Multi-Dimensional Value Evaluation of Energy Storage Systems in New Power System Based on Multi-Criteria Decision-Making

Abstract

The power sector may reduce carbon emissions and reach carbon neutrality by accelerating the energy transition and lowering its reliance on fossil fuels. However, there are limitations on the new power system’s ability to operate safely and steadily due to the randomness, volatility, and intermittent nature of renewable energy supply. The key to solving this issue is to harness the flexible resources that energy storage systems (ESSs) represent; however, ESSs have more than a value for providing system flexibility. Thus, this study suggested a flexible, technical, economic, and environmental value index system based on multi-criteria decision-making models for evaluating the multi-dimensional value of ESSs. First, the objective and subjective weights are obtained using the CRITIC model and best–worst method; then, the weights are combined using the minimum relative entropy model. The complete values of five typical ESSs are then evaluated using the TOPSIS model. Three scenarios that reflect the traits of the new power system are then created and analyzed. The outcome demonstrates the following: (1) as the new power system continues to grow, the value of ESSs’ flexibility has become ever more crucial; (2) as the need for system flexibility increases, the value of electrochemical ESSs gradually manifests.

A Novel Hybrid Power-Grid Investment Optimization Model with Collaborative Consideration of Risk and Benefit

“…The TOPSIS model was first proposed by Hwang and Yoon in 1981, which can be used to rank the risks and benefits of each power-grid project in this paper [58]. The steps are as follows:…”