Doctoral Dissertations


"In the existing literature, merchants' trading actions are usually assumed not to affect market prices; however, a large-scale energy storage merchant’s actions can affect market prices. This work examined two electricity merchant scenarios: one with only energy storage and the other with both energy storage and renewable power plants. We approximated market impact via a linear function of the electricity traded by the merchant. This study began by applying dynamic programming to the optimal economic dispatch policy of electricity merchants and it considered the market impact, physical characteristics of storage systems, and the uncertainty of renewable energy sources. Then, this study evaluated the effect of the self-consumption demand on the co-optimization scheduling of prosumers with both energy storage and distributed renewable energy sources. Furthermore, this work investigated how the production tax credits (PTC) impacted merchants' co-optimization scheduling policy under two common PTC subsidy policies.

Finally, the time-coupling constraints require market participants to make decisions in advance based on forecasted electricity prices. However, independent system operators (ISOs) have the most comprehensive and detailed information regarding market operations, so they are more likely to generate more accurate pricing estimates than individual merchants. Therefore, this study analyzed whether allowing the ISO to schedule the generators and energy storage could bring economic benefits to the social-welfare maximizing ISO and the profit-maximizing electricity merchant or generators. This study found that if the ISO sends the cleared prices to the electricity merchant, a merchant will arrive at the same optimal scheduling decisions as those from the perspective of the ISO"--Abstract, p. iii


Bo, Rui

Committee Member(s)

Zhang, Jiangfan
Alsharoa, Ahamd
Qin, Ruwen
Zhou, Yishu


Electrical and Computer Engineering

Degree Name

Ph. D. in Electrical Engineering


Missouri University of Science and Technology

Publication Date

Fall 2022


xiii, 391 pages

Note about bibliography

Includes_bibliographical_references_(pages 371-390)


© 2022 Jian Liu, All Rights Reserved

Document Type

Dissertation - Open Access

File Type




Thesis Number

T 12196