Review on Economic Analysis of Grid-tied Battery Storage Systems and Optimization Strategies

Abstract

This comprehensive review paper provides an in-depth exploration of the landscape of energy management strategies within the context of emerging energy markets. It underscores the significance of effective energy management and optimization, particularly in light of the surging integration of renewable energy sources, growing sustainability concerns, and the dynamic shifts within the energy sector. This review extensively analyses three fundamental domains: electricity demand estimation, battery storage systems, and energy arbitrage methodologies placing a significant emphasis on the body of the research related to electricity storage optimization.Furthermore, it delves into the widespread strategies that are adopted in battery storage systems, which have assumed a pivotal role in energy storage and the equilibrium of supply and demand in the modern energy landscape. Nevertheless, amidst this extensive examination, a considerable research gap arises, specifically highlighting the lack of dedicated studies addressing energy arbitrage methods tailored to the unique attributes of emerging energy markets. This gap is particularly prominent in the context of Sri Lanka's growing energy market, where the prominence of renewable energy sources is on the rise.The review underscores that in order to fully harness the vast potential of renewable resources and optimize energy supply within this distinctive setting, it is crucial to develop and implement customized energy arbitrage strategies. These strategies should be designed to accommodate the evolving energy dynamics and the integration of renewable energy, that would thus enable energy markets to function effectively while maximizing economic benefits. Therefore, as the global energy landscape continues to transform, with a growing focus on sustainability and renewable energy, this paper sheds light on the need for innovative and tailored energy solutions in emerging markets.