The fluctuations of electricity prices in demand response schemes andintermittency of renewable energy supplies necessitate the adoption of energystorage in microgrids. However, it is challenging to design effective real-timeenergy storage management strategies that can deliver assured optimality,without being hampered by the uncertainty of volatile electricity prices andrenewable energy supplies. This paper presents a simple effective onlinealgorithm for the charging and discharging decisions of energy storage thatminimizes the electricity cost in the presence of electricity pricefluctuations and renewable energy supplies, without relying on the futureinformation of prices, demands or renewable energy supplies. The proposedalgorithm is supported by a near-best worst-case guarantee (i.e., competitiveratio), as compared to the offline optimal decisions based on full futureinformation. Furthermore, the algorithm can be adapted to take advantage oflimited future information, if available. By simulations on real-world data, itis observed that the proposed algorithms can achieve satisfactory outcome inpractice.
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