Optimal pricing algorithm in the electricity market with battery and accumulator and demand-supply balancing

Yuki Miyano; Toru Namerikawa

doi:10.1002/eej.22698

Optimal pricing algorithm in the electricity market with battery and accumulator and demand-supply balancing

Yuki Miyano, Toru Namerikawa

Department of System Design Engineering

Research output: Contribution to journal › Article › peer-review

3 Citations (Scopus)

Abstract

This paper considers the day-ahead market with batteries and accumulators to level power generation. First, we model consumers with batteries, generators with batteries, and accumulators, all of whom strive to maximize their own profit. An optimal pricing algorithm based on dual decomposition and the steepest descent method is derived and shown to be stable. Finally, the effectiveness of the algorithm is demonstrated by means of numerical simulations which indicate that it achieves demand-supply balance.

Original language	English
Pages (from-to)	8-18
Number of pages	11
Journal	Electrical Engineering in Japan (English translation of Denki Gakkai Ronbunshi)
Volume	191
Issue number	4
DOIs	https://doi.org/10.1002/eej.22698
Publication status	Published - 2015 Jun 1

Keywords

Demand response
Dual decomposition
Electric power liberalization
Steepest descent method

ASJC Scopus subject areas

Energy Engineering and Power Technology
Electrical and Electronic Engineering

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10.1002/eej.22698

Cite this

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abstract = "This paper considers the day-ahead market with batteries and accumulators to level power generation. First, we model consumers with batteries, generators with batteries, and accumulators, all of whom strive to maximize their own profit. An optimal pricing algorithm based on dual decomposition and the steepest descent method is derived and shown to be stable. Finally, the effectiveness of the algorithm is demonstrated by means of numerical simulations which indicate that it achieves demand-supply balance.",

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AB - This paper considers the day-ahead market with batteries and accumulators to level power generation. First, we model consumers with batteries, generators with batteries, and accumulators, all of whom strive to maximize their own profit. An optimal pricing algorithm based on dual decomposition and the steepest descent method is derived and shown to be stable. Finally, the effectiveness of the algorithm is demonstrated by means of numerical simulations which indicate that it achieves demand-supply balance.

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KW - Electric power liberalization

KW - Steepest descent method

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Optimal pricing algorithm in the electricity market with battery and accumulator and demand-supply balancing

Abstract

Keywords

ASJC Scopus subject areas

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