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Frequency Regulation with Storage: On Losses and Profits

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Solar power

Solar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV) or indirectly using concentrated solar power. Photovoltaic cells convert light into an electric current using the photovoltaic effect. Concentrated solar power systems use lenses or mirrors and solar tracking systems to focus a large area of sunlight to a hot spot, often to drive a steam turbine.

Statistical dispersion

In statistics, dispersion (also called variability, scatter, or spread) is the extent to which a distribution is stretched or squeezed. Common examples of measures of statistical dispersion are the variance, standard deviation, and interquartile range. For instance, when the variance of data in a set is large, the data is widely scattered. On the other hand, when the variance is small, the data in the set is clustered. Dispersion is contrasted with location or central tendency, and together they are the most used properties of distributions.

Power purchase agreement

A power purchase agreement (PPA), or electricity power agreement, is a long-term contract between an electricity generator and a customer, usually a utility, government or company. PPAs may last anywhere between 5 and 20 years, during which time the power purchaser buys energy at a pre-negotiated price. Such agreements play a key role in the financing of independently owned (i.e. not owned by a utility) electricity generators, especially producers of renewable energy like solar farms or wind farms.

Fog computing

Fog computing or fog networking, also known as fogging, is an architecture that uses edge devices to carry out a substantial amount of computation (edge computing), storage, and communication locally and routed over the Internet backbone. In 2011, the need to extend cloud computing with fog computing emerged, in order to cope with huge number of IoT devices and big data volumes for real-time low-latency applications. Fog computing, also called edge computing, is intended for distributed computing where numerous "peripheral" devices connect to a cloud.