Risk-aware sizing and transactive control of building portfolios with thermal energy storage

With the increasing numbers of distributed energy resources are being installed at more distributed locations, it is challenging to operate the electric grid systems efficiently against the demand and supply fluctuations. Moreover, extreme conditions could result in high expenditure and grid unreliability. To address this issue, this work focused on developing a risk-averse stochastic optimal dispatch model for building portfolios with thermal energy storage using conditional value at risk to avoid expected expensive financial loss at the tail of cost distribution. Two simulation case studies were performed to assess the performance of the risk-averse controller depending on the TES sizing and quantify the value of the proposed framework compared to the deterministic approach. The results demonstrated that the risk-averse controller could benefit from larger TES sizing as storing excess energy for the emergent realizations. Overall, 42.4% of cost savings was achieved by applying the risk-averse control strategy.

© This manuscript version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/

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Work Title Risk-aware sizing and transactive control of building portfolios with thermal energy storage
Access
Open Access
Creators
  1. Min Gyung Yu
  2. Gregory S. Pavlak
Keyword
  1. Conditional value at risk
  2. Demand response
  3. Transactive control
  4. Stochastic optimization
  5. Thermal energy storage
License CC BY-NC-ND 4.0 (Attribution-NonCommercial-NoDerivatives)
Work Type Article
Publisher
  1. Applied Energy
Publication Date December 15, 2022
Publisher Identifier (DOI)
  1. https://doi.org/10.1016/j.apenergy.2022.120474
Deposited November 12, 2023

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Version 1
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  • Created
  • Added Risk_Aware_UATx__Revised_post-1.pdf
  • Added Creator Min Gyung Yu
  • Added Creator Gregory S. Pavlak
  • Published
  • Updated Keyword, Publication Date Show Changes
    Keyword
    • Conditional value at risk, Demand response, Transactive control, Stochastic optimization, Thermal energy storage
    Publication Date
    • 2023-02-15
    • 2022-12-15
  • Updated