Operating and Investment Models for Energy Storage Systems
In the context of climate changes and the rapid growth of energy consumption, intermittent renewable energy sources (RES) are being predominantly installed in power systems. It has been largely elucidated that challenges that RES present to the system can be mitigated with energy storage systems (ES...
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| Format: | Article |
| Language: | English |
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MDPI AG
2020-09-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/13/18/4600 |
| _version_ | 1797554532040835072 |
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| author | Marija Miletić Hrvoje Pandžić Dechang Yang |
| author_facet | Marija Miletić Hrvoje Pandžić Dechang Yang |
| author_sort | Marija Miletić |
| collection | DOAJ |
| description | In the context of climate changes and the rapid growth of energy consumption, intermittent renewable energy sources (RES) are being predominantly installed in power systems. It has been largely elucidated that challenges that RES present to the system can be mitigated with energy storage systems (ESS). However, besides providing flexibility to intermittent RES, ESS have other sources of revenue, such as price arbitrage in the markets, balancing services, and reducing the cost of electricity procurement to end consumers. In order to operate the ESS in the most profitable way, it is often necessary to make optimal siting and sizing decisions, and to determine optimal ways for the ESS to participate in a variety of energy and ancillary service markets. As a result, many publications on ESS models with various goals and operating environments are available. This paper aims at presenting the results of these papers in a structured way. A standard ESS model is first outlined, and that is followed by a literature review on operational and investment ESS models at the transmission and distribution levels. Both the price taking and price making models are elaborated on and presented in detail. Based on the examined body of work, the paper is concluded with recommendations for future research paths in the analysis of ESS. |
| first_indexed | 2024-03-10T16:33:31Z |
| format | Article |
| id | doaj.art-049641924d4e4ad59c1234be530e3631 |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-10T16:33:31Z |
| publishDate | 2020-09-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-049641924d4e4ad59c1234be530e36312023-11-20T12:36:04ZengMDPI AGEnergies1996-10732020-09-011318460010.3390/en13184600Operating and Investment Models for Energy Storage SystemsMarija Miletić0Hrvoje Pandžić1Dechang Yang2Faculty of Electrical Engineering and Computing, University of Zagreb, Unska ulica No. 3, 10000 Zagreb, CroatiaFaculty of Electrical Engineering and Computing, University of Zagreb, Unska ulica No. 3, 10000 Zagreb, CroatiaCollege of Information and Electrical Engineering, China Agricultural University, No. 17 Qinghuadonglu, Haidian, Beijing 100083, ChinaIn the context of climate changes and the rapid growth of energy consumption, intermittent renewable energy sources (RES) are being predominantly installed in power systems. It has been largely elucidated that challenges that RES present to the system can be mitigated with energy storage systems (ESS). However, besides providing flexibility to intermittent RES, ESS have other sources of revenue, such as price arbitrage in the markets, balancing services, and reducing the cost of electricity procurement to end consumers. In order to operate the ESS in the most profitable way, it is often necessary to make optimal siting and sizing decisions, and to determine optimal ways for the ESS to participate in a variety of energy and ancillary service markets. As a result, many publications on ESS models with various goals and operating environments are available. This paper aims at presenting the results of these papers in a structured way. A standard ESS model is first outlined, and that is followed by a literature review on operational and investment ESS models at the transmission and distribution levels. Both the price taking and price making models are elaborated on and presented in detail. Based on the examined body of work, the paper is concluded with recommendations for future research paths in the analysis of ESS.https://www.mdpi.com/1996-1073/13/18/4600mathematical modellingenergy storage systemselectricity marketspower system planningpower system operation |
| spellingShingle | Marija Miletić Hrvoje Pandžić Dechang Yang Operating and Investment Models for Energy Storage Systems Energies mathematical modelling energy storage systems electricity markets power system planning power system operation |
| title | Operating and Investment Models for Energy Storage Systems |
| title_full | Operating and Investment Models for Energy Storage Systems |
| title_fullStr | Operating and Investment Models for Energy Storage Systems |
| title_full_unstemmed | Operating and Investment Models for Energy Storage Systems |
| title_short | Operating and Investment Models for Energy Storage Systems |
| title_sort | operating and investment models for energy storage systems |
| topic | mathematical modelling energy storage systems electricity markets power system planning power system operation |
| url | https://www.mdpi.com/1996-1073/13/18/4600 |
| work_keys_str_mv | AT marijamiletic operatingandinvestmentmodelsforenergystoragesystems AT hrvojepandzic operatingandinvestmentmodelsforenergystoragesystems AT dechangyang operatingandinvestmentmodelsforenergystoragesystems |