Cost and emission savings from the deployment of variable electricity tariffs and advanced domestic energy hub storage management

Simon Le Blond, Furong Li, Ran Li

Research output: Contribution to conferencePaper

7 Citations (Scopus)

Abstract

This paper uses the energy hub concept to holistically model future energy infrastructure in domestic buildings, including energy storage. The developed model allows the deployment of a novel bi-criteria optimization algorithm for minimizing both the cost and emissions of energy hub operation whilst taking advantage of dynamic tariffs. Unlike the traditional flat rate tariffs, the dynamic tariffs employed in this paper reflect variations in the wholesale energy market, and are used as commercial inputs to drive the storage operation and reduce both costs and emissions. The developed algorithm and hub model are used to optimize an example energy hub against four 24 hour periods of loads and dynamic tariffs, one from each season. Annual savings are estimated and compared against a base case, with no storage or management, of a typical house in the UK, showing significant cost and emissions savings.
LanguageEnglish
StatusPublished - 2014

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Storage management
Energy storage
Electricity
Costs

Cite this

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title = "Cost and emission savings from the deployment of variable electricity tariffs and advanced domestic energy hub storage management",
abstract = "This paper uses the energy hub concept to holistically model future energy infrastructure in domestic buildings, including energy storage. The developed model allows the deployment of a novel bi-criteria optimization algorithm for minimizing both the cost and emissions of energy hub operation whilst taking advantage of dynamic tariffs. Unlike the traditional flat rate tariffs, the dynamic tariffs employed in this paper reflect variations in the wholesale energy market, and are used as commercial inputs to drive the storage operation and reduce both costs and emissions. The developed algorithm and hub model are used to optimize an example energy hub against four 24 hour periods of loads and dynamic tariffs, one from each season. Annual savings are estimated and compared against a base case, with no storage or management, of a typical house in the UK, showing significant cost and emissions savings.",
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AB - This paper uses the energy hub concept to holistically model future energy infrastructure in domestic buildings, including energy storage. The developed model allows the deployment of a novel bi-criteria optimization algorithm for minimizing both the cost and emissions of energy hub operation whilst taking advantage of dynamic tariffs. Unlike the traditional flat rate tariffs, the dynamic tariffs employed in this paper reflect variations in the wholesale energy market, and are used as commercial inputs to drive the storage operation and reduce both costs and emissions. The developed algorithm and hub model are used to optimize an example energy hub against four 24 hour periods of loads and dynamic tariffs, one from each season. Annual savings are estimated and compared against a base case, with no storage or management, of a typical house in the UK, showing significant cost and emissions savings.

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