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Energies 2015, 8(12), 14330-14345; doi:10.3390/en81212427

Optimal Operation of Combined Heat and Power System Based on Forecasted Energy Prices in Real-Time Markets

1
Department of Electronic and Electrical Engineering, University of Bath, Bath BA2 7AY, UK
2
Department of Electrical Engineering, Shanghai Jiao Tong University, Shanghai 200240, China
*
Author to whom correspondence should be addressed.
Academic Editor: Brian Agnew
Received: 4 October 2015 / Revised: 23 November 2015 / Accepted: 10 December 2015 / Published: 18 December 2015
(This article belongs to the Special Issue Advanced Heating and Cooling Techniques)
View Full-Text   |   Download PDF [1959 KB, uploaded 18 December 2015]   |  

Abstract

This paper develops a discrete operation optimization model for combined heat and powers (CHPs) in deregulated energy markets to maximize owners’ profits, where energy price forecasting is included. First, a single input and multi-output (SIMO) model for typical CHPs is established, considering the varying ratio between heat and electricity outputs at different loading levels. Then, the energy prices are forecasted with a gray forecasting model and revised in real-time based on the actual prices by using the least squares method. At last, a discrete optimization model and corresponding dynamic programming algorithm are developed to design the optimal operation strategies for CHPs in real-time. Based on the forecasted prices, the potential operating strategy which may produce the maximum profits is pre-developed. Dynamic modification is then conducted to adjust the pre-developed operating strategy after the actual prices are known. The proposed method is implemented on a 1 MW CHP on a typical day. Results show the optimized profits comply well with those derived from real-time prices after considering dynamic modification process. View Full-Text
Keywords: combined heat and power (CHP); discrete optimization; dynamic programming; price forecasting; real-time market combined heat and power (CHP); discrete optimization; dynamic programming; price forecasting; real-time market
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Gu, C.; Xie, D.; Sun, J.; Wang, X.; Ai, Q. Optimal Operation of Combined Heat and Power System Based on Forecasted Energy Prices in Real-Time Markets. Energies 2015, 8, 14330-14345.

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