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

Journal Article · · IEEE Transactions on Power Systems
 [1];  [1];  [1];  [1]
  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 Lab. (SNL-NM), Albuquerque, NM (United States)
Sponsoring Organization:
USDOE Office of Electricity (OE), Advanced Grid Research & Development. Power Systems Engineering Research
Grant/Contract Number:
AC04-94AL85000
OSTI ID:
1515213
Report Number(s):
SAND-2019-4633J; 674981
Journal Information:
IEEE Transactions on Power Systems, Vol. 34, Issue 5; ISSN 0885-8950
Publisher:
IEEECopyright Statement
Country of Publication:
United States
Language:
English
Citation Metrics:
Cited by: 22 works
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