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http://hdl.handle.net/10397/93967
Title: | Optimal sizing of energy storage system and its cost-benefit analysis for power grid planning with intermittent wind generation | Authors: | Xia, S Chan, KW Luo, X Bu, S Ding, Z Zhou, B |
Issue Date: | Jul-2018 | Source: | Renewable energy, July 2018, v. 122, p. 472-486 | Abstract: | Energy storage system (ESS) is a key technology to accommodate the uncertainties of renewables. However, ESS at an improper size would result in no-reasonable installation, operation and maintenance costs. With concerns on these costs outweighing ESS operating profit, this paper establishes a stochastic model to size ESS for power grid planning with intermittent wind generation. In the model, the hourly-based marginal distributions with covariance is first derived from historical data of wind generation, and a stochastic cost-benefit analysis model with consideration of the generation fuel cost expectation and ESS amortized daily capital cost is formed. Then a hybrid solution approach combining the Point Estimated method and the parallel Branch and Bound algorithm (PE-BB) is designed to solve the model. Finally, the stochastic model and PE-BB approach are thoroughly tested on the 10-unit and 26-unit systems with uncertain wind generation. Simulation results confirmed the proposed model and PE-BB approach are effective to optimize ESS size for power grid planning with intermittent wind generation. The cost-benefit investigations on four typical ESSs also indicated that the ESS capital cost, charging/discharging efficiency and lifetime are important properties for optimizing ESS size, and it is not always economically justifiable to install ESS in power system. | Keywords: | Energy storage system sizing Hybrid solution approach Intermittent wind generation Stochastic cost-benefit analysis Unit commitment |
Publisher: | Pergamon Press | Journal: | Renewable energy | ISSN: | 0960-1481 | EISSN: | 1879-0682 | DOI: | 10.1016/j.renene.2018.02.010 | Rights: | © 2018 Elsevier Ltd. All rights reserved. © 2018. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/. The following publication Xia, S., Chan, K. W., Luo, X., Bu, S., Ding, Z., & Zhou, B. (2018). Optimal sizing of energy storage system and its cost-benefit analysis for power grid planning with intermittent wind generation. Renewable energy, 122, 472-486. is available at https://doi.org/10.1016/j.renene.2018.02.010. |
Appears in Collections: | Journal/Magazine Article |
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