Abstract
We investigate the problem of optimal storage control for the purpose of jointly reducing the volumetric energy charge and a whole-period relevant demand charge. We systematically investigate the structure of the optimal solution set of this storage control problem, and we for the first time establish the equivalence among the optimal solutions of the original stochastic control problem, a corresponding stochastic programming problem and its deterministic counterpart, which greatly simplifies the process of finding optimal solutions for the original problem. Based on the equivalence among different problems, we propose an algorithm to obtain an optimal solution of the stochastic control program which merely needs offline information. We validate our approach by testing on over PG&E residential customers' data and show substantial cost reduction under the tariff with both energy charge and demand charge.
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