Social energy storage management

Can community energy storage improve social welfare?

As a price maker, the community energy storage can not only earn profits through energy arbitrage but also smooth price trajectories and further influence social welfare. We formulate the problem as a finite-horizon Markov decision process that aims to maximize the energy arbitrage and social welfare of the prosumer-based community.

What is community energy storage?

Background and motivation Community energy storage is one of the advanced smart grid technologies in recent years, which provides lots of benefits for the electric power system in reliability, quality, economy and control .

How can energy storage systems improve the lifespan and power output?

Enhancing the lifespan and power output of energy storage systems should be the main emphasis of research. The focus of current energy storage system trends is on enhancing current technologies to boost their effectiveness, lower prices, and expand their flexibility to various applications.

How does energy storage affect consumer welfare?

With the growing scale of energy storage, the welfare benefits become significant, which may stimulate different ownership, such as consumers, producers and prosumers, to focus on their own welfare, thus further influencing storage use. In particular, consumers are likely to increase consumer surplus, so they tend to overuse storage.

What are energy storage technologies?

Energy storage technologies have the potential to reduce energy waste, ensure reliable energy access, and build a more balanced energy system. Over the last few decades, advancements in efficiency, cost, and capacity have made electrical and mechanical energy storage devices more affordable and accessible.

Why is energy storage important?

Energy storage plays a crucial role in enabling the integration of renewable energy sources, managing grid stability, and ensuring a reliable and efficient energy supply. However, there are several challenges associated with energy storage technologies that need to be addressed for widespread adoption and improved performance.