Lunchtime Seminar - Decision Support for Efficient Utilization of Energy Storage
Energy storage technologies, such as pumped hydro or batteries, are considered as key building blocks of future energy systems. Systems with a high share of intermittent renewable energy sources may use storage for balancing energy supply and demand. As Germany aims at a share of 80% energy from renewables by 2050, the federal government sees storage technologies as potential enablers of the Energy Turnaround.
However, the utilization of energy storage crucially depends on its economic efficiency. Utilities and the industry are inclined to consider a storage solution only if it will be a profitable asset. In this talk we illustrate that the economic efficiency of energy storage depends on the type of decision rule applied for operating the storage within the energy system. We then show an algorithmic approach to selecting the right decision rule for a given storage solution.
Stephan Meisel is an Assistant Professor for Quantitative Methods and Logistics in the European Research Center for Information Systems (ERCIS) at the University of Münster.