Journal
ENERGY
Volume 250, Issue -, Pages -Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2022.123788
Keywords
Electricity price prediction; LSTM network; Energy trading; Gradient descent optimization; Differential evolution optimization
Categories
Funding
- New National Excellence Program of the Ministry of Human Capacities [UNKP-20-2]
- NVIDIA Corporation
- National Research, Development and Innovation Fund of Hungary [131501]
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This paper focuses on the predictive control and profit optimization model of storage-based renewable power plants. It proposes electricity price prediction and electricity trading optimization strategies, and validates their effectiveness through testing, proposing a novel model predictive control workflow and sizing guide.
Despite the continuous growth and the widespread support of renewable energy sources, solar and wind power plants pose new challenges for Transmission System Operators and Distribution System Opera-tors. Their uncontrollability limits their applicability; therefore, to encourage their further growth, fundamental modifications are needed. The research presented in this paper focuses on the predictive control of storage-based renewable power plants, and suggests a new model for profit optimization. Profit optimization is based on electricity price prediction and effective trading strategies that match the projected electricity prices. For the electricity price prediction, a recurrent Long Short-Term Memory neural network was developed and fine-tuned. For the optimization of the electricity trading, two trading strategies, namely an adaptive gradient-descent method and a differential evolution method were developed. Both optimization techniques were tested on mathematical models of most commer-cially available hybrid inverter systems and one year of historical data of electricity prices. As a result, a novel model predictive control workflow and sizing guide is proposed, which may significantly increase the profit generated by the system.(c) 2022 Elsevier Ltd. All rights reserved.
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