Market Evaluation of Energy Storage Systems Incorporating Technology-Specific Nonlinear Models

Journal Article · 08 April 2019 · IEEE Transactions on Power Systems

DOI: https://doi.org/10.1109/TPWRS.2019.2909764 · OSTI ID:1515213

Nguyen, Tu Anh ^[1]; Copp, David ^[1]; Byrne, Raymond H. ^[1]; Chalamala, Babu ^[1]

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1. Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

A generic constant-efficiency energy flow model is commonly used in techno-economic analyses of grid energy storage systems. In practice, charge and discharge efficiencies of energy storage systems depend on state of charge, temperature and charge/discharge rates. Furthermore, the operating characteristics of energy storage devices are technology-specific. Therefore, generic constant-efficiency energy flow \dac{models do} not accurately capture the system performance. In this work, we propose to use technology-specific nonlinear energy flow models based on nonlinear operating characteristics of the storage devices. Furthermore, these models are incorporated into an optimization problem to find the optimal market participation of energy storage systems. We develop a dynamic programming method to solve the optimization problem and perform two case studies for maximizing the revenue of a Vanadium Redox Flow Battery (VRFB) and a Li-ion battery system in PJM's energy and frequency regulation markets.

• Research Organization: Sandia National Laboratories (SNL-NM), Albuquerque, NM (United States)
• Sponsoring Organization: USDOE Office of Electricity Delivery and Energy Reliability (OE), Power Systems Engineering Research and Development (R&D) (OE-10)
• Grant/Contract Number: AC04-94AL85000
• OSTI ID: 1515213
• Report Number(s): SAND--2019-4633J; 674981
• Journal Information: IEEE Transactions on Power Systems, Journal Name: IEEE Transactions on Power Systems Journal Issue: 5 Vol. 34; ISSN 0885-8950
• Publisher: IEEECopyright Statement
• Country of Publication: United States
• Language: English