Optimal investment and operational planning of a storage power plant

Sauhats, Antans Sauļus; Çoban, Hasan Hüseyin; Baltputnis, Kārlis; Broka, Zane; Petrichenko, Roman; Varfolomejeva, Renāta

doi:10.1016/j.ijhydene.2016.03.078

Cited by 27 publications

(11 citation statements)

References 13 publications

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“…The detailed determination process for the evaluation index system for the selection of the optimal EES planning program is as follows. Firstly, the initial criteria for the selection of the optimal of EES planning program are determined on the basis of related industrial reports and academic literature [12,[15][16][17]22]. Secondly, five experts, including academic professors and enterprise practitioners in the fields of electric power systems and energy storage planning are invited to review the initial selected criteria, and then the most important criteria are determined based on their professional knowledge and practical experience.…”

Section: The Mcdm-based Framework and Procedures Of The Optimal Ees Plmentioning

confidence: 99%

“…Saboori et al proposed an optimal method for determining the location and capacity of ESS in distribution networks with the objective of maximizing the profit of the distribution company by using mixed integer non-linear programming, and then a particle swarm optimization algorithm was used to find the optimal solution [14]. Sauhats et al proposed a long-term investment planning and short-term scheduling method for storage power plants using a stochastic approach, and the cost-benefit analysis was performed for hydrogen storage combined with pumped storage for hydropower [15]. Kittner et al proposed a two-factor-based model for energy storage deployment, combining the investment values in technology deployment and materials innovation covering battery storage technology [16].…”

Section: Introductionmentioning

confidence: 99%

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How to Select the Optimal Electrochemical Energy Storage Planning Program? A Hybrid MCDM Method

Zhang

Xiangcheng

et al. 2020

Energies

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Electrochemical energy storage (EES) is a promising kind of energy storage and has developed rapidly in recent years in many countries. EES planning is an important topic that can impact the earnings of EES investors and sustainable industrial development. Current studies only consider the profit or cost of the EES planning program, without considering other economic criteria such as payback period and return on investment (ROI), which are also important for determining an optimal EES planning program. In this paper, a new hybrid multi-criteria decision-making (MCDM) method integrating the Bayesian best-worst method (BBWM), the entropy weighting approach, and grey cumulative prospect theory is proposed for the optimal EES planning program selection with the consideration of multiple economic criteria. The BBWM and entropy weighting approach are jointly employed for determining the weightings of criteria, and the grey cumulative prospect theory was utilized for the performance rankings of different EES planning programs. Five EES planning programs were selected for empirical analysis, including 9MW PbC battery EES, 2MW LiFePO lithium ion battery EES, 3MW LiFePO lithium ion battery EES, 2MW vanadium redox flow battery EES, and 3MW vanadium redox flow battery EES. The empirical results indicate the 2MW LiFePO lithium ion battery EES is the optimal one. The sensitivity analysis related to different risk preferences of decision-makers also shows the 2MW LiFePO lithium ion battery EES is always the optimal EES planning program. The proposed MCDM method for the optimal EES planning program selection in this paper is effective and robust, and can provide certain references for EES investors and decision-makers.

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Section: The Mcdm-based Framework and Procedures Of The Optimal Ees Plmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

How to Select the Optimal Electrochemical Energy Storage Planning Program? A Hybrid MCDM Method

Zhang

Xiangcheng

et al. 2020

Energies

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“…The input-output characteristics of the power plant are applied on non-linear programming and non-linear approximation model. The definition of the methodology and the validation of the algorithm with the task formulation are presented in the previous articles [15,16] and in the thesis [9]. In this paper, the formulation of the optimization task estimated in two parameter areas, particularly, the limitations and the income.…”

Section: Task Statementmentioning

confidence: 99%

On The Economics of Environmental Restrictions at Hydropower Plants: Optimize the Costs

2019

JSTR

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This paper examines a stochastic approach to solving the impact of water usage rate restrictions imposed on hydro operations in order to maximize income. The hydroelectric power plant was evaluated within a stochastic control framework by taking into account operational constraints such as cash flows, water use and minimum flow rate restrictions for environmental protection. The Quasi-Newton Method of the income maximizing working mode decisions of a hydropower plant is determined for various constraints on the value of useable water. A Turkish hydropower is used for the case study; on Kura River in Ardahan city. The income is negatively affected, although not very large, for a range of restrictions the impact is not large. Numerical results point out that not to take into account environmental constraints may noticeably increase the cash-flows value of hydropower plant.

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“…are used for its extraction [26]. The surplus of the electric energy produced from RES can be used for procuring hydrogen.…”

Section: The Accumulation Of Energymentioning

confidence: 99%

An Analysis of the Current Directions in the Development of Green Energy

Melnyk

Mahņitko

Varfolomejeva

2017

PEE

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-An analysis has been conducted on the current directions in the development of traditional and non-traditional sources of energy that do not have a negative environmental impact. The progress regarding the current level of energy production by means of the Sun and wind has been shown. The prospects of using wind energy to solve the energy resource accumulation problem are outlined. One of the directions of the development of non-traditional energy is hydrogen energy, which solves the issue of utilization of hydrogen as a future energy resource and one of the possible ways of energy resource accumulation. As the hydrogen production technology develops in the direction of cost lowering, also the level of utilizing hydrogen energy will increase since the reserves of hydrogen contained in natural water resources are practically unlimited. An important feature of green energy is the need to integrate the capacities into united complexes not only on a country-by-country scale but also on the scale of large supranational regions.

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Optimal investment and operational planning of a storage power plant

Cited by 27 publications

References 13 publications

How to Select the Optimal Electrochemical Energy Storage Planning Program? A Hybrid MCDM Method

How to Select the Optimal Electrochemical Energy Storage Planning Program? A Hybrid MCDM Method

On The Economics of Environmental Restrictions at Hydropower Plants: Optimize the Costs

An Analysis of the Current Directions in the Development of Green Energy

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