DYNAMIC FRAMEWORK FOR MANAGING AN INTEGRATED ENERGY SYSTEM AND METHODS THEREOF

A method for dynamically managing an energy system includes determining a production plan by determining a first stochastic system dynamic program (SSDP) based on a state of and a forecasted energy demand in the energy system, determining a second SSDP by relaxing the first SSDP, decomposing the second SSDP into energy unit-specific SSDPs, applying the unit-specific SSDPs with a price model to define a bound on the first SSDP, and determining a forward-looking dynamic economic dispatch plan based on the second SSDP by identifying actions for the energy units corresponding to reachable production levels, applying current unit-specific states and the identified actions to the production plan to generate an updated production plan including unit-specific actions and expected continuation values based on the second SSDP that modify subsequent actions, and dispatching the identified unit-specific actions to the energy system.