Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective
With the growing application of green energy, the importance of effectively handling the volatile nature of these energy sources is also growing in order to ensure economic and operational viability. Accordingly, the main contribution of this work is to evaluate the revenue potential for wind parks...
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| Format: | Article |
| Language: | English |
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MDPI AG
2021-08-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/14/16/4718 |
| _version_ | 1797524051142377472 |
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| author | Pavani Ponnaganti Birgitte Bak-Jensen Brian Vejrum Wæhrens Jesper Asmussen |
| author_facet | Pavani Ponnaganti Birgitte Bak-Jensen Brian Vejrum Wæhrens Jesper Asmussen |
| author_sort | Pavani Ponnaganti |
| collection | DOAJ |
| description | With the growing application of green energy, the importance of effectively handling the volatile nature of these energy sources is also growing in order to ensure economic and operational viability. Accordingly, the main contribution of this work is to evaluate the revenue potential for wind parks with integrated storage systems in the day-ahead electricity markets using genetic algorithm. It is achieved by the concept of flexible charging–discharging of the Energy Storage System (ESS), taking advantage of the widespread electricity prices that are predicted using a feedforward-neural-network-based forecasting algorithm. In addition, the reactive power restrictions posed by grid code that are to be followed by the wind park are also considered as one of the constraints. Moreover, the profit obtained with a Battery Energy Storage System (BESS) is compared with that of a Thermal Energy Storage System (TESS). The proposed method gave more profitable results when utilizing BESS for energy arbitrage in day-ahead electricity markets than with TESS. Moreover, the availability of ESS at wind park has reduced the wind power curtailment. |
| first_indexed | 2024-03-10T08:51:50Z |
| format | Article |
| id | doaj.art-92f28418aac543ce88cb5a1e1a1ccd15 |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-10T08:51:50Z |
| publishDate | 2021-08-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-92f28418aac543ce88cb5a1e1a1ccd152023-11-22T07:26:25ZengMDPI AGEnergies1996-10732021-08-011416471810.3390/en14164718Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s PerspectivePavani Ponnaganti0Birgitte Bak-Jensen1Brian Vejrum Wæhrens2Jesper Asmussen3Department of Energy Technology, Aalborg University, 9220 Aalborg, DenmarkDepartment of Energy Technology, Aalborg University, 9220 Aalborg, DenmarkDepartment of Mechanical and Manufacturing Engineering, Aalborg University, 9220 Aalborg, DenmarkLead-Performance Optimization, Blue Power Partners, 9000 Aalborg, DenmarkWith the growing application of green energy, the importance of effectively handling the volatile nature of these energy sources is also growing in order to ensure economic and operational viability. Accordingly, the main contribution of this work is to evaluate the revenue potential for wind parks with integrated storage systems in the day-ahead electricity markets using genetic algorithm. It is achieved by the concept of flexible charging–discharging of the Energy Storage System (ESS), taking advantage of the widespread electricity prices that are predicted using a feedforward-neural-network-based forecasting algorithm. In addition, the reactive power restrictions posed by grid code that are to be followed by the wind park are also considered as one of the constraints. Moreover, the profit obtained with a Battery Energy Storage System (BESS) is compared with that of a Thermal Energy Storage System (TESS). The proposed method gave more profitable results when utilizing BESS for energy arbitrage in day-ahead electricity markets than with TESS. Moreover, the availability of ESS at wind park has reduced the wind power curtailment.https://www.mdpi.com/1996-1073/14/16/4718Battery Energy Storage Systemwind energy arbitrageelectricity marketsgenetic algorithmregression |
| spellingShingle | Pavani Ponnaganti Birgitte Bak-Jensen Brian Vejrum Wæhrens Jesper Asmussen Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective Energies Battery Energy Storage System wind energy arbitrage electricity markets genetic algorithm regression |
| title | Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective |
| title_full | Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective |
| title_fullStr | Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective |
| title_full_unstemmed | Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective |
| title_short | Assessment of Energy Arbitrage Using Energy Storage Systems: A Wind Park’s Perspective |
| title_sort | assessment of energy arbitrage using energy storage systems a wind park s perspective |
| topic | Battery Energy Storage System wind energy arbitrage electricity markets genetic algorithm regression |
| url | https://www.mdpi.com/1996-1073/14/16/4718 |
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