A Multi-objective Optimization Model for the Quantification of Flexibility in a Large Business Park

Nanda Kishor Panda, Nikolaos G. Paterakis

Research output: Chapter in Book/Conference proceedings/Edited volumeConference contributionScientificpeer-review

Abstract

Demand-side management (DSM) is an effective way to strengthen the present power system's reliability and security with increasing penetration of renewable energy generations. With the fusion of information technology, present-day loads are getting smarter with their ability to modulate the power and control their switching operations in response to signals. The benefits get multiplied when flexibility is planned for a cluster of consumers having a similar load profile. In this paper, a framework based on mixed-integer linear programming (MILP) is developed to quantify flexibility in a large business park with little historical time series data access. The proposed mathematical model considers smart loads such as heat pumps, electric vehicle (EV) charging stations, a centralized energy storage system and renewable energy sources such as photovoltaic power. The quantification of flexibility is cast as a bi-objective optimization problem, which is solved by approximating the set of Pareto-efficient solutions using the epsilon-constraint method. Based on the developed optimization model, numerical simulations across one year with a time step of one hour are performed. The projected yearly monetary saving ranges from 1.5% to 30.8 %, and maximum peak shavings range from 9.6% to 61.4% for different capacities of centralized energy storage.
Original languageEnglish
Title of host publication2021 International Conference on Smart Energy Systems and Technologies (SEST)
Pages1-6
Number of pages6
ISBN (Electronic)978-1-7281-7660-4
DOIs
Publication statusPublished - 2021
Event2021 International Conference on Smart Energy Systems and Technologies (SEST) - Vaasa, Finland
Duration: 6 Sep 20218 Sep 2021

Conference

Conference2021 International Conference on Smart Energy Systems and Technologies (SEST)
Abbreviated titleSEST 2021
CountryFinland
CityVaasa
Period6/09/218/09/21

Bibliographical note

Green Open Access added to TU Delft Institutional Repository ‘You share, we take care!’ – Taverne project https://www.openaccess.nl/en/you-share-we-take-care
Otherwise as indicated in the copyright section: the publisher is the copyright holder of this work and the author uses the Dutch legislation to make this work public.

Keywords

  • Demand-side management
  • Flexibility
  • Multiobjective optimization
  • Smart grid

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