{"id":"https://openalex.org/W2527578362","doi":"https://doi.org/10.1109/tsg.2015.2478599","title":"A Stochastic Shortest Path Framework for Quantifying the Value and Lifetime of Battery Energy Storage Under Dynamic Pricing","display_name":"A Stochastic Shortest Path Framework for Quantifying the Value and Lifetime of Battery Energy Storage Under Dynamic Pricing","publication_year":2015,"publication_date":"2015-01-01","ids":{"openalex":"https://openalex.org/W2527578362","doi":"https://doi.org/10.1109/tsg.2015.2478599","mag":"2527578362"},"language":"en","primary_location":{"id":"doi:10.1109/tsg.2015.2478599","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tsg.2015.2478599","pdf_url":null,"source":{"id":"https://openalex.org/S59604973","display_name":"IEEE Transactions on Smart Grid","issn_l":"1949-3053","issn":["1949-3053","1949-3061"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Smart Grid","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5047753222","display_name":"Xiaoqi Tan","orcid":"https://orcid.org/0000-0002-5339-3245"},"institutions":[{"id":"https://openalex.org/I200769079","display_name":"Hong Kong University of Science and Technology","ror":"https://ror.org/00q4vv597","country_code":"HK","type":"education","lineage":["https://openalex.org/I200769079"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"Xiaoqi Tan","raw_affiliation_strings":["Department of Electronic and Computer Engineering, Hong Kong University of Science and Technology, Hong Kong"],"raw_orcid":"https://orcid.org/0000-0002-5339-3245","affiliations":[{"raw_affiliation_string":"Department of Electronic and Computer Engineering, Hong Kong University of Science and Technology, Hong Kong","institution_ids":["https://openalex.org/I200769079"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5009949980","display_name":"Yuan Wu","orcid":"https://orcid.org/0000-0002-2777-7915"},"institutions":[{"id":"https://openalex.org/I55712492","display_name":"Zhejiang University of Technology","ror":"https://ror.org/02djqfd08","country_code":"CN","type":"education","lineage":["https://openalex.org/I55712492"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yuan Wu","raw_affiliation_strings":["College of Information Engineering, Zhejiang University of Technology, Hangzhou, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Information Engineering, Zhejiang University of Technology, Hangzhou, China","institution_ids":["https://openalex.org/I55712492"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5040138091","display_name":"Danny H. K. Tsang","orcid":"https://orcid.org/0000-0003-0135-7098"},"institutions":[{"id":"https://openalex.org/I200769079","display_name":"Hong Kong University of Science and Technology","ror":"https://ror.org/00q4vv597","country_code":"HK","type":"education","lineage":["https://openalex.org/I200769079"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"Danny H. K. Tsang","raw_affiliation_strings":["Department of Electronic and Computer Engineering, Hong Kong University of Science and Technology, Hong Kong"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Electronic and Computer Engineering, Hong Kong University of Science and Technology, Hong Kong","institution_ids":["https://openalex.org/I200769079"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.5549,"has_fulltext":false,"cited_by_count":31,"citation_normalized_percentile":{"value":0.85531468,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":null,"issue":null,"first_page":"1","last_page":"1"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10768","display_name":"Electric Vehicles and Infrastructure","score":0.9993000030517578,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10768","display_name":"Electric Vehicles and Infrastructure","score":0.9993000030517578,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10603","display_name":"Smart Grid Energy Management","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10663","display_name":"Advanced Battery Technologies Research","score":0.9973000288009644,"subfield":{"id":"https://openalex.org/subfields/2203","display_name":"Automotive Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mathematical-optimization","display_name":"Mathematical optimization","score":0.6739463210105896},{"id":"https://openalex.org/keywords/convergence","display_name":"Convergence (economics)","score":0.563518226146698},{"id":"https://openalex.org/keywords/value","display_name":"Value (mathematics)","score":0.5475621223449707},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5366847515106201},{"id":"https://openalex.org/keywords/shortest-path-problem","display_name":"Shortest path problem","score":0.5137103796005249},{"id":"https://openalex.org/keywords/markov-decision-process","display_name":"Markov decision process","score":0.4838246703147888},{"id":"https://openalex.org/keywords/path","display_name":"Path (computing)","score":0.4677690863609314},{"id":"https://openalex.org/keywords/markov-chain","display_name":"Markov chain","score":0.4553956389427185},{"id":"https://openalex.org/keywords/markov-process","display_name":"Markov process","score":0.4502437114715576},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.2947489619255066},{"id":"https://openalex.org/keywords/statistics","display_name":"Statistics","score":0.08521819114685059}],"concepts":[{"id":"https://openalex.org/C126255220","wikidata":"https://www.wikidata.org/wiki/Q141495","display_name":"Mathematical optimization","level":1,"score":0.6739463210105896},{"id":"https://openalex.org/C2777303404","wikidata":"https://www.wikidata.org/wiki/Q759757","display_name":"Convergence (economics)","level":2,"score":0.563518226146698},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5475621223449707},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5366847515106201},{"id":"https://openalex.org/C22590252","wikidata":"https://www.wikidata.org/wiki/Q1058754","display_name":"Shortest path problem","level":3,"score":0.5137103796005249},{"id":"https://openalex.org/C106189395","wikidata":"https://www.wikidata.org/wiki/Q176789","display_name":"Markov decision process","level":3,"score":0.4838246703147888},{"id":"https://openalex.org/C2777735758","wikidata":"https://www.wikidata.org/wiki/Q817765","display_name":"Path (computing)","level":2,"score":0.4677690863609314},{"id":"https://openalex.org/C98763669","wikidata":"https://www.wikidata.org/wiki/Q176645","display_name":"Markov chain","level":2,"score":0.4553956389427185},{"id":"https://openalex.org/C159886148","wikidata":"https://www.wikidata.org/wiki/Q176645","display_name":"Markov process","level":2,"score":0.4502437114715576},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.2947489619255066},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.08521819114685059},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C80444323","wikidata":"https://www.wikidata.org/wiki/Q2878974","display_name":"Theoretical computer science","level":1,"score":0.0},{"id":"https://openalex.org/C132525143","wikidata":"https://www.wikidata.org/wiki/Q141488","display_name":"Graph","level":2,"score":0.0},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C50522688","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Economic growth","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1109/tsg.2015.2478599","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tsg.2015.2478599","pdf_url":null,"source":{"id":"https://openalex.org/S59604973","display_name":"IEEE Transactions on Smart Grid","issn_l":"1949-3053","issn":["1949-3053","1949-3061"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Smart Grid","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.8799999952316284,"display_name":"Affordable and clean energy","id":"https://metadata.un.org/sdg/7"}],"awards":[{"id":"https://openalex.org/G3535588629","display_name":null,"funder_award_id":"61303235","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G4288656145","display_name":null,"funder_award_id":"LQ13F010006","funder_id":"https://openalex.org/F4320338464","funder_display_name":"Natural Science Foundation of Zhejiang Province"},{"id":"https://openalex.org/G6267659704","display_name":null,"funder_award_id":"20133317120002","funder_id":"https://openalex.org/F4320336024","funder_display_name":"Specialized Research Fund for the Doctoral Program of Higher Education of China"}],"funders":[{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"},{"id":"https://openalex.org/F4320321106","display_name":"Ministry of Education of the People's Republic of China","ror":"https://ror.org/01mv9t934"},{"id":"https://openalex.org/F4320336024","display_name":"Specialized Research Fund for the Doctoral Program of Higher Education of China","ror":null},{"id":"https://openalex.org/F4320338464","display_name":"Natural Science Foundation of Zhejiang Province","ror":"https://ror.org/01h0zpd94"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":23,"referenced_works":["https://openalex.org/W169354537","https://openalex.org/W1501190258","https://openalex.org/W1518931405","https://openalex.org/W1521533637","https://openalex.org/W1576452626","https://openalex.org/W1988015751","https://openalex.org/W1988354826","https://openalex.org/W2002506366","https://openalex.org/W2003039874","https://openalex.org/W2007336428","https://openalex.org/W2015809171","https://openalex.org/W2034833307","https://openalex.org/W2071214323","https://openalex.org/W2078889957","https://openalex.org/W2098432798","https://openalex.org/W2121733891","https://openalex.org/W2487144912","https://openalex.org/W2527578362","https://openalex.org/W2601046670","https://openalex.org/W3145585884","https://openalex.org/W4205326910","https://openalex.org/W6606946561","https://openalex.org/W6677811226"],"related_works":["https://openalex.org/W2379651310","https://openalex.org/W2113019827","https://openalex.org/W1541249122","https://openalex.org/W2413828414","https://openalex.org/W4236062181","https://openalex.org/W2315999538","https://openalex.org/W2367222340","https://openalex.org/W187740018","https://openalex.org/W2162286586","https://openalex.org/W4255368532"],"abstract_inverted_index":{"This":[0],"paper":[1],"aims":[2],"at":[3],"quantifying":[4],"the":[5,26,29,32,37,51,54,57,66,69,78,82,95,100,109,122,143,148,177,181],"value":[6,52,60,80,117,184],"of":[7,28,45,53,81,103,128,150,176],"a":[8,17,42,88,132,138,163],"lifetime-constrained":[9],"battery":[10],"energy":[11],"storage":[12],"system":[13],"(BESS)":[14],"operated":[15],"by":[16],"consumer":[18],"who":[19],"faces":[20],"fluctuating":[21],"electricity":[22],"prices.":[23],"We":[24,112,135,156],"define":[25,50],"lifetime":[27,97,145],"BESS":[30,55,83,165],"as":[31,56,87],"serving":[33],"duration":[34],"within":[35,61],"which":[36],"BESSs":[38],"capacity":[39,48],"stays":[40],"above":[41],"certain":[43],"threshold":[44],"its":[46,62],"initial":[47],"and":[49,94,131,160,186],"total":[58],"peak-shaving":[59],"entire":[63],"lifetime.":[64],"Under":[65],"assumption":[67],"that":[68,76],"price":[70,168],"dynamics":[71],"are":[72],"Markovian,":[73],"we":[74],"show":[75],"maximizing":[77],"average":[79,96,101,144],"can":[84],"be":[85],"formulated":[86],"stochastic":[89],"shortest":[90],"path":[91],"(SSP)":[92],"problem,":[93],"corresponds":[98],"to":[99,120],"number":[102],"steps":[104],"before":[105],"being":[106],"absorbed":[107],"in":[108],"SSP":[110,124],"problem.":[111],"propose":[113],"an":[114,151],"efficient":[115],"parallel":[116,188],"iteration":[118,185],"algorithm":[119,161,189],"solve":[121],"proposed":[123],"problem":[125],"with":[126],"guarantees":[127],"achieving":[129],"optimality":[130],"fast":[133],"convergence.":[134],"also":[136,191],"derive":[137],"closed":[139],"form":[140],"expression":[141],"for":[142],"based":[146],"on":[147,162],"principle":[149],"embedded":[152],"absorbing":[153],"Markov":[154],"chain.":[155],"validate":[157],"our":[158,187],"model":[159],"practical":[164],"via":[166],"real":[167],"data":[169],"sets":[170],"from":[171],"two":[172],"different":[173],"markets.":[174],"Comparison":[175],"computational":[178],"efficiency":[179],"between":[180],"standard":[182],"Gauss-Seidel":[183],"is":[190],"illustrated":[192],"through":[193],"extensive":[194],"simulation.":[195]},"counts_by_year":[{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}