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arXiv · 2010.01257

On the Value of Energy Storage in Generation Cost Reduction

Yue Shen·Maxim Bichuch·Enrique Mallada
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Abstract

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 optimal storage schedule that minimizes operational costs. Since the operational cost depends on the storage capacity, a second optimization problem is then formulated with the aim of finding the optimal storage capacity to be deployed. Although, in general, these problems are difficult to solve, we provide a lower bound on the cost savings for a parametrized family of demand profiles. The optimization framework is numerically illustrated using real-world demand data from ISO New England. Numerical results show that energy storage can reduce energy generation costs by at least 2.5 %.

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Yue Shen, Maxim Bichuch, Enrique Mallada. 2020-10-03. On the Value of Energy Storage in Generation Cost Reduction. https://arxiv.org/abs/2010.01257

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