Objective function. The optimization algorithm determines the optimal dispatch of the virtual storage that maximizes the revenue of the buyer, J, over the considered time horizon, T, while fulfilling the storage constraints. The revenues stem from day-ahead arbitrage, i.e. the possibility of buying and selling elec- tricity when it is most convenient: X t = 1 pt(Vt — Ut)Dt (Equation 1) where Ut is the power used to charge the storage and Vt is the power discharged from the storage during the time step t, of duration Dt. The energy for charging and discharging the virtual storage is bought and sold, respectively, at the known day-ahead market price pt. Ut and Vt are decision variables of the optimi- zation problem for all time steps t ˛ {1;.; T }.
Appears in 2 contracts