Journal
JOURNAL OF SYSTEMS SCIENCE AND SYSTEMS ENGINEERING
Volume 21, Issue 2, Pages 184-203Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s11518-012-5192-3
Keywords
Renewable energy credit; information update; dynamic programming
Categories
Funding
- GRF [4187/09]
- TRS [T32-620/11]
- City University [7200290]
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This paper optimizes the electricity and renewable energy credit (REC) purchasing process for energy distribution. Electricity is traded in deregulated time-sequential markets at fluctuating prices. Optimal electricity purchasing under price and demand uncertainty is a challenging task for electricity distributors, and the recently implemented renewable portfolio standards (RPS) further complicate the purchasing process. Government regulatory decisions concerning the RPS require distributors to purchase corresponding certificates, namely RECs, equivalent to a certain percentage of their electricity sales. This paper formulates and optimizes the joint purchasing process for electricity and RECs. It also analyzes the effect of RPS policy on electricity distributors.
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