Energy arbitrage and market opportunities for energy storage facilities in Ontario

Bassett, Kyle; Carriveau, Rupp; Ting, David S.‐K.

doi:10.1016/j.est.2018.10.015

Cited by 25 publications

(6 citation statements)

References 17 publications

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“…Consequently, Shifting the load can help accommodate the changing demand as well as change in generation. Load shifting can be done for intra-day load as well as for seasonal load [27].…”

Section: A Energy Arbitrage/load Shiftingmentioning

confidence: 99%

Use of Forecasting in Energy Storage Applications: A Review

2021

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During the last decade there has been a major shift towards renewable energy sources to fulfill the increasing demand for energy in a sustainable manner. However, a major challenge with renewable energy sources is their dependence on weather conditions which makes generation highly uncertain and intermittent. Energy storage is deemed instrumental to harness renewable energy overcoming its inherent stochasticity. Nonetheless, the operation of energy storage is not trivial due to its energy limitation and degradation behavior. Many works in literature consider forecast as a cornerstone for effective management of energy storage for various grid applications. However, little work has been devoted to studying the actual value of forecast for energy storage management, which is highly dependent on the use case. This paper presents a review of the state of the art in the use of forecast for energy storage management, identifying the estimated value of forecast with respect to baseline management approaches that do not rely on forecast. The paper also discusses research pathways that would focus on improving forecast only on the energy storage applications that can benefit from it.

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“…Consequently, Shifting the load can help accommodate the changing demand as well as change in generation. Load shifting can be done for intra-day load as well as for seasonal load [27].…”

Section: A Energy Arbitrage/load Shiftingmentioning

confidence: 99%

Use of Forecasting in Energy Storage Applications: A Review

2021

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“…This is particularly useful when a utility's tariff structure includes demand charges that increase cost based on the highest 15-minute average energy demand in a billing period or other similar tariffs. This is likewise the case for jurisdictions that have significant fluctuations in seasonal and diurnal electricity demand and pricing, which creates both challenges and opportunities (Bassett, Rupp, and Ting 2018). Since nuclear energy is both a large generator and has large "house loads," there exist many opportunities to locate behind-the-meter demand response or energy storage to shift electricity production and house loads for maximum economic benefit.…”

Section: Demand Response and Energy Storagementioning

confidence: 99%

Flexible Nuclear Energy for Clean Energy Systems

Bragg‐Sitton

Gorman

Burton

et al. 2020

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This commitment is reflected in our continued support of technology development and innovation in our current and future energy systems. Our organizations have each supported a variety of research and development activities and initiatives in collaboration with national laboratories, academia, and industry partners that explore and utilize different technologies to meet a variety of energy demands. Nuclear energy is an important part of the global clean energy supply, providing nearly one-third of the world's non-emitting electricity and complementing and enabling other clean energy sources, including renewables. Recognizing this current and future potential for nuclear energy, the Nuclear Innovation: Clean Energy Future (NICE Future) initiative was launched in 2018 at the Ninth CEM in Copenhagen, Denmark. Since its launch, the NICE Future initiative has succeeded in initiating broad, cross-sectoral dialogue among CEM member countries to highlight the roles that nuclear energy can play in bolstering economic growth, energy security, and access, and environmental stewardship. This includes exploring and building awareness about how innovative nuclear energy technologies across both large and small-scale applications, such as small modular reactors (SMRs) and other advanced reactors, can drive clean growth. To explore and communicate the increasingly flexible roles that nuclear energy technologies can play in integrated clean energy systems of the future, the NICE Future initiative proudly launched the Flexible Nuclear Campaign for Nuclear-Renewables Integration (Flexible Nuclear Campaign) at the 10 th CEM in Vancouver, Canada in 2019. The International Energy Agency's (IEA's) 2019 World Energy Outlook forecasts that electricity generation from variable renewables could range from 36% to 67% by 2040. As more renewables connect to the grid, many countries are developing innovative options to employ more flexible operation of traditional and base load energy sources, like nuclear, to produce electricity and heat to meet demand. This report brought together experts from around the globe to share expertise and study opportunities for innovative and advanced nuclear systems to operate flexibly and work in tandem with renewables, contributing to clean energy systems of the future. As demonstrated in technical analyses summarized in this report, nuclear energy offers flexibility in certain electricity markets around the world, and new nuclear technologies could extend the versatility of nuclear energy systems further. At its most basic, nuclear energy can operate flexibly by ramping power output up or down to match grid demand; however, nuclear energy's services extend beyond just electricity generation. Around the world, research is underway to explore how nuclear systems can use generated thermal

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“…between the two profiles forms the potential wasted power (average to average) that could have been stored in energy storage systems for other applications. Grid-scale, stationary BESSs have had multiple conventional applications such as (i) end-consumer arbitrage (ECA) [10], [11] to enable consumers to take advantage of lower energy prices due to BESS, (ii) resource adequacy and reserve capacity [12]- [14] ensuring the safe and reliable operation of the UG in real-time by providing sufficient resources, (iii) frequency regulation (FR) [15], [16] to maintain the AC frequency within tight tolerance bounds and increase the grid stability, (iv) voltage support [17] to absorb or deliver reactive power and serve to keep a specific voltage level on the grid, (v) black-start [18], [19] to restore power plant's electricity or portions of electric grid to operation after a total or partial shutdown, and (vi) transmission congestion relief [20], [21] to enhance the transmission network capacity when the capability of demand for transmission is surpassed. BESSs have gained increasing popularity in the latest decades.…”

Section: Introductionmentioning

confidence: 99%

Design of Combined Stationary and Mobile Battery Energy Storage Systems

Hayajneh¹,

Zhang²

2021

Preprint

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To minimize the curtailment of renewable generation and incentivize grid-scale energy storage deployment, a concept of combining stationary and mobile applications of battery energy storage systems built within renewable energy farms is proposed. A simulation-based optimization model is developed to obtain the optimal design parameters such as battery capacity and power ratings by solving a multi-objective optimization problem that aims to maximize the economic profitability, the energy provided for transportation electrification, the demand peak shaving, and the renewable energy utilized. Two applications considered for the stationary energy storage systems are the end-consumer arbitrage and frequency regulation, while the mobile application envisions a scenario of a grid-independent battery-powered electric vehicle charging station network. The charging stations receive supplies from the energy storage system that absorbs renewable energy, contributing to a sustained DC demand that helps with revenues. Representative results are presented for two operation modes and different sets of weights assigned to the objectives. Substantial improvement in the profitability of combined applications over single stationary applications is shown. Pareto frontier of a reduced dimensional problem is obtained to show the trade-off between design objectives. This work could pave the road for future implementations of the new form of energy storage systems.<br>

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Energy arbitrage and market opportunities for energy storage facilities in Ontario

Cited by 25 publications

References 17 publications

Use of Forecasting in Energy Storage Applications: A Review

Use of Forecasting in Energy Storage Applications: A Review

Flexible Nuclear Energy for Clean Energy Systems

Design of Combined Stationary and Mobile Battery Energy Storage Systems

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