Dynamic energy portfolio optimization model for electricity system and heating system

Chen Li; Fajie Wei; Shan Lu; Junwei Zeng

doi:10.1109/IEEM.2016.7798163

Dynamic energy portfolio optimization model for electricity system and heating system

Chen Li
, Fajie Wei
, Shan Lu^*
, Junwei Zeng

^*Corresponding author for this work

School of Economics and Management

Beihang University

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

2 Scopus citations

Abstract

In this paper we develop an optimization model for investigating the community electricity system behavior and policy implications of the usage of different energy facilities under the goal of reducing cost. There are four energy sources in this model: combined heat and power (CHP), wind turbine, electrical grid and electricity storage. When considering the dynamic demand requirements and energy price, we found that, to minimize the total cost, the storage discharges at high price time and charge during low price time. Also, the storage can discharge when there is not enough wind and the demand is at peak. However, the sum of charge is larger than that of discharge because of the electricity loss of storage device.

Original language	English
Title of host publication	2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016
Publisher	IEEE Computer Society
Pages	1677-1682
Number of pages	6
ISBN (Electronic)	9781509036653
DOIs	https://doi.org/10.1109/IEEM.2016.7798163
State	Published - 27 Dec 2016
Event	2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016 - Bali, Indonesia Duration: 4 Dec 2016 → 7 Dec 2016

Publication series

Name	IEEE International Conference on Industrial Engineering and Engineering Management
Volume	2016-December
ISSN (Print)	2157-3611
ISSN (Electronic)	2157-362X

Conference

Conference	2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016
Country/Territory	Indonesia
City	Bali
Period	4/12/16 → 7/12/16

Keywords

Electricity System dynamics
Energy Portfolio Optimization
Power Storage

Access to Document

10.1109/IEEM.2016.7798163

Cite this

Li, C., Wei, F., Lu, S., & Zeng, J. (2016). Dynamic energy portfolio optimization model for electricity system and heating system. In 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016 (pp. 1677-1682). Article 7798163 (IEEE International Conference on Industrial Engineering and Engineering Management; Vol. 2016-December). IEEE Computer Society. https://doi.org/10.1109/IEEM.2016.7798163

@inproceedings{6b1f8f72ba5a42898b3df150c45c1ace,

title = "Dynamic energy portfolio optimization model for electricity system and heating system",

abstract = "In this paper we develop an optimization model for investigating the community electricity system behavior and policy implications of the usage of different energy facilities under the goal of reducing cost. There are four energy sources in this model: combined heat and power (CHP), wind turbine, electrical grid and electricity storage. When considering the dynamic demand requirements and energy price, we found that, to minimize the total cost, the storage discharges at high price time and charge during low price time. Also, the storage can discharge when there is not enough wind and the demand is at peak. However, the sum of charge is larger than that of discharge because of the electricity loss of storage device.",

keywords = "Electricity System dynamics, Energy Portfolio Optimization, Power Storage",

author = "Chen Li and Fajie Wei and Shan Lu and Junwei Zeng",

note = "Publisher Copyright: {\textcopyright} 2016 IEEE.; 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016 ; Conference date: 04-12-2016 Through 07-12-2016",

year = "2016",

month = dec,

day = "27",

doi = "10.1109/IEEM.2016.7798163",

language = "英语",

series = "IEEE International Conference on Industrial Engineering and Engineering Management",

publisher = "IEEE Computer Society",

pages = "1677--1682",

booktitle = "2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016",

address = "美国",

}

Li, C, Wei, F, Lu, S & Zeng, J 2016, Dynamic energy portfolio optimization model for electricity system and heating system. in 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016., 7798163, IEEE International Conference on Industrial Engineering and Engineering Management, vol. 2016-December, IEEE Computer Society, pp. 1677-1682, 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016, Bali, Indonesia, 4/12/16. https://doi.org/10.1109/IEEM.2016.7798163

Dynamic energy portfolio optimization model for electricity system and heating system. / Li, Chen; Wei, Fajie; Lu, Shan et al.
2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016. IEEE Computer Society, 2016. p. 1677-1682 7798163 (IEEE International Conference on Industrial Engineering and Engineering Management; Vol. 2016-December).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Dynamic energy portfolio optimization model for electricity system and heating system

AU - Li, Chen

AU - Wei, Fajie

AU - Lu, Shan

AU - Zeng, Junwei

PY - 2016/12/27

Y1 - 2016/12/27

N2 - In this paper we develop an optimization model for investigating the community electricity system behavior and policy implications of the usage of different energy facilities under the goal of reducing cost. There are four energy sources in this model: combined heat and power (CHP), wind turbine, electrical grid and electricity storage. When considering the dynamic demand requirements and energy price, we found that, to minimize the total cost, the storage discharges at high price time and charge during low price time. Also, the storage can discharge when there is not enough wind and the demand is at peak. However, the sum of charge is larger than that of discharge because of the electricity loss of storage device.

AB - In this paper we develop an optimization model for investigating the community electricity system behavior and policy implications of the usage of different energy facilities under the goal of reducing cost. There are four energy sources in this model: combined heat and power (CHP), wind turbine, electrical grid and electricity storage. When considering the dynamic demand requirements and energy price, we found that, to minimize the total cost, the storage discharges at high price time and charge during low price time. Also, the storage can discharge when there is not enough wind and the demand is at peak. However, the sum of charge is larger than that of discharge because of the electricity loss of storage device.

KW - Electricity System dynamics

KW - Energy Portfolio Optimization

KW - Power Storage

UR - https://www.scopus.com/pages/publications/85009876950

U2 - 10.1109/IEEM.2016.7798163

DO - 10.1109/IEEM.2016.7798163

M3 - 会议稿件

AN - SCOPUS:85009876950

T3 - IEEE International Conference on Industrial Engineering and Engineering Management

SP - 1677

EP - 1682

BT - 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016

PB - IEEE Computer Society

T2 - 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016

Y2 - 4 December 2016 through 7 December 2016

ER -

Li C, Wei F, Lu S, Zeng J. Dynamic energy portfolio optimization model for electricity system and heating system. In 2016 International Conference on Industrial Engineering and Engineering Management, IEEM 2016. IEEE Computer Society. 2016. p. 1677-1682. 7798163. (IEEE International Conference on Industrial Engineering and Engineering Management). doi: 10.1109/IEEM.2016.7798163

Dynamic energy portfolio optimization model for electricity system and heating system

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