LAPSE:2024.1567
Published Article

LAPSE:2024.1567
IDAES-PSE Software Tools for Optimizing Energy Systems and Market Interactions
August 16, 2024. Originally submitted on July 9, 2024
Modern power grids coordinate electricity production and consumption via multi-scale wholesale energy markets. Historically, levelized cost metrics were the de facto standard for techno-economic analyses of energy systems and comparison of technology options. However, these metrics neglect the complexity of energy infrastructure including the time-varying value of electricity. An emerging alternative is multi-period optimization, which considers the locational marginal price of electricity as input data (parameters). In this work, we present a general interface for multi-period optimization with time-varying energy prices to facilitate rapid analysis and comparison of potential energy systems models. The PriceTakerModel class is written in the IDAESĀ®-PSE platform and allows users to generate a multi-period, price-taker model instance, as well as automatically generate common operational constraints for their model, such as start-up and shutdown. We show this interface successfully generates multi-period price-taker models, facilitates model discrimination, and aids in analyzing various technologies for deployment in unique energy markets.
Record ID
Keywords
Electricity Markets, Integrated Energy Systems, Optimization, Process Design, Process Operations, Software Design
Subject
Suggested Citation
Laky DJ, Gooty RT, Jaffe T, Holly M, Atia A, Chen X, Dowling AW. IDAES-PSE Software Tools for Optimizing Energy Systems and Market Interactions. Systems and Control Transactions 3:490-495 (2024) https://doi.org/10.69997/sct.137860
Author Affiliations
Laky DJ: University of Notre Dame, Department of Chemical and Biomolecular Engineering, South Bend, IN 46556, United States
Gooty RT: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Jaffe T: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Holly M: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Atia A: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Chen X: University of Notre Dame, Department of Chemical and Biomolecular Engineering, South Bend, IN 46556, United States
Dowling AW: University of Notre Dame, Department of Chemical and Biomolecular Engineering, South Bend, IN 46556, United States
Gooty RT: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Jaffe T: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Holly M: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Atia A: National Energy Technology Laboratory (NETL), Pittsburgh, PA 15236, United States; NETL Support Contractor, Pittsburgh, PA 15236, United States
Chen X: University of Notre Dame, Department of Chemical and Biomolecular Engineering, South Bend, IN 46556, United States
Dowling AW: University of Notre Dame, Department of Chemical and Biomolecular Engineering, South Bend, IN 46556, United States
Journal Name
Systems and Control Transactions
Volume
3
First Page
490
Last Page
495
Year
2024
Publication Date
2024-07-10
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DOI Assigned
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PII: 0490-0495-676721-SCT-3-2024, Publication Type: Journal Article
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LAPSE:2024.1567
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https://doi.org/10.69997/sct.137860
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