Potential Arbitrage Revenue of Energy Storage Systems in PJM

Salles, Maurício B. C.; Huang, Junling; Aziz, Michael J.; Hogan, William W.

doi:10.3390/en10081100

Cited by 47 publications

(23 citation statements)

References 22 publications

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“…In the transmission system, it can be utilized as auxiliary equipment for renewable energy, elimination of transmission congestion, frequency regulation service, voltage regulation service, peak reduction/shifting. In addition, it can be used as micro grid power/demand balance, frequency regulation, black start function in conjunction with micro grid, and it can be used as UPS (uninterruptible power system), peak reduction/shifting, DR (demand response) in behind-the-meter [1].…”

Section: Introductionmentioning

confidence: 99%

Implementation of Optimal Scheduling Algorithm for Multi-Functional Battery Energy Storage System

2019

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Energy storage system (ESS) can play a positive role in the power system due to its ability to store, charge and discharge energy. Additionally, it can be installed in various capacities, so it can be used in the transmission and distribution system and even at home. In this paper, the proposed algorithm for economic optimal scheduling of ESS linked to transmission systems in the Korean electricity market is proposed and incorporated into the BESS (battery energy storage system) demonstration test center. The proposed algorithm considers the energy arbitrage operation through SMP (system marginal price) and operation considering the REC (renewable energy certification) weight of the connected wind farm and frequency regulation service. In addition, the proposed algorithm was developed so that the SOC (state-of-charge) of the ESS could be separated into two virtual SOCs to participate in different markets and generate revenue. The proposed algorithm was simulated and verified through Matlab and loaded into the demonstration system using the Matlab “Runtime” function.

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Section: Introductionmentioning

confidence: 99%

Implementation of Optimal Scheduling Algorithm for Multi-Functional Battery Energy Storage System

2019

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“…In addition to previous studies related to the EPP, researchers have focused on ESSs in multi-period markets [11][12][13][14][15], considering the size and scheduling of an ESS in order to maximize profits or to minimize procurement costs. For example, studies have examined time arbitrage [14] and how to reduce payment imbalances [15].…”

Section: Introductionmentioning

confidence: 99%

“…For example, studies have examined time arbitrage [14] and how to reduce payment imbalances [15]. However, to the best of our knowledge, few studies have attempted to determine the size and schedule of an ESS based on both time arbitrage and reductions in RTM transactions, although these specifications could differ depending on each purpose.…”

Section: Introductionmentioning

confidence: 99%

Optimal Sizing of Energy Storage Systems for the Energy Procurement Problem in Multi-Period Markets under Uncertainties

Konishi

Takahashi

2018

Energies

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Abstract:In deregulated electricity markets, minimizing the procurement costs of electricity is a critical problem for procurement agencies (PAs). However, uncertainty is inevitable for PAs and includes multiple factors such as market prices, photovoltaic system (PV) output and demand. This study focuses on settlements in multi-period markets (a day-ahead market and a real-time market) and the installation of energy storage systems (ESSs). ESSs can be utilized for time arbitrage in the day-ahead market and to reduce the purchasing/selling of electricity in the real-time market. However, the high costs of an ESS mean the size of the system needs to be minimized. In addition, when determining the size of an ESS, it is important to identify the size appropriate for each role. Therefore, we employ the concept of a "slow" and a "fast" ESS to quantify the size of a system's role, based on the values associated with the various uncertainties. Because the problem includes nonlinearity and non-convexity, we solve it within a realistic computational burden by reformulating the problem using reasonable assumptions. Therefore, this study identifies the optimal sizes of ESSs and procurement, taking into account the uncertainties of prices in multi-period markets, PV output and demand.

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“…McConnell et al (2015); Salles et al (2016)]. Some of the analyses explore a strategic network role (i.e.…”

Section: Storage Literature Reviewmentioning

confidence: 99%

A Framework for Incorporating EROI into Electrical Storage

Palmer

2017

Biophys Econ Resour Qual

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was modelled as a limiting case of VRE plus storage, and is therefore not intended as a comprehensive cost-optimised solution to high-penetration VRE. A shift from an electrical system based mostly on energy stocks to one based mostly on natural flows is constrained by the quantity of storage required, and the quantity of VRE overbuild to charge the stores. The application of the framework shows that the value of electrical storage and overbuild exhibits a marked diminishing returns behaviour at rising VRE penetration and therefore the first units of storage are the most valuable. The framework is intended to stimulate further research into using EROI to better understand the role of VRE and storage in prospective energy transitions.

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Potential Arbitrage Revenue of Energy Storage Systems in PJM

Cited by 47 publications

References 22 publications

Implementation of Optimal Scheduling Algorithm for Multi-Functional Battery Energy Storage System

Implementation of Optimal Scheduling Algorithm for Multi-Functional Battery Energy Storage System

Optimal Sizing of Energy Storage Systems for the Energy Procurement Problem in Multi-Period Markets under Uncertainties

A Framework for Incorporating EROI into Electrical Storage

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