Techno-Economic Selection of Energy Storage Providing Multiple Services

Yichao Zhang; Saeed Peyghami; Amjad Anvari-Moghaddam; Menglin Zhang; Tomislav Dragicevic; Frede Blaabjerg

doi:10.1109/IECON49645.2022.9968726

Techno-Economic Selection of Energy Storage Providing Multiple Services

Yichao Zhang
, Saeed Peyghami
, Amjad Anvari-Moghaddam
, Menglin Zhang
, Tomislav Dragicevic
, Frede Blaabjerg

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

Abstract

Utilizing energy storage systems (ESSs) to perform multiple grid supporting services is an effective way to rationalize the investment of ESS. It is crucial to choose the matching energy storage technologies (ESTs) for achieving the specific stackable services as well as reducing investment costs and increasing revenue. Therefore, the EST suitable for providing stackable services, which includes energy arbitrage and frequency regulation, is proposed in this paper based on a framework. The framework considers the influence of technical, economical, and lifetime parameters. It mainly consists of technical preselection and economic analysis. At first, the requirements of provided services to ESS are adopted as the hard constraints to select the technically feasible ESTs. For economic analysis, a cost-benefit evaluation model for stackable services is proposed. It can quantitatively describe the influence of ESS parameters on cost and revenue. The analysis is based on the estimated parameters of ESTs in 2022. The load data and frequency regulation data are from the IEEE 33-bus distribution system and the PJM market.

Original language	English
Title of host publication	Proceedings of IECON 2022 – 48th Annual Conference of the IEEE Industrial Electronics Society
Number of pages	6
Publisher	IEEE
Publication date	2022
ISBN (Electronic)	978-1-6654-8025-3
DOIs	https://doi.org/10.1109/IECON49645.2022.9968726
Publication status	Published - 2022
Event	48^th Annual Conference of the IEEE Industrial Electronics Society - Brussels, Belgium Duration: 17 Oct 2022 → 20 Oct 2022 Conference number: 48

Conference

Conference	48^th Annual Conference of the IEEE Industrial Electronics Society
Number	48
Country/Territory	Belgium
City	Brussels
Period	17/10/2022 → 20/10/2022

Series	Iecon 2022 – 48th Annual Conference of the Ieee Industrial Electronics Society
ISSN	2577-1647

Keywords

Selection of ESTs
Stackable services
Cost-benefit evaluation model
Energy arbitrage
Frequency regulation

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10.1109/IECON49645.2022.9968726

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@inproceedings{2df437dc06934bb08294ab8c14fa1369,

title = "Techno-Economic Selection of Energy Storage Providing Multiple Services",

abstract = "Utilizing energy storage systems (ESSs) to perform multiple grid supporting services is an effective way to rationalize the investment of ESS. It is crucial to choose the matching energy storage technologies (ESTs) for achieving the specific stackable services as well as reducing investment costs and increasing revenue. Therefore, the EST suitable for providing stackable services, which includes energy arbitrage and frequency regulation, is proposed in this paper based on a framework. The framework considers the influence of technical, economical, and lifetime parameters. It mainly consists of technical preselection and economic analysis. At first, the requirements of provided services to ESS are adopted as the hard constraints to select the technically feasible ESTs. For economic analysis, a cost-benefit evaluation model for stackable services is proposed. It can quantitatively describe the influence of ESS parameters on cost and revenue. The analysis is based on the estimated parameters of ESTs in 2022. The load data and frequency regulation data are from the IEEE 33-bus distribution system and the PJM market.",

keywords = "Selection of ESTs, Stackable services, Cost-benefit evaluation model, Energy arbitrage, Frequency regulation",

author = "Yichao Zhang and Saeed Peyghami and Amjad Anvari-Moghaddam and Menglin Zhang and Tomislav Dragicevic and Frede Blaabjerg",

year = "2022",

doi = "10.1109/IECON49645.2022.9968726",

language = "English",

series = "Iecon 2022 – 48th Annual Conference of the Ieee Industrial Electronics Society",

booktitle = "Proceedings of IECON 2022 – 48th Annual Conference of the IEEE Industrial Electronics Society",

publisher = "IEEE",

address = "United States",

note = "48<sup>th</sup> Annual Conference of the IEEE Industrial Electronics Society, IECON 2022 ; Conference date: 17-10-2022 Through 20-10-2022",

}

Zhang, Y, Peyghami, S, Anvari-Moghaddam, A, Zhang, M, Dragicevic, T & Blaabjerg, F 2022, Techno-Economic Selection of Energy Storage Providing Multiple Services. in Proceedings of IECON 2022 – 48th Annual Conference of the IEEE Industrial Electronics Society. IEEE, Iecon 2022 – 48th Annual Conference of the Ieee Industrial Electronics Society, 48^th Annual Conference of the IEEE Industrial Electronics Society, Brussels, Belgium, 17/10/2022. https://doi.org/10.1109/IECON49645.2022.9968726

Techno-Economic Selection of Energy Storage Providing Multiple Services. / Zhang, Yichao; Peyghami, Saeed; Anvari-Moghaddam, Amjad et al.
Proceedings of IECON 2022 – 48th Annual Conference of the IEEE Industrial Electronics Society. IEEE, 2022. (Iecon 2022 – 48th Annual Conference of the Ieee Industrial Electronics Society).

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

TY - GEN

T1 - Techno-Economic Selection of Energy Storage Providing Multiple Services

AU - Zhang, Yichao

AU - Peyghami, Saeed

AU - Anvari-Moghaddam, Amjad

AU - Zhang, Menglin

AU - Dragicevic, Tomislav

AU - Blaabjerg, Frede

N1 - Conference code: 48

PY - 2022

Y1 - 2022

N2 - Utilizing energy storage systems (ESSs) to perform multiple grid supporting services is an effective way to rationalize the investment of ESS. It is crucial to choose the matching energy storage technologies (ESTs) for achieving the specific stackable services as well as reducing investment costs and increasing revenue. Therefore, the EST suitable for providing stackable services, which includes energy arbitrage and frequency regulation, is proposed in this paper based on a framework. The framework considers the influence of technical, economical, and lifetime parameters. It mainly consists of technical preselection and economic analysis. At first, the requirements of provided services to ESS are adopted as the hard constraints to select the technically feasible ESTs. For economic analysis, a cost-benefit evaluation model for stackable services is proposed. It can quantitatively describe the influence of ESS parameters on cost and revenue. The analysis is based on the estimated parameters of ESTs in 2022. The load data and frequency regulation data are from the IEEE 33-bus distribution system and the PJM market.

AB - Utilizing energy storage systems (ESSs) to perform multiple grid supporting services is an effective way to rationalize the investment of ESS. It is crucial to choose the matching energy storage technologies (ESTs) for achieving the specific stackable services as well as reducing investment costs and increasing revenue. Therefore, the EST suitable for providing stackable services, which includes energy arbitrage and frequency regulation, is proposed in this paper based on a framework. The framework considers the influence of technical, economical, and lifetime parameters. It mainly consists of technical preselection and economic analysis. At first, the requirements of provided services to ESS are adopted as the hard constraints to select the technically feasible ESTs. For economic analysis, a cost-benefit evaluation model for stackable services is proposed. It can quantitatively describe the influence of ESS parameters on cost and revenue. The analysis is based on the estimated parameters of ESTs in 2022. The load data and frequency regulation data are from the IEEE 33-bus distribution system and the PJM market.

KW - Selection of ESTs

KW - Stackable services

KW - Cost-benefit evaluation model

KW - Energy arbitrage

KW - Frequency regulation

U2 - 10.1109/IECON49645.2022.9968726

DO - 10.1109/IECON49645.2022.9968726

M3 - Article in proceedings

T3 - Iecon 2022 – 48th Annual Conference of the Ieee Industrial Electronics Society

BT - Proceedings of IECON 2022 – 48th Annual Conference of the IEEE Industrial Electronics Society

PB - IEEE

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ER -

Zhang Y, Peyghami S, Anvari-Moghaddam A, Zhang M, Dragicevic T, Blaabjerg F. Techno-Economic Selection of Energy Storage Providing Multiple Services. In Proceedings of IECON 2022 – 48th Annual Conference of the IEEE Industrial Electronics Society. IEEE. 2022. (Iecon 2022 – 48th Annual Conference of the Ieee Industrial Electronics Society). doi: 10.1109/IECON49645.2022.9968726

Techno-Economic Selection of Energy Storage Providing Multiple Services

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Keywords

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