Related papers: Energy Storage as Public Asset
The decreasing cost of energy storage technologies coupled with their potential to bring significant benefits to electric power networks have kindled research efforts to design both market and regulatory frameworks to facilitate the…
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…
Sharing economy is a transformative socio-economic phenomenon built around the idea of sharing underused resources and services, e.g. transportation and housing, thereby reducing costs and extracting value. Anticipating continued reduction…
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…
This paper proposes a novel framework to price energy storage in economic dispatch with a social welfare maximization objective. This framework can be utilized by power system operators to generate default bids for storage or to benchmark…
Arbitrage is one important revenue source for energy storage in electricity markets. However, a large amount of storage in the market will impact the energy price and reduce potential revenues. This can lead to strategic behaviors of…
We consider a smart grid with an independent system operator (ISO), and distributed aggregators who have energy storage and purchase energy from the ISO to serve its customers. All the entities in the system are foresighted: each aggregator…
We consider the problem of characterizing the locational marginal value of energy storage capacity in electric power networks with stochastic renewable supply and demand. The perspective taken is that of a system operator, whose objective…
Economic withholding in electricity markets refers to generators bidding higher than their true marginal fuel cost, and is a typical approach to exercising market power. However, existing market designs require storage to design bids…
In an isolated power grid or a micro-grid with a small carbon footprint, the penetration of renewable energy is usually high. In such power grids, energy storage is important to guarantee an uninterrupted and stable power supply for end…
Energy storage can play an important role in energy management of end users. To promote an efficient utilization of energy storage, we develop a novel business model to enable virtual storage sharing among a group of users. Specifically, a…
This paper presents an approach to assess the economics of customer-sited energy storage systems (ESSs) which are owned and operated by a customer. The ESSs can participate in frequency regulation and spinning reserve markets, and are used…
The use of energy storage to balance electric grids is increasing and, with it, the importance of operational optimisation from the twin viewpoints of cost and system stability. In this paper we assess the real option value of balancing…
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…
This paper investigates the energy management problem for multiple self-interested users, each with renewable energy generation as well as both the fixed and controllable loads, that all share a common energy storage system (ESS). The…
This paper examines the marginal value of mobile energy storage, i.e., energy storage units that can be efficiently relocated to other locations in the power network. In particular, we formulate and analyze the joint problem for operating…
Large scale renewable energy integration is being planned for multiple power grids around the world. To achieve secure and stable grid operations, additional resources/reserves are needed to mitigate the inherent intermittency of renewable…
Energy storage in data centers has mainly been used as devices to backup generators during power outages. Recently, there has been a growing interest in using energy storage devices to actively shape power consumption in data centers to…
We study the price impact of storage facilities in electricity markets and analyze the long-term profitability of these facilities in prospective scenarios of energy transition. To this end, we begin by characterizing the optimal operating…
We investigate the problem of characterizing the economic value of energy storage capacity to a wind power producer (WPP) that sells its energy in a conventional two-settlement electricity market. The WPP can offer a forward contract to…