Economic forecasting and optimization in a smart grid built environment

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2013-08

Authors

Sriprasad, Akshay

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Abstract

This Master’s Report outlines graduate research work completed by Akshay Sriprasad, who is supervised by Professor Tom Edgar, in the area of modeling and systems optimization for the smart grid. The scope this report includes the development and validation of strategies to elicit demand response, defined as reduction of peak demand, at the residential level, in conjunction with collaborative research efforts from the Pecan Street Research Institute, a smart grid research consortium based in Austin, TX. The first project outlined is an artificial neural network-­‐based demand forecasting model, initially developed for UT’s campus cooling system and adapted for residential homes. Utilizing this forecasting model, a number of demand response-­‐focused optimization studies are carried out, including optimization of community energy storage for peak shifting, and electric vehicle charging optimization to harness inexpensive night-­‐time Texas wind energy. Community energy storage and electric vehicles are chosen as ideal dynamic charging media due to increased proliferation and focus of Pecan Street Research Institute on critical emerging technologies. As these two technologies involve significant capital investment, an alternative mobile application-­‐based demand response strategy is outlined to complete a comprehensive portfolio of demand response strategies to suit a variety of budgets and capabilities.

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