Micro grid scheduling policies, forecasting errors, and cooperation based on production correlation

We present scheduling policies that can be used by Micro Grids (MGs) with the possibility of energy production, consumption and storage, in the context of a novel Smart Grid architecture. Assuming a Day-Ahead market, we investigate the management of resources so as to achieve higher profit for the MGs under various operating scenarios. The possibility of cooperation among MGs in the presence of forecast errors is also studied, demonstrating that it can lead to more intelligent and profitable operation of the MG resources. The profits of cooperation among MGs whose production patterns have positive, zero, or negative correlation are assessed.