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Volatile electrical energy prices are a challenge and an opportunity for small and medium-size companies in energy-intensive industries. By using electrical energy storage and/or an adaptation of production processes, companies can…
Constant rise in energy consumption that comes with the population growth and introduction of new technologies has posed critical issues such as efficient energy management on the consumer side. That has elevated the importance of the use…
The interplay between risk aversion and financial derivatives has received increasing attention since the advent of electricity market liberalization. One important challenge in this context is how to develop economically efficient and…
This paper proposes a framework to select the best-suited battery for co-optimizing for peak demand shaving, energy arbitrage and increase self-sufficiency in the context of power network in Madeira, Portugal. Feed-in-tariff for electricity…
In the transition toward a sustainable power system, renewable-based Virtual Power Plants (RVPPs) have emerged as a promising solution to the challenges of integrating renewable energy sources into electricity markets. Their viability,…
Studies have evaluated the economic feasibility of 100% renewable power systems using the optimization approach, but the mechanisms determining the results remain poorly understood. Based on a simple but essential model, this study found…
Renewable energy brings huge uncertainties to the power system, which challenges the traditional power system operation with limited flexible resources. One promising solution is to introduce dynamic pricing to more consumers, which, if…
Energy storage systems (EES) are expected to be an indispensable resource for mitigating the effects on networks of high penetrations of distributed generation in the near future. This paper analyzes the benefits of EES in unbalanced low…
Time-of-use (ToU) pricing is widely used by the electricity utility to shave peak load. Such a pricing scheme provides users with incentives to invest in behind-the-meter energy storage and to shift peak load towards low-price intervals.…
This study aims to analyze the economic performance of various parks under different conditions, particularly focusing on the operational costs and power load balancing before and after the deployment of energy storage systems. Firstly, the…
This paper presents models for renewable energy systems with storage, and considers its optimal operation. We model and simulate wind and solar power production using stochastic differential equations as well as storage of the produced…
As renewable energy integration increases supply variability, battery energy storage systems (BESS) present a viable solution for balancing supply and demand. This paper proposes a novel approach for optimizing battery BESS participation in…
This work seeks to quantify the benefits of using energy storage toward the reduction of the energy generation cost of a power system. A two-fold optimization framework is provided where the first optimization problem seeks to find the…
The capacity market, a marketplace to exchange available generation capacity for electricity production, provides a major revenue stream for generators and is adopted in several U.S. regions. A subject of ongoing debate, the capacity market…
From an economic point of view, a common criterion for assessing the merits of a reserve investment is its impacts on social welfare. The underlying assumption in using this criterion is that side payments may be used to distribute the…
The market revenue for variable renewable electricity (VRE) assets has been under intense scrutiny during the last few years. The observation that wind and solar power depress market prices at times when they produce the most has been…
Wind energy's role in the global electric grid is set to expand significantly. New York State alone anticipates offshore wind farms (WFs) contributing 9GW by 2035. Integration of energy storage emerges as crucial for this advancement. In…
This paper investigates the electricity storage requirements to support the transition towards a high renewable energy source (RES) penetration in a cost-optimal manner. The achieved reduction of renewable energy curtailments and the…
In order to foster renewable energy integration, improve power quality and reliability, and reduce hydrocarbon emissions, there is a strong need to deploy energy storage systems (ESSs), which can provide a control medium for peak hour…
Grid-scale battery energy storage systems (BESSs) can provide flexibility to the power system and capture shortterm price volatility by shifting energy in time through controlled charging and discharging. The highly volatile European…