Profit maximization for large-scale energy storage systems to enable fast EV charging infrastructure in distribution networks

Chun Sing Lai, Dashen Chen, Jinning Zhang, Xin Zhang, Xu Xu, Gareth A. Taylor and Loi Lei Lai

Energy, 2022, vol. 259, issue C

Abstract: Large-scale integration of battery energy storage systems (BESS) in distribution networks has the potential to enhance the utilization of photovoltaic (PV) power generation and mitigate the negative effects caused by electric vehicles (EV) fast charging behavior. This paper presents a novel deep reinforcement learning-based power scheduling strategy for BESS which is installed in an active distribution network. The network includes fast EV charging demand, PV power generation, and electricity arbitrage from main grid. The aim is to maximize the profit of BESS operator whilst maintaining voltage limits. The novel strategy adopts a Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm and requires forecasted PV power generation and EV smart charging demand. The proposed strategy is compared with Deep Deterministic Policy Gradient (DDPG), Particle Swarm Optimization and Simulated Annealing algorithms to verify its effectiveness. Case studies are conducted with smart EV charging dataset from Project Shift (UK Power Networks Innovation) and the UK photovoltaic dataset. The Internal Rate of Return results with TD3 and DDPG algorithms are 9.46% and 8.69%, respectively, which show that the proposed strategy can enhance power scheduling and outperforms the mainstream methods in terms of reduced levelized cost of storage and increased net present value.

Keywords: Distribution network optimization; Fast EV charging Demand; Deep reinforcement learning; Battery energy storage systems (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544222017558
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:259:y:2022:i:c:s0360544222017558

DOI: 10.1016/j.energy.2022.124852

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().