energy storage
device. In our setting, energy demand, renewable power supply, and cost for grid power are
all time-varying and stochastic. Furthermore, there are limits and inefficiency associated with
charging and discharging the energy storage device. We formulate the storage operation
problem as a dynamic program with parameters estimated from real-world demand, supply …
Meeting inelastic demand in systems with storage and renewable sources
We consider a system where inelastic demand for electric power is met from three sources:
the grid, in-house renewables such as wind turbines or solar panels, and an in-house
energy storage device. In our setting, power demand, renewable power supply, and cost for
grid power are all time-varying and stochastic. Further, there are limits and efficiency issues
for charging and discharging the energy storage device. Under such a scenario, at all times
across an infinite horizon, we need to determine how to split power demand among the …
the grid, in-house renewables such as wind turbines or solar panels, and an in-house
energy storage device. In our setting, power demand, renewable power supply, and cost for
grid power are all time-varying and stochastic. Further, there are limits and efficiency issues
for charging and discharging the energy storage device. Under such a scenario, at all times
across an infinite horizon, we need to determine how to split power demand among the …
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