scholarly journals Energy Storage Economic Analysis of Multi-Application Scenarios in an Electricity Market: A Case Study of China

2020 ◽  
Vol 12 (20) ◽  
pp. 8703
Author(s):  
Zhixian Wang ◽  
Ying Wang ◽  
Qia Ding ◽  
Chen Wang ◽  
Kaifeng Zhang
Keyword(s):  
Energy Storage ◽  
Economic Analysis ◽  
Electricity Market ◽  
The United States ◽  
Economic Benefits ◽  
Market Mechanism ◽  
Frequency Regulation ◽  
Power Stations ◽  
Price Levels ◽  
The Cost

Energy storage has attracted more and more attention for its advantages in ensuring system safety and improving renewable generation integration. In the context of China’s electricity market restructuring, the economic analysis, including the cost and benefit analysis, of the energy storage with multi-applications is urgent for the market policy design in China. This paper uses an income statement based on the energy storage cost–benefit model to analyze the economic benefits of energy storage under multi-application scenarios (capacity, energy, and frequency regulation markets) in China’s future electricity market. The results show that the economic benefits of energy storage can be improved by joining in the capacity market (if it exists in the future) and increasing participation in the frequency regulation market. Nevertheless, the benefits under multi-application scenarios can hardly guarantee the cost recovery of energy storage under the current market mechanism or at the current price levels. Moreover, the economic benefits under different subsidy policies are studied, and the results show that energy storage can recover the cost with appropriate subsidy policies (the subsidy of 0.071 USD/kWh for pumped storage power stations is sufficient while the subsidy of 0.142 USD/kWh is required for electrochemical power stations). Finally, the sensitivity analysis of an energy storage power station to different price levels is carried out considering the difference in electricity price between China and the United States.

scholarly journals Assessing the Benefits of Battery Energy Storage Systems for Frequency Regulation, Based on Electricity Market Price Forecasting

2019 ◽  
Vol 9 (10) ◽  
pp. 2147
Author(s):  
Eunjung Lee ◽  
Jinho Kim
Keyword(s):  
Energy Storage ◽  
Power System ◽  
Electricity Market ◽  
Storage Systems ◽  
Supply And Demand ◽  
Market Price ◽  
Economic Benefits ◽  
Frequency Regulation ◽  
Frequency Variation ◽  
Energy Storage Systems

In electricity markets, energy storage systems (ESSs) have been widely used to regulate frequency in power system operations. Frequency regulation (F/R) relates to the short-term reserve power used to balance the real-time mismatch of supply and demand. Every alternating current power system has its own unique standard frequency level, and frequency variation occurs whenever there is a mismatch of supply and demand. To cope with frequency variation, generating units—particularly base-loader generators—reduce their power outputs to a certain level, and the reduced generation outputs are used as a generation reserve whenever frequency variation occurs in the power systems. ESSs have recently been implemented as an innovative means of providing the F/R reserve previously provided by base-loader generators, because they are much faster in responding to frequency variation than conventional generators. We assess the economic benefits of ESSs for F/R, based on a new forecast of long-term electricity market price and real power system operation characteristics. For this purpose, we present case studies with respect to the South Korean electricity market as well as simulation results featuring key variables, along with their implications vis-à-vis electricity market operations.

scholarly journals Emissions Effects of Energy Storage for Frequency Regulation: Comparing Battery and Flywheel Storage to Natural Gas

Energies ◽  
2021 ◽  
Vol 14 (3) ◽  
pp. 549
Author(s):  
Eric Pareis ◽  
Eric Hittinger
Keyword(s):  
Energy Storage ◽  
Natural Gas ◽  
Fossil Fuels ◽  
Storage Systems ◽  
Storage System ◽  
The United States ◽  
Frequency Regulation ◽  
So2 Emissions ◽  
Gas Generation ◽  
Electrical Generation

With an increase in renewable energy generation in the United States, there is a growing need for more frequency regulation to ensure the stability of the electric grid. Fast ramping natural gas plants are often used for frequency regulation, but this creates emissions associated with the burning of fossil fuels. Energy storage systems (ESSs), such as batteries and flywheels, provide an alternative frequency regulation service. However, the efficiency losses of charging and discharging a storage system cause additional electrical generation requirements and associated emissions. There is not a good understanding of these indirect emissions from charging and discharging ESSs in the literature, with most sources stating that ESSs for frequency regulation have lower emissions, without quantification of these emissions. We created a model to estimate three types of emissions (CO2, NOX, and SO2) from ESSs providing frequency regulation, and compare them to emissions from a natural gas plant providing the same service. When the natural gas plant is credited for the generated electricity, storage systems have 33% to 68% lower CO2 emissions than the gas turbine, depending on the US eGRID subregion, but higher NOX and SO2 emissions. However, different plausible assumptions about the framing of the analysis can make ESSs a worse choice so the true difference depends on the nature of the substitution between storage and natural gas generation.

scholarly journals Coordinated Control of Interconnected Microgrid and Energy Storage System

2018 ◽  
Vol 8 (6) ◽  
pp. 4781
Author(s):  
Md. Asaduz-Zaman ◽  
Md. Habibur Rahaman ◽  
Md. Selim Reza ◽  
Md. Mafizul Islam
Keyword(s):  
Energy Storage ◽  
Storage System ◽  
Energy Storage System ◽  
Frequency Regulation ◽  
Spinning Reserve ◽  
Island Area ◽  
Load Demand ◽  
Loading Constraints ◽  
Power Frequency ◽  
The Cost

Several microgrids can be interconnected together to enhance the grid reliability and reduce the cost of supplying power to an island area where conventional power grid cannot be connected. Source and load demand do not properly balance always. Besides that, sometimes power and frequency fluctuation has occurred in MG at island mode. Need to design a special control for maintaining the state of charge (SoC) of energy storage system. This paper proposes a new power supply system for an island area that interconnects two microgrids with a single energy storage system (ESS). An algorithm has been proposed that control the microgrids energy storage system for spinning reserve and load power/frequency regulation purpose. The minimum loading constraints of diesel engine generator (DEG) is considered and the SOC of the ESS is properly maintained.

Baseload power potential from optimally-configured wind, solar and storage power plants across the United States

2020 ◽  
Author(s):  
Joshua D Rhodes ◽  
Aditya Choukulkar ◽  
Brianna Cote ◽  
Sarah A McKee ◽  
Christopher T M Clack
Keyword(s):  
United States ◽  
Energy Storage ◽  
Power Plants ◽  
Cost Optimization ◽  
The United States ◽  
Solar Pv ◽  
Wholesale Market ◽  
Optimal Technology ◽  
Current Price ◽  
The Cost

Abstract In the present paper, we assessed the potential for local wind, solar PV, and energy storage to provide baseload (constant, uninterrupted) power in every county of the contiguous United States. The amount of available capacity between 2020 and 2050 was determined via a least-cost optimization model that took into account changing costs of constituent technologies and local meteorological conditions. We found that, by 2050, the potential exists for about 6.8 TW of renewable baseload power at an average cost of approximately $50 / MWh, which is competitive with current wholesale market rates for electricity. The optimal technology configurations constructed always resulted in over two hours of emergency energy reserves, with the amount increasing as the price of energy storage falls. We also found that, given current price decline trajectories, the model has a tendency to select more solar capacity than wind over time. A second part of the study performed three million simulations followed by a regression analysis to generate an online map-based tool that allows users to change input costs assumptions and compute the cost of renewable baseload electricity in every contiguous US county.

scholarly journals Optimal Operation Parameter Estimation of Energy Storage for Frequency Regulation

Energies ◽  
2019 ◽  
Vol 12 (9) ◽  
pp. 1782 ◽  
Author(s):  
Sung-Min Cho ◽  
Jin-Su Kim ◽  
Jae-Chul Kim
Keyword(s):  
Energy Storage ◽  
Objective Function ◽  
Electricity Market ◽  
Optimal Parameter ◽  
Storage System ◽  
Optimal Operation ◽  
Electric Power System ◽  
Frequency Regulation ◽  
Optimal Parameters ◽  
Calculation Algorithm

This study proposes a method for optimally selecting the operating parameters of an energy storage system (ESS) for frequency regulation (FR) in an electric power system. First, the method allows the optimal objective function of the selected parameters to be set in a flexible manner according to the electric market environment. The objective functions are defined so that they could be used under a variety of electricity market conditions. Second, evaluation frequencies are created in order to simulate the overall lifespan of the FR-ESS. Third, calendar and cycle degradation models are applied to the battery degradation, and are incorporated into evaluations of the degradation progress during the entire FR-ESS lifespan to obtain more accurate results. A calendar life limit is set, and the limit is also considered in the objective function evaluations. Fourth, an optimal parameter calculation algorithm, which uses the branch-and-bound method, is proposed to calculate the optimal parameters. A case study analyzes the convergence of the proposed algorithm and the results of the algorithm under various conditions. The results confirmed that the proposed algorithm yields optimal parameters that are appropriate according to the objective function and lifespan conditions. We anticipate that the proposed FR-ESS algorithm will be beneficial in establishing optimal operating strategies.

An economic analysis of axitinib and sorafenib for second-line treatment of cytokine-refractory patients with advanced renal cell carcinoma in the United States (US).

2013 ◽  
Vol 31 (15_suppl) ◽  
pp. e15601-e15601
Author(s):  
Ipek Özer-Stillman ◽  
Apoorva Ambavane ◽  
Paul Cislo
Keyword(s):  
Economic Analysis ◽  
The United States ◽  
Phase Iii ◽  
Administrative Claims ◽  
Line Treatment ◽  
Second Line ◽  
Cost Difference ◽  
Life Years ◽  
The Us ◽  
The Cost

e15601 Background: Cytokines are a first-line treatment option for a subset of advanced RCC patients in the US. After progression on cytokines, NCCN guidelines recommend targeted agents, such as axitinib and sorafenib. Subgroup analysis of post-cytokine patients in the phase III AXIS trial found that axitinib increased median progression free survival (PFS) compared with sorafenib (12.0 vs. 6.6 months, p<0.0001), while overall survival (OS) showed no difference (29.4 vs. 27.8 months, p=0.144). An economic analysis for this subgroup was conducted from a US healthcare payer perspective. Methods: A cohort partition model with monthly cycles was constructed to estimate direct medical costs and health outcomes, discounted at 3.0% per annum, over cohort lifetime. Patients were apportioned into 3 health states (progression-free, progressed and dead) based on OS and PFS Kaplan-Meier curves for the post-cytokine subgroup in the AXIS trial. Active treatment was applied until progression, followed by best supportive care (BSC) alone thereafter. The wholesale acquisition costs were based from RedBook. Adverse event (AE) management costs were obtained from published studies. AE rates and utility values were informed by the AXIS trial. Administrative claims data from MarketScan Database were analyzed to estimate costs for BSC and routine care of second-line advanced RCC patients. Results: The total per-patient lifetime costs were estimated to be $242,750 for axitinib and $168,880 for sorafenib and most of the cost difference (84%) was due to the higher total medication cost of axitinib. The cost difference was sensitive to dose intensity and length of treatment. The difference in quality-adjusted life-years (QALY) for axitinib versus sorafenib was minor (1.3 versus 1.2) and the incremental cost-effectiveness ratio (ICER) for axitinib compared with sorafenib was $683,209/QALY. Conclusions: For cytokine-refractory advanced RCC patients, axitinib resulted in an ICER > $650,000/QALY versus sorafenib due to high drug costs and lack of OS benefit, indicating that axitinib may not present good value for money as 2nd line treatment when compared to sorafenib in the US.

scholarly journals MARKET MECHANISM FORMATION FOR STIMULATING THE DEVELOPMENT OF ENERGY ACCUMULATION SYSTEMS IN UKRAINE

2021 ◽  
Vol 2021 (3) ◽  
Author(s):  
U. Pysmenna ◽  
I. Sotnyk ◽  
O. Kubatko ◽  
G. Trypolska ◽  
T. Kurbatova
Keyword(s):  
Energy Storage ◽  
Electricity Market ◽  
Service Providers ◽  
Storage Systems ◽  
Renewable Energy Sources ◽  
Energy System ◽  
Economic Incentives ◽  
Market Mechanism ◽  
Energy Storage Systems ◽  
Cost And Benefit Analysis

development of energy storage systems. The current state of energy storage systems in Ukraine is studied. The capacity of the segment of energy storage systems in the energy market, due to the need to meet the requirements of the European Energy Community on the flexibility of the integrated energy system, renewable energy sources and the objective need to use such systems as system service providers. The sufficiency of market and state incentives for the broad application and development of energy storage technologies in the conditions of quasi-competitive and full-scale electricity market of Ukraine is determined, taking into account the perspective tendencies of energy development. The cost and benefit analysis of investment projects for installation and operation of energy storage systems for three most common and prospective types of applications for the Ukrainian electricity market: participation in the market of ancillary system services, participation in the balancing market and system constraints reduction (renewables) is conducted. The sensitivity of project indicators of these types of applications is analyzed depending on the number of parameters: variations in specific capital expenditures, green tariff rates, market prices "day ahead" and market conditions of system services. It is substantiated that in Ukraine the energy storage systems are the most promising as the providers of system services for primary regulation of frequency and power, a sufficient reserve of which is one of the conditions for integration of the Ukrainian power system into the European energy system ENTSO-E, ancillary services through auctions for the provision of primary regulation services with a long-term time horizon. Regarding the prospects for the development of decentralized energy system, it is proved that the development of decentralized storage systems consisting of industrial facilities, substations and other low-capacity energy facilities has great potential with reformatting the energy system architecture to "smart grid" standards to form fundamentally new economic incentives for the development of energy storage systems.

scholarly journals Research on Decentralized Trading Strategy of Electricity Market Based on Blockchain Technology

2020 ◽  
Vol 185 ◽  
pp. 01022
Author(s):  
Cenyue Chen ◽  
Yuan An ◽  
Jianing Li
Keyword(s):  
Electricity Market ◽  
High Efficiency ◽  
Economic Benefits ◽  
Market Mechanism ◽  
Operating Efficiency ◽  
Small Scale ◽  
Transaction Model ◽  
Blockchain Technology ◽  
New Energy ◽  
New Situation

With the gradual opening of the bilateral electricity market and the increase in distributed new energy generation, under the new market structure, various types of members should be encouraged to develop flexible cooperation and competition models in the new situation in order to improve the operating efficiency in the electricity market, encouraging the reduction of operating costs to improve the economic benefits of the market. Based on the relevant theories of blockchain technology, this paper proposes a decentralized small-scale distribution network intra-network transaction model and market mechanism, which can eventually be truly decentralized and achieve a lower cost and high efficiency market.

scholarly journals Advantages of Applying Large-Scale Energy Storage for Load-Generation Balancing

Energies ◽  
2021 ◽  
Vol 14 (11) ◽  
pp. 3093
Author(s):  
Dawid Chudy ◽  
Adam Leśniak
Keyword(s):  
Energy Storage ◽  
Power Systems ◽  
Large Scale ◽  
Unit Commitment ◽  
Renewable Energy Sources ◽  
Frequency Regulation ◽  
The Cost ◽  
Further Development ◽  
Proper Operation ◽  
Load Generation

The continuous development of energy storage (ES) technologies and their wider utilization in modern power systems are becoming more and more visible. ES is used for a variety of applications ranging from price arbitrage, voltage and frequency regulation, reserves provision, black-starting and renewable energy sources (RESs), supporting load-generation balancing. The cost of ES technologies remains high; nevertheless, future decreases are expected. As the most profitable and technically effective solutions are continuously sought, this article presents the results of the analyses which through the created unit commitment and dispatch optimization model examines the use of ES as support for load-generation balancing. The performed simulations based on various scenarios show a possibility to reduce the number of starting-up centrally dispatched generating units (CDGUs) required to satisfy the electricity demand, which results in the facilitation of load-generation balancing for transmission system operators (TSOs). The barriers that should be encountered to improving the proposed use of ES were also identified. The presented solution may be suitable for further development of renewables and, in light of strict climate and energy policies, may lead to lower utilization of large-scale power generating units required to maintain proper operation of power systems.

scholarly journals Peak Shaving and Frequency Regulation Coordinated Output Optimization Based on Improving Economy of Energy Storage

Electronics ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 29
Author(s):  
Daobing Liu ◽  
Zitong Jin ◽  
Huayue Chen ◽  
Hongji Cao ◽  
Ye Yuan ◽  
...  
Keyword(s):  
Energy Storage ◽  
Control Method ◽  
Economic Benefits ◽  
Economic Problem ◽  
Frequency Regulation ◽  
Cost Models ◽  
Optimization Strategy ◽  
Economic Optimization ◽  
Peak Shaving ◽  
Electricity Cost

In this paper, a peak shaving and frequency regulation coordinated output strategy based on the existing energy storage is proposed to improve the economic problem of energy storage development and increase the economic benefits of energy storage in industrial parks. In the proposed strategy, the profit and cost models of peak shaving and frequency regulation are first established. Second, the benefits brought by the output of energy storage, degradation cost and operation and maintenance costs are considered to establish an economic optimization model, which is used to realize the division of peak shaving and frequency regulation capacity of energy storage based on peak shaving and frequency regulation output optimization. Finally, the intra-day model predictive control method is employed for rolling optimization. An intra-day peak shaving and frequency regulation coordinated output optimization strategy of energy storage is proposed. Through the example simulation, the experiment results show that the electricity cost of the whole day is reduced by 10.96% by using the coordinated output strategy of peak shaving and frequency regulation. The obtained further comparative analysis results and the life cycle economic analysis show that the profit brought by the proposed coordinated output optimization strategy is greater than that for separate peak shaving or frequency modulation of energy storage under the same capacity.

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