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A mean-variance portfolio optimization approach for high-renewable energy hub.
- Source :
-
Applied Energy . Nov2022, Vol. 325, pN.PAG-N.PAG. 1p. - Publication Year :
- 2022
-
Abstract
- • A thermodynamic network is formulated to model the electrolytic thermo-electrochemical effects. • Geothermal-solar-wind 100% renewable complementarities are proposed for multi-energy supplies. • A mean-variance portfolio scheme is developed to determine appropriate energy generation, conversion, and storage candidates. • The energy risks of high-renewable portfolio are considered. This paper proposes a high-renewable portfolio model of energy hub. In this model, geothermal-solar-wind multi-energy complementarities are fully explored based on electrolytic thermo-electrochemical effects of geothermal-to-hydrogen (GTH), which are converted, conditioned, and coupled through energy hub. The proposed high-renewable energy hub portfolio is an intractable optimization problem due to their inherent strong energy couplings and conflicted energy cost/risk. The original problem is thus characterized through the mean-variance approach to explicitly express the risk associated with the forecast uncertainties. The formulated mean-variance portfolio problem is subsequently modeled as a two-stage mixed-integer nonlinear programming (MINLP) stochastic programming to optimally determine appropriate energy generation, conversion, and storage candidates. Numerical studies on a community microgrid are implemented to verify the effectiveness and superiority of the proposed methodology over conventional wind-solar-battery scheme. Simulations results show that the portfolio cost can be reduced by at most 14.9% with a significantly higher operational flexibility. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 03062619
- Volume :
- 325
- Database :
- Academic Search Index
- Journal :
- Applied Energy
- Publication Type :
- Academic Journal
- Accession number :
- 159435662
- Full Text :
- https://doi.org/10.1016/j.apenergy.2022.119888