Valuing operational flexibility in hybrid energy systems : a neural solution to the Hamilton–jacobi–bellman equation
  • Metaadatok
Tartalom: https://unipub.lib.uni-corvinus.hu/12611/
Archívum: Corvinus Kutatások
Gyűjtemény: Status = Published
Subject = Environmental economics
Subject = Biophysics
Subject = Energy economy
Type = Article
Cím:
Valuing operational flexibility in hybrid energy systems : a neural solution to the Hamilton–jacobi–bellman equation
Létrehozó:
Szabó, Dávid Zoltán
Kiadó:
Elsevier
Dátum:
2026
Téma:
Energy economy
Biophysics
Environmental economics
Tartalmi leírás:
This paper develops a continuous-time stochastic control framework for the joint operation of gas-fired gener ation, wind power, and energy storage under correlated electricity and gas price uncertainty. The operator’s decision problem is formulated as a finite-horizon Hamilton–Jacobi–Bellman (HJB) equation, capturing the trade-off between immediate revenues and the continuation value of storage under physical and operational constraints. To address the resulting high-dimensional control problem, we employ a mesh-free neural approximation based on physics-informed and Deep Galerkin methods. An analytical linear–quadratic (LQ) formulation is derived as a benchmark, providing structural insight and a reference point under simplified assumptions. Numerical experiments demonstrate stable convergence of the neural HJB solver and recovery of economically interpretable policy structures. When calibrated to historical electricity and gas price data and evaluated under realistic transaction costs, the learned policy exhibits sparse, threshold-driven storage operation with extended no-trade regions. In these regimes, optimal behavior leaves the storage inactive despite ongoing generation, reflecting the option-like and highly state-dependent value of operational flexibility. Overall, the results show that neural HJB solvers provide an economically consistent and transparent frame work for analyzing hybrid energy systems. By linking stochastic price dynamics, operational constraints, and realized storage decisions, the approach clarifies when flexibility is actively exercised and when it remains economically dormant in low-carbon power systems.
Nyelv:
angol
angol
Típus:
Article
PeerReviewed
Formátum:
application/pdf
Azonosító:
Szabó, Dávid Zoltán ORCID: https://orcid.org/0000-0002-6836-739X <https://orcid.org/0000-0002-6836-739X> (2026) Valuing operational flexibility in hybrid energy systems : a neural solution to the Hamilton–jacobi–bellman equation. Applied Energy, 408 . DOI 10.1016/j.apenergy.2026.127418 <https://doi.org/10.1016/j.apenergy.2026.127418>
Kapcsolat:
10.1016/j.apenergy.2026.127418