Stochastic Methods for Management and Valuation of Centralized and Decentralized Energy Storages in the Context of the Future German Energy System

As infeed of electricity from fluctuating renewable energy sources increases the balance between supply and demand in the current market is becoming increasingly difficult to establish. Here, an important role is attributed to storages which store power in times of great over-supply and release it in times of high demand. Disregarding issues of natural sciences and engineering the question of economic profitability of such storages will be discussed in the context of this project. For this purpose, we first model adequately the stochastic nature of the fluctuating infeed of wind and solar energy in particular with regard to time and spatial correlation patterns. Then, we want to link modelling approaches of financial mathematics and energy economics to obtain various applicable methods for the determination of optimal storage management, depending on economic restrictions such as available network or generation capacity