Smart energy storage management via information systems design

He, Qiao-Chu1; Yang, Yun2; Bai, Lingquan3; Zhang, Baosen4

2020

10.1016/j.eneco.2019.104542

ENERGY ECONOMICS   影响因子和分区

0140-9883

1873-6181

Enabled by smart meters and Internet of Things (IoTs) technologies, we are now able to harness information systems and automatize the management of energy storages. Motivated by applications such as renewables integration and electrification of transportation, the paradigm shift towards smart-cities naturally inspires information systems design for energy storages. The goal of this paper is to understand the economic value of future market information to increase the efficiency of the energy market. From storages’ perspective, we investigate energy storages’ optimal decentralized buying and selling decisions under market uncertainty. Different potential policy interventions are discussed: (1) providing a publicly available market forecasting channel; (2) encouraging decentralized storages to share their private forecasts with each other; (3) releasing additional market information to a targeted subset of storages exclusively. Through these system level discussions, we evaluate different information management policies to coordinate storages’ actions and improve their profitability. The key findings of this work include (1) a storage's payoff first increases then decreases in its private information precision. The over-precision in forecasts can lead to even lower payoffs; (2) communication among the storages could fail to achieve a coordinated effort to increase market efficiency; (3) it is optimal to release additional information to a subset of energy storages exclusively by targeted information release.
© 2019 Elsevier B.V.

Energy storages Management information systems Smart-cities Internet of Things (IoTs) Game with incomplete information

EI ; SSCI

英语

第一

Business & Economics

Economics

WOS:000527274000034

Elsevier B.V.

20195007809653

Commerce ; Energy management systems ; Energy storage ; Forecasting ; Information use ; Internet of things ; Management information systems ; Smart city ; Storage management ; Systems analysis

Energy Storage:525.7 ; Electric Transmission and Distribution:706 ; Computer Software, Data Handling and Applications:723 ; Information Retrieval and Use:903.3 ; Systems Science:961

ECONOMICS BUSINESS

EV Compendex

1.Faculty of Economics and Business Administration, Southern University of Science and Technology, 1055 Xueyuan Blvd., Shenzhen; 518055, China
2.Department of Statistics, University of Illinois Urbana-Champaign, 104F Illini Hall, 725 S. Wright St., Champaign; IL; 61820, United States
3.Systems Engineering and Engineering Management, University of North Carolina, Charlotte, 9201 University City Blvd., Charlotte; NC; 28223, United States
4.Electrical and Computer Engineering, University of Washington, 185 East Stevens Way NE, Seattle; WA; 98195, United States

He, Qiao-Chu,Yang, Yun,Bai, Lingquan,et al. Smart energy storage management via information systems design[J]. ENERGY ECONOMICS,2020,85.

He, Qiao-Chu,Yang, Yun,Bai, Lingquan,&Zhang, Baosen.(2020).Smart energy storage management via information systems design.ENERGY ECONOMICS,85.

He, Qiao-Chu,et al."Smart energy storage management via information systems design".ENERGY ECONOMICS 85(2020).