Energy storage system price prediction method

Is electricity price prediction important in energy storage system management?

Abstract: Electricity price prediction plays a vital role in energy storage system (ESS) management. Current prediction models focus on reducing prediction errors but overlook their impact on downstream decision-making.

What is electricity price prediction?

Electricity price prediction has widespread application in the smart grid, including the energy storage system (ESS) management and scheduling. The predicted price from prediction models is delivered to the downstream ESS scheduling model, making the optimal charging/discharging decisions to maximize its arbitrage benefits .

Is ESS arbitrage a decision-focused electricity price prediction model?

Current prediction models focus on reducing prediction errors but overlook their impact on downstream decision-making. So this paper proposes a decision-focused electricity price prediction approach for ESS arbitrage to bridge the gap from the downstream optimization model to the prediction model.

Can a neural network predict energy storage state-of-charge levels?

The proposed approach uses a neural network to directly predicts the opportunity cost at different energy storage state-of-charge levels, and then input the predicted opportunity cost into a model-based arbitrage control algorithm for optimal decisions.

Does electricity price prediction affect downstream decision-making?

Abstract—Electricity price prediction plays a vital role in energy storage system (ESS) management. Current prediction models focus on reducing prediction errors but overlook their impact on downstream decision-making.

Why is electricity price prediction difficult?

UE to the high penetration of renewables and deregulation of the electricity market, electricity price becomes volatile , , and hence its accurate prediction is difficult. Electricity price prediction has widespread application in the smart grid, including the energy storage system (ESS) management and scheduling.