Economics of electric energy storage for energy arbitrage and regulation in New York

Walawalkar, Rahul; Apt, Jay; Mancini, R.

doi:10.1016/j.enpol.2006.09.005

Cited by 417 publications

(215 citation statements)

References 12 publications

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“…There are several reasons this may not be correct, including use of coal and oil generators for compensation and interaction between renewable variability and load variability (8), so the estimates in Table 2 are likely to provide an upper bound on estimates of the emissions increase associated with wind and solar generation's variability. Storage systems other than pumped hydroelectric are presently not cost-effective (27), but may reduce the need for ramping generators should their costs fall.…”

Section: Interactions Between Rpss and Cairmentioning

confidence: 99%

Air Emissions Due To Wind And Solar Power

Katzenstein

Apt

2008

Environ. Sci. Technol.

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133

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Renewables portfolio standards (RPS) encourage large-scale deployment of wind and solar electric power. Their power output varies rapidly, even when several sites are added together. In many locations, natural gas generators are the lowest cost resource available to compensate for this variability, and must ramp up and down quickly to keep the grid stable, affecting their emissions of NO x and CO 2 . We model a wind or solar photovoltaic plus gas system using measured 1-min time-resolved emissions and heat rate data from two types of natural gas generators, and power data from four wind plants and one solar plant. Over a wide range of renewable penetration, we find CO 2 emissions achieve ∼80% of the emissions reductions expected if the power fluctuations caused no additional emissions. Using steam injection, gas generators achieve only 30-50% of expected NO x emissions reductions, and with dry control NO x emissions increase substantially. We quantify the interaction between state RPSs and NO x constraints, finding that states with substantial RPSs could see significant upward pressure on NO x permit prices, if the gas turbines we modeled are representative of the plants used to mitigate wind and solar power variability.

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Section: Interactions Between Rpss and Cairmentioning

confidence: 99%

Air Emissions Due To Wind And Solar Power

Katzenstein

Apt

2008

Environ. Sci. Technol.

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133

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“…A similar result was found for isolated power systems (Mercier et al, 2009). The value of electrical energy storage for the purposes of energy arbitrage, frequency regulation and network reinforcement deferral was calculated for the New York system by Walawalkar et al (2007). The authors concluded that sodium-sulphur (NaS) and flywheel units had a high probability of a positive net-present value in the New York City region for energy arbitrage and frequency regulation.…”

Section: Introduction To Energy Storagementioning

confidence: 99%

Evaluating the benefits of an electrical energy storage system in a future smart grid

et al. 2010

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. (2010) 'Evaluating the bene ts of an electrical energy storage system in a future smart grid.', Energy policy., 38 (11). pp. 7180-7188. Further information on publisher's website:http://dx.doi.org/10.1016/j.enpol.2010.07.045Publisher's copyright statement: NOTICE: this is the author's version of a work that was accepted for publication in Energy policy. Additional information:Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-pro t purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. AbstractInterest in electrical energy storage systems is increasing as the opportunities for their application become more compelling in an industry with a back-drop of ageing assets, increasing distributed generation and a desire to transform networks into Smart Grids. A field trial of an energy storage system designed and built by ABB is taking place on a section of 11kV distribution network operated by EDF Energy Networks in Great Britain. This paper reports on the findings from simulation software developed at Durham University that evaluates the benefits brought by operating an energy storage system in response to multiple events on multiple networks. The tool manages the allocation of a finite energy resource to achieve the most beneficial shared operation across two adjacent areas of distribution network. Simulations account for the key energy storage system parameters of capacity and power rating. Results for events requiring voltage control and power flow management show how the choice of operating strategy influences the benefits achieved. The wider implications of these results are discussed to provide an assessment of the role of electrical energy storage systems in future Smart Grids.

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“…A large share of the existing PBUC work assumes perfect foresight of future prices and the storage plant to be small enough to be a price-taker in the considered market (e.g., [18][19][20][21][22][23]). Although quite some studies discuss a relaxation of the perfect price foresight assumption (e.g., [16,[24][25][26][27][28][29][30]), less attention has been given to the relaxation of the price-taking assumption in PBUC arbitrage models. However, either large-scale or multiple small-scale storage plants that are operated cooperatively could benefit from considering the price-effect of (dis)charge actions.…”

Section: Scope and Approachmentioning

confidence: 99%

Price-based unit commitment electricity storage arbitrage with piecewise linear price-effects

Brijs

Geth

Siddiqui

et al. 2016

Journal of Energy Storage

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Electricity storage plants can be used for many applications, with one of the most studied applications being arbitrage in the day-ahead market. Terms of use: Documents inAlthough the arbitrage value is related to the presence of price spreads, it also depends on the effect of (dis)charge actions on prices, as arbitrage generally reduces price spreads by increasing off-peak prices when charging and decreasing peak prices when discharging. As such, there are two important assumptions in price-based unit commitment arbitrage models: first, whether the storage operator is assumed to have perfect knowledge of future prices, and second, whether they recognize that their (dis)charge actions may affect those prices, i.e., the price-taking or pricemaking assumption. This article proposes a comprehensive formulation of the arbitrage problem including detailed operating constraints, and focuses on relaxing the price-taking assumption by considering real-world price-effect data, published in the form of hourly piecewise linear relationships between quantity and price based on submitted bids, which are referred to as "market resilience functions". These can be used to (1) evaluate the price-taking and price-making assumptions based on simplified price-effects, and to (2) provide an upper limit to the arbitrage value under the assumption that prices and price-effects are known at the decision stage. In addition, a stepwise approximation to the piecewise linear functions is developed to reduce computation time, i.e., from mixed-integer nonconvex quadratic programming to mixed-integer linear programming, while providing lower-and upper bound approximations to the arbitrage value. The developed models are applied to the Belgian day-ahead market for 2014, and show that the price-effect has a strong impact on the operation and arbitrage value of large-scale storage.

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Economics of electric energy storage for energy arbitrage and regulation in New York

Cited by 417 publications

References 12 publications

Air Emissions Due To Wind And Solar Power

Air Emissions Due To Wind And Solar Power

Evaluating the benefits of an electrical energy storage system in a future smart grid

Price-based unit commitment electricity storage arbitrage with piecewise linear price-effects

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