TY - GEN
T1 - CVaR-based Stochastic Energy Management of a Smart Home
AU - Akbari-Dibavar, Alireza
AU - Zare, Kazem
AU - Mohammadi-Ivatloo, Behnam
AU - Anvari-Moghaddam, Amjad
AU - Abdul-Malek, Zulkurnain
PY - 2022
Y1 - 2022
N2 - Considering recent developments in photovoltaic (PV) systems, storage, and electrical vehicles, not unexpected that one day smart homes will also take part in energy markets directly. In this regard, the presented paper proposes a stochastic programming approach to manage the consumption of a smart home according to intermittent PV system production and uncertain energy prices to make the smart home available for taking part in the local day-ahead (DA) energy market. A battery storage system is integrated to make flexibility against price fluctuations. Furthermore, modeling of plug-in electric vehicles (PEV) is also provided, where the traveling pattern is modeled through scenarios. The goal is to maximize the daily profit of the smart home while the welfare of the inhabitants is satisfied by considering comfort constraints. In addition, the conditional value at risk (CVaR) risk index is considered to manage associated risk with gained profit. The obtained results show the effectiveness of the optimization framework, in which the expected daily profit of the homeowner can reach $1.72 per day in the risk-neutral condition.
AB - Considering recent developments in photovoltaic (PV) systems, storage, and electrical vehicles, not unexpected that one day smart homes will also take part in energy markets directly. In this regard, the presented paper proposes a stochastic programming approach to manage the consumption of a smart home according to intermittent PV system production and uncertain energy prices to make the smart home available for taking part in the local day-ahead (DA) energy market. A battery storage system is integrated to make flexibility against price fluctuations. Furthermore, modeling of plug-in electric vehicles (PEV) is also provided, where the traveling pattern is modeled through scenarios. The goal is to maximize the daily profit of the smart home while the welfare of the inhabitants is satisfied by considering comfort constraints. In addition, the conditional value at risk (CVaR) risk index is considered to manage associated risk with gained profit. The obtained results show the effectiveness of the optimization framework, in which the expected daily profit of the homeowner can reach $1.72 per day in the risk-neutral condition.
KW - Uncertainty
KW - Fluctuations
KW - Stochastic Processes
KW - Smart homes
KW - Programming
KW - Batteries
KW - Indexes
KW - conditional value at risk (CVaR)
KW - energy market
KW - stochastic programming
KW - energy management
KW - smart home
UR - http://www.scopus.com/inward/record.url?scp=85128571672&partnerID=8YFLogxK
U2 - 10.1109/ICPEA53519.2022.9744666
DO - 10.1109/ICPEA53519.2022.9744666
M3 - Article in proceeding
BT - 2022 IEEE International Conference in Power Engineering Application
PB - IEEE
T2 - ICPEA 2022
Y2 - 7 March 2022 through 8 March 2022
ER -