A Review of Lithium-Ion Battery Models in Techno-economic Analyses of Power Systems

Abstract

The penetration of the lithium-ion battery energy storage system (BESS) into the power system environment occurs at a colossal rate worldwide. This is mainly because it is considered as one of the major tools to decarbonize, digitalize, and democratize the electricity grid. The economic viability and technical reliability of projects with batteries require appropriate assessment because of high capital expenditures, deterioration in charging/discharging performance and uncertainty with regulatory policies. Most of the power system economic studies employ a simple power-energy representation coupled with an empirical description of degradation to model the lithium-ion battery. This approach to modelling may result in violations of the safe operation and misleading estimates of the economic benefits. Recently, the number of publications on technoeconomic analysis of BESS with more details on the lithium-ion battery performance has increased. The aim of this review paper is to explore these publications focused on the grid-scale BESS applications and to discuss the impacts of using more sophisticated modelling approaches. First, an overview of the three most popular battery models is given, followed by a review of the applications

Security-Constrained Unit Commitment for Electricity Market: Modeling, Solution Methods, and Future Challenges

“…One of the most important components in the operational costs of battery energy storage systems is degradation. Various degradation models are presented in [151]- [158]. For a more indepth review, see [151].…”

“…Various degradation models are presented in [151]- [158]. For a more indepth review, see [151]. In general, these models present challenges in balancing the formulation accuracy and the computation complexity.…”