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A mean-variance portfolio optimization approach for high-renewable energy hub
Xu, Da1,2,3; Bai, Ziyi4; Jin, Xiaolong5; Yang, Xiaodong6; Chen, Shuangyin7,8; Zhou, Ming9
2022-11-01
Source PublicationApplied Energy
ISSN0306-2619
Volume325Pages:119888
Abstract

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.

KeywordEnergy Hub Energy Storage Integrated Energy Systems Renewable Energy Strategic Planning
DOI10.1016/j.apenergy.2022.119888
URLView the original
Indexed BySCIE
Language英語English
WOS Research AreaEnergy & Fuels ; Engineering
WOS SubjectEnergy & Fuels ; Engineering, Chemical
WOS IDWOS:000860680600002
Scopus ID2-s2.0-85137064252
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Citation statistics
Document TypeJournal article
CollectionFaculty of Science and Technology
DEPARTMENT OF ELECTRICAL AND COMPUTER ENGINEERING
Corresponding AuthorBai, Ziyi
Affiliation1.School of Automation, China University of Geosciences, Wuhan, 430074, China
2.Hubei Key Laboratory of Advanced Control and Intelligent Automation for Complex Systems, Wuhan, 430074, China
3.Engineering Research Center of Intelligent Technology for Geo-Exploration, Ministry of Education, Wuhan, 430074, China
4.Department of Electrical and Computer Engineering, Faculty of Science and Technology, University of Macau, Macao, 999078, China
5.Key Laboratory of Smart Grid of Ministry of Education, Tianjin University, Tianjin, 300072, China
6.School of Electrical Engineering and Automation, Hefei University of Technology, Hefei, 230009, China
7.School of Energy and Power Engineering, Huazhong University of Science and Technology, Wuhan, 430074, China
8.Institute of New Energy, Wuhan, 430206, China
9.Wuhan National Laboratory for Optoelectronics, Huazhong University of Science and Technology, Wuhan, Hubei, 430074, China
Corresponding Author AffilicationFaculty of Science and Technology
Recommended Citation
GB/T 7714
Xu, Da,Bai, Ziyi,Jin, Xiaolong,et al. A mean-variance portfolio optimization approach for high-renewable energy hub[J]. Applied Energy, 2022, 325, 119888.
APA Xu, Da., Bai, Ziyi., Jin, Xiaolong., Yang, Xiaodong., Chen, Shuangyin., & Zhou, Ming (2022). A mean-variance portfolio optimization approach for high-renewable energy hub. Applied Energy, 325, 119888.
MLA Xu, Da,et al."A mean-variance portfolio optimization approach for high-renewable energy hub".Applied Energy 325(2022):119888.
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