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As the energy transition transforms power grids across the globe, it poses several challenges regarding grid design and control. In particular, high levels of intermittent renewable generation complicate the task of continuously balancing power supply and demand, requiring sufficient control actions. Although there exist several proposals to control the grid, most of them have not demonstrated to be cost efficient in terms of optimal control theory.
AbstractThis paper is a quantitative study of a reserve contract for real-time balancing of a power system. Under this contract, the owner of a storage device, such as a battery, helps smooth fluctuations in electricity demand and supply by using the device to increase electricity consumption. The battery owner must be able to provide immediate physical cover, and should therefore have sufficient storage available in the battery before entering the contract.
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