Optimal scheduling of steelmaking process considering multiple electricity bill components

Su, Pengfei and Zhou, Yue ORCID: https://orcid.org/0000-0002-6698-4714 2023. Optimal scheduling of steelmaking process considering multiple electricity bill components. Presented at: 7th IEEE Conference on Energy Internet and Energy System Integration, Hangzhou, China, 15-18 December 2023. IEEE Conference on Energy Internet and Energy System Integration (EI2). IEEE, pp. 4287-4291. 10.1109/EI259745.2023.10513013

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Abstract

The steel industry faces significant economic challenges due to increasing energy costs. To mitigate these challenges, steel plants can strategically engage in demand response to reduce their electricity costs by taking advantage of the time-varying electricity prices. However, electricity bills include not only time-varying-based components (e.g. wholesale electricity costs), but also capacity-based components (e.g. distribution network capacity costs), and constant components (e.g. government obligations). Therefore, responding solely to time-varying electricity prices cannot guarantee a minimal electricity bill. This study addresses this gap by introducing an optimal scheduling model for steelmaking considering multiple electricity bill components. Through case studies conducted in high- and low-level wholesale electricity price scenarios, our proposed approach is shown to be effective in reducing electricity bills and peak demand, implying its significance in improving cost efficiency and strengthening grid stability.

Item Type:	Conference or Workshop Item (Paper)
Date Type:	Published Online
Status:	Published
Schools:	Engineering
Publisher:	IEEE
ISBN:	9798350345094
Last Modified:	11 Jun 2024 08:15
URI:	https://orca.cardiff.ac.uk/id/eprint/169610

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