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Economic Model Predictive Control is a receding horizon controller that minimizes an economic objective function rather than a weighted least squares objective function as in Model Predictive Control (MPC). We use Economic MPC to operate a portfolio of power generators and consumers such that the cost of producing the required power is minimized. The power generators are controllable power generators...
In this paper we explore the interaction between a dynamic model of the power transmission system (OPA) and a simple economic model of power generation development. Despite the simplicity of this economic model, complex dynamics both in the economics (prices, market share etc) and in the transmission system characteristics (blackouts, reliability etc) are found. Depending on the values of the control...
We explore the possibility of directly coupling deferrable loads with wind generators in order to mitigate the variability and randomness of wind power generation. Loads engage in a contractual agreement of deferring their demand for power by a fixed amount of time and wind generators optimally allocate available wind power with the objective of minimizing the cost of unscheduled and variable supply...
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