A Real-Time Multistep Optimization-Based Model for Scheduling of Storage-Based Large-Scale Electricity Consumers in a Wholesale Market

Anew real-time optimal schedulingmodel is proposed and analyzed in this paper to aggregate storage benefits for a largescale electricity consumer. The complete model for optimal operation of storage-based electrical loads considering both the capital and operating expenditures of storage is developed. A real-time load forecaster is incorporated into the optimal scheduling algorithm using soft constraints, slack variables, and penalizingmechanisms. The application of the proposed model to a real-world largescale electricity consumer is examined and comparedwith previous models. It is demonstrated that the proposed model outperforms prior models by generating higher profitability of investment in storage, lower storage operating expenditure, and an extended life of the storage plant.