Economic Optimal Operation of Community Energy Storage Systems in Competitive Energy Markets
Economic Optimal Operation of Community Energy Storage Systems in Competitive Energy Markets
Abstract
Distributed, controllable energy storage devices offer several benefits to electric power system operation. Three such benefits include reducing peak load, providing standby power, and enhancing power quality. These benefits, however, are only realized during peak load or during an outage, events that are infrequent. This paper presents a means of realizing additional benefits by taking advantage of the fluctuating costs of energy in competitive energy markets. An algorithm for optimal charge/discharge scheduling of Community Energy Storage (CES) devices as well as an analysis of several of the key drivers of the optimization are discussed. (C) 2014 Elsevier Ltd. All rights reserved.
Description
Onen, Ahmet/0000-0001-7086-5112; Arghandeh, Reza/0000-0002-0691-5426
Keywords
Community Energy Storage, Electricity Market Price, Battery Scheduling, Battery Optimal Control, Distributed Energy Resources, Physics - Physics and Society, Distributed Energy Resources, FOS: Physical sciences, Electricity market price, Battery optimal control, Physics and Society (physics.soc-ph), Community Energy Storage, FOS: Economics and business, Battery scheduling, Quantitative Finance - General Finance, General Finance (q-fin.GN)
Fields of Science
0211 other engineering and technologies, 02 engineering and technology, 0202 electrical engineering, electronic engineering, information engineering
Citation
WoS Q
Scopus Q
OpenCitations Citation Count
110
Source
Volume
135
Issue
Start Page
71
End Page
80