We derive a theoretical balance of payments current account model from a framework that assumes a monetary model of exchange rates as a first state of the world, but then presumes the existence of deviations from purchasing power parity. In such a model there is slow price adjustment where short-run exchange rates deviate from long-run equilibrium exchange rates. Under these conditions there ar...

Microgrid (MG) is considered as a feasible solution to integrate the distributed energy sources. In this paper, optimal scheduling of a grid-connected MG is investigated considering different power sources as combined heat and power (CHP) units, only power and heat generating units, and battery storage systems. Two different feasible operating regions are considered for the CHP units. In additi...

This paper considers a residential market with real-time electricity pricing and flexible electricity consumption profiles for customers. Such a market raises an optimisation problem for home automation systems where they need to schedule consumption activities to reduce costs, whilst maintaining a base level of comfort and convenience. This optimisation problem faces uncertainty in real-time p...

: In this paper, the operation of a future distribution network is discussed under the assumption of a multi-carrier microgrid (MCMG) concept. The new model considers a modern energy management technique in electricity and natural gas networks based on a novel demand side management (DSM) which the energy tariff for responsive loads are correlated to the energy input of the network and changes ...