Economic Model Predictive Control - A Review

Abstract

Leveraging the advanced estimation and control algo- rithms for power systems have always been associated with the renewable energy sources, rational power generation, consumer stimulus, emission reduction, as well as econom- ically viable objectives. The model predictive control (MPC) strategies, that employ an economic-related cost function for real-time control, has lately proved a numerically efficient approach to managing the portfolio of energy usage in vari- ous residential and industrial projects. They are designated as economic MPCs, whose main endeavour is to cope with regularly changing energy prices. Unlike the traditional MPCs, economic MPCs optimize the process operations in a time-varying fashion, rather than maintain the process variables around a few desired steady states. The process may thus totally operate in the transient state with economic MPCs. This paper provides a rigorous review on the devel- oped and progressive economic MPCs, as a contribution to the field while it is still in its infancy. In the second part of the paper, we briefly showthe potential of applying the quadratic dissipativity constraint, previously introduced, to the closed- loop stability problem of an economic MPC problem.