Market-based control has previously been proposed as an option for the control of shipboard power systems. Such an approach consists of an artificial market for power in which various actors (a consumer and firms) behave according to microeconomic principles. With each piece of equipment operating through laws of supply and demand, a system that is agile, resilient, effective, and efficient can be obtained. If objectives change or the system configuration is altered, prices shift, and resources are automatically reallocated to their most productive uses. This behavior arises because it has been shown that there is a fundamental equivalence between the solution to the market-based control approach and the underlying optimal control problem involved in controlling the shipboard power system. Formulating the problem in this way is not fundamentally necessary, but market principles will be at work in any solution to the problem. Herein, advancements in the control method as applied to time-dependent elements such as energy storage are presented. Methods of operating equipment in which future operation is limited by present choices are discussed. These methods allow for optimal control over a dynamic and uncertain future. Extensions of this work into the joint control of electric power and thermal management systems are also presented.
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