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Value Evaluation Model of Multi-Temporal Energy Storage for Flexibility Provision in Microgrids

Zhe Chai, Yihan Zhang, Lanyi Wei (lanyi_wei@163.com), Junhui Liu, Yao Lu, Chunzheng Tian and Zhaoyuan Wu
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Zhe Chai: State Grid Henan Economic Research Institute, Zhengzhou 450052, China
Yihan Zhang: State Grid Henan Economic Research Institute, Zhengzhou 450052, China
Lanyi Wei: School of Electrical and Electronic Engineering, North China Electric Power University, Beijing 102206, China
Junhui Liu: State Grid Henan Economic Research Institute, Zhengzhou 450052, China
Yao Lu: State Grid Henan Economic Research Institute, Zhengzhou 450052, China
Chunzheng Tian: State Grid Henan Economic Research Institute, Zhengzhou 450052, China
Zhaoyuan Wu: School of Electrical and Electronic Engineering, North China Electric Power University, Beijing 102206, China

Energies, 2024, vol. 17, issue 9, 1-16

Abstract: With the advancement of distributed power generation technology and the deepening of the low-carbon transformation of energy structure, a high proportion of renewable energy has become an inevitable trend in future energy systems, especially for microgrids. However, the volatility and uncertainty associated with renewable energy pose significant challenges to the secure and stable operation of power systems, necessitating the exploration of the flexible regulation of resources. Energy storage, as a crucial flexible resource characterized by technological diversity and a variety of regulation capabilities, has been extensively studied and applied. Nonetheless, the high investment costs and limited returns of energy storage technology, coupled with the ambiguous utility in different scenarios under the current electricity market’s framework, complicate its broader application. To thoroughly analyze the utility of energy storage in facilitating flexible adjustments in microgrids, this study developed a composite weight-TODIM (an acronym in Portuguese for interactive and multi-criteria decision making) model for assessing the utility of energy storage that incorporates heterogeneity in the risk preferences. This model enabled a comparative analysis of the utility of energy storage technology across multiple scenarios, taking the risk preferences of decision-makers into account, thereby providing strategic insights for the application of multi-temporal energy storage in microgrids. The feasibility and effectiveness of the model were validated through a case study analysis.

Keywords: multi-temporal energy storage; flexibility provision; utility evaluation; multi-criteria decision making (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations: View citations in EconPapers (1)

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