Electric energy storage systems in a market-based economy: Comparison of emerging and traditional technologies

Jalal Kazempour, M. Parsa Moghaddam, M. R. Haghifam, G. R. Yousefi

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

Unlike markets for storable commodities, electricity markets depend on the real-time balance of supply and demand. Although much of the present-day grid operate effectively without storage technologies, cost-effective ways of storing electrical energy can make the grid more efficient and reliable. This work addresses an economic comparison between emerging and traditional Electric Energy Storage (EES) technologies in a competitive electricity market. In order to achieve this goal, an appropriate Self-Scheduling (SS) approach must first be developed for each of them to determine their maximum potential of expected profit among multi-markets such as energy and ancillary service markets. Then, these technologies are economically analyzed using Internal Rate of Return (IRR) index. Finally, the amounts of needed financial supports are determined for choosing the emerging technologies when an investor would like to invest on EES technologies. Among available EES technologies, we consider NaS battery (Natrium Sulfur battery) and pumped-storage plants as emerging and traditional technologies, respectively. (C) 2009 Elsevier Ltd. All rights reserved.
Original languageEnglish
JournalRenewable Energy
Volume34
Issue number12
Pages (from-to)2630-2639
ISSN0960-1481
DOIs
Publication statusPublished - 2009
Externally publishedYes

Keywords

  • Renewable Energy, Sustainability and the Environment
  • Day-Ahead (DA) market
  • Electric energy storage (EES)
  • Internal rate of return (IRR)
  • NaS battery
  • Pumped-storage
  • Self-Scheduling (SS)
  • Competition
  • Earnings
  • Economics
  • Energy storage
  • Flywheels
  • Scheduling
  • Sulfur
  • Technology
  • Commerce
  • competitiveness
  • cost-benefit analysis
  • demand-side management
  • economic analysis
  • electrical power
  • energy efficiency
  • investment
  • market
  • technological development
  • ENERGY
  • OPTIMAL RESPONSE
  • PUMPED-STORAGE
  • POWER
  • PRICE
  • WIND
  • UTILITY
  • Power system management, operation and economics
  • energy storage
  • power grids
  • power markets
  • power system economics
  • electric energy storage systems
  • market-based economy
  • storable commodities
  • electricity markets
  • electrical energy
  • self-scheduling
  • energy service markets
  • ancillary service markets
  • internal rate of return index
  • EES technologies
  • natrium sulfur battery

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