Quantitative solutions for future energy systems and markets

Abstract

In the recent years, it has become more and more evident that anthropogenic climate change is real and happening at an accelerating pace, which is threatening modern society. The 2015 UN-climate conference in Paris brought about a global consensus that emission of climate active gases has to be drastically reduced to mitigate the effects of global warming.Players in the energy sector, therefore, face rapidly changing conditions due to technological progress, the fast growth of renewables, market liberalization, and changes in global demand and supply. Firms, governments, and consumers are confronted with new challenges connected to increased competition, decentralization of production and the globalization of energy markets. These new problems call for tailored quantitative solutions to analyze, optimize, and control the operation of energy systems and markets, taking into account the distinct economic, technological and political characteristics of the energy sector. Generally, energy systems are complex technical systems with strict real-time requirements and very high requirements in fault tolerance. Often these systems are embedded into markets that mirror the complexity of the technical system as, for example, is the case with power markets. The optimal design and operation of such

Two-stage stochastic, large-scale optimization of a decentralized energy system: a case study focusing on solar PV, heat pumps and storage in a residential quarter

“…An additional challenge consists in the modeling of such energy systems taking into account their uncertainties to support a reliable, cost-efficient and technically feasible transition. These new problems call for tailored quantitative solutions to analyze and optimize energy systems [36]. In this context, energy systems with decentralized energy provision and load shift potentials of energy storage units are becoming increasingly important [4,46,58,88].…”