Abstract
In this paper we present an economical optimization model for a microgrid connected to the general electricity grid by minimizing the total operating cost over a given period in the presence of uncertain future grid electricity prices. The microgrid is modeled to consist of five distinct blocks, four of which make up the microgrid and the fifth one being the connection to the general electricity grid. Each of these components has various adjustable attributes, allowing for the simulation of different kinds of consumers as well as different storage and generation technologies. Consumption and intermittent generation are exogenous variables derived from existing datasets. Under uncertain future grid electricity prices, the storage component introduces a non-causal dependency into the model, to cope with this non-causality, we present various storage use strategies and analyze the resulting cost patterns using real electricity price data and Monte Carlo simulations.
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