arXiv subjects

Chresten Traeholt

Publications and source records attributed to Chresten Traeholt.

2 recordsLinked to original sources

arXiv2025

BESS Participation Planning for Provision of Grid Services in Energy and Regulation Markets

This paper presents a stochastic optimization model for planning the participation of battery energy storage systems (BESSs) in energy and regulation markets. The proposed model quantifies and compares the business value of single and multi-market BESS services by accounting for their bid submission and acceptance procedures, pricing mechanisms and revenue streams, and penalty payments and degradation costs. By modelling the price uncertainties using market price scenarios (MPSs) and considering representative days for different price seasonalities, the model outputs the percentage of hours each market service can be targeted to maximize profits. This helps in quantifying the impact of operational and market requirements of different services on choice of markets for BESSs. It also helps in determining the approximate costs and revenues that may be accrued by the BESS owners by choosing combinations of available services under different price conditions. The model thus overcomes the key limitations of previous studies that were mainly conducted from a controller design viewpoint and were thus more focused on the operational control of BESSs. The proposed model is generalizable and extendable to BESS service provision in multiple markets of different regions.

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arXiv2025

Optimal BESS Scheduling for Multi-Market Participation in the Nordics

Battery energy storage systems BESSs can provide fast frequency reserves and energy arbitrage in Nordic electricity markets but their limited energy capacity requires accurate revenue forecasts and coordinated bidding across multiple submarkets. This paper introduces a unified framework that employs generalized additive models GAMs to generate one week ahead forecasts of spot and FCRN revenues in Denmark, Finland, and Norway using three years of hourly price and volume data. Forecast outputs feed a stochastic mixed integer optimizer that co-optimizes BESS participation in FCRN, FCRD, spot markets, subject to state of charge constraints, inverter losses, and differing pay as bid and pay as clear rules. Comparative analyses evaluate forecast accuracy and quantify the impact of forecast errors on BESS bid acceptance, market selection, and profitability under realistic seasonal price patterns. Results demonstrate that spot markets exhibit consistently higher predictability than frequency markets, and that forecast errors modestly affect bid acceptance but do not alter overall market participation. The proposed approach provides BESS operators and investors with a tool to assess revenue uncertainty and optimize multi market strategies in Nordic power systems.

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