Evaluating the Regulation Market Maturity for Energy Storage Devices

Kumaraswamy, Kiran; Cotrone, Jamie

doi:10.1016/j.tej.2013.11.003

Cited by 11 publications

(8 citation statements)

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“…Conventionally, FR was only provided by generation stakeholders, but this is changing due to the expansion of energy storage technology and the increase in intermittent renewable energy source integration [35,36], which will increase FR requirements [37].…”

Section: Frequency Regulationmentioning

confidence: 99%

A review of demand side management business models in the electricity market

Behrangrad

2015

Renewable and Sustainable Energy Reviews

283

116

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Section: Frequency Regulationmentioning

confidence: 99%

A review of demand side management business models in the electricity market

Behrangrad

2015

Renewable and Sustainable Energy Reviews

283

116

View full text Add to dashboard Cite

“…(9) to a deterministic constraint in Eq. (11). However, normally ρ 2 < 1 in practice, i.e., some violations of signal tracking are tolerable, which makes the optimization challenging.…”

Section: A Offline Policies For Rsrmentioning

confidence: 99%

Optimizing energy storage participation in emerging power markets

Chen

Liu

Coskun

et al. 2015

2015 Sixth International Green and Sustainable Computing Conference (IGSC)

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Abstract-The growing amount of intermittent renewables in power generation creates challenges for real-time matching of supply and demand in the power grid. Emerging ancillary power markets provide new incentives to consumers (e.g., electrical vehicles, data centers, and others) to perform demand response to help stabilize the electricity grid. A promising class of potential demand response providers includes energy storage systems (ESSs). This paper evaluates the benefits of using various types of novel ESS technologies for a variety of emerging smart grid demand response programs, such as regulation services reserves (RSRs), contingency reserves, and peak shaving. We model, formulate and solve optimization problems to maximize the net profit of ESSs in providing each demand response. Our solution selects the optimal power and energy capacities of the ESS, determines the optimal reserve value to provide as well as the ESS real-time operational policy for program participation. Our results highlight that applying ultra-capacitors and flywheels in RSR has the potential to be up to 30 times more profitable than using common battery technologies such as LI and LA batteries for peak shaving.

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“…The emergence of EES systems in the RS market is greatly promoted by Order 755 of the Federal Energy Regulatory Commission [4]. The payment system makes fast-responding RS resources such as EES systems more profitable than slowresponding resources like pumped hydro energy storage.…”

Section: A Regulation Servicementioning

confidence: 99%

“…Due to these requirements, electrical energy storage (EES) systems have been considered the most promising approach to realizing an RS resource [2], [3]. Recent regulatory developments [4] require ISOs to provide incentives to fast-responding RS resources, accelerating the use of EES systems in RS markets. Various battery-based EES systems [13], [14], [15], [16], [17], [18].…”

Section: Introductionmentioning

confidence: 99%

Design and management of hybrid electrical energy storage systems for regulation services

Kim

Raghunathan

2014

International Green Computing Conference

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Regulation services (RS) play an important role in maintaining the stability of electric grids by correcting for shortterm mismatches between electricity generation and demand. RS providers dynamically supply electricity to the grid or consume electricity from it, in response to regulation signals, in return for economic compensation. This capability is commonly realized through large-scale electrical energy storage (EES) systems based on batteries. However, the highly transient nature of the regulation signals implies that the batteries used for RS are subject to frequent charge and discharge cycles, leading to shortened battery life and thereby impacting the profitability of RS.In this work, we explore the use of hybrid EES (HEES) systems, which combine batteries and supercapacitors, to improve the profitability of RS. HEES systems have the potential to reduce the cost of providing RS by utilizing supercapacitors to respond to the high-frequency components of the regulation signal, prolonging battery life. However, realizing this potential presents several challenges. First, the benefits of HEES systems are profoundly impacted by the allocation of capacity to batteries and supercapacitors. This is because the reduction in battery replacement cost due to the use of supercapacitors must be traded off against the increased upfront cost for supercapacitors. Second, HEES systems introduce the problem of how to manage the power flows to the batteries and supercapacitors so as to realize maximum benefits. To address these challenges, we present a framework for the design and management of a HEES system, so as to maximize profit from the perspective of an RS provider. At design time, we propose a capacity optimization framework that determines the best allocation of capacity to batteries and supercapacitors. During system operation, the proposed management scheme selects how the different storage devices are orchestrated considering their characteristics, as well as the incoming regulation signal. Our experiments suggest that, with the proposed capacity optimization and management framework, the use of HEES systems can improve the profit of RS providers by 79%-196%.

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Evaluating the Regulation Market Maturity for Energy Storage Devices

Cited by 11 publications

References 0 publications

A review of demand side management business models in the electricity market

A review of demand side management business models in the electricity market

Optimizing energy storage participation in emerging power markets

Design and management of hybrid electrical energy storage systems for regulation services

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