“…For power generation plants, HESS can delay the investment in power generation capacity, improve the performance of frequency modulation and peak regulation, and avoid the risk of extremely low power prices in the market [11]. For power grid companies, energy storage can delay investment in transmission and distribution equipment, alleviate local power grid congestion, provide peak and frequency regulation, voltage support, emergency standby, and black start capability [12]. Electricity sales companies can profit from peak and valley spreads, providing auxiliary services such as peak and frequency modulation.…”