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Title:

Optimizing Trading Decisions for Hydro Storage Systems using Approximate Dual Dynamic Programming

Document type:
Zeitschriftenaufsatz
Author(s):
Löhndorf, N.; Wozabal, D.; Minner, S.
Non-TUM Co-author(s):
ja
Cooperation:
international
Abstract:
We propose a new approach to optimize operations of hydro storage systems with multiple connected reservoirs whose operators participate in wholesale electricity markets. Our formulation integrates short-term intraday with long-term interday decisions. The intraday problem considers bidding decisions as well as storage operation during the day and is formulated as a stochastic program. The interday problem is modeled as a Markov decision process of managing storage operation over time, for which...     »
Keywords:
OR in energy; stochastic programming; Markov decision processes; approximate dynamic programming
Intellectual Contribution:
Discipline-based Research
Journal title:
Operations Research
Journal listet in FT50 ranking:
Operations Research
Year:
2013
Journal volume:
61
Journal issue:
4
Pages contribution:
810-823
Covered by:
Scopus; Web of Science
Language:
en
Fulltext / DOI:
doi:10.1287/opre.2013.1182
WWW:
http://pubsonline.informs.org/doi/abs/10.1287/opre.2013.1182
Status:
Erstveröffentlichung
Date of publication:
22.08.2013
Judgement review:
0
Key publication:
Ja
Peer reviewed:
Ja
International:
Ja
Book review:
Nein
Commissioned:
not commissioned
Professional Journal:
Nein
Interdisciplinarity:
Ja
Mission statement:
Energy, Climate, Environment
Ethics and Sustainability:
Ja
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