Economic Analysis of Li-Ion Battery–Supercapacitor Hybrid Energy Storage System Considering Multitype Frequency Response Benefits in Power Systems

Chenxuan Xu, Weiqiang Qiu (), Linjun Si, Tianhan Zhang, Jun Li, Gang Chen, Hongfei Yu, Jiaqi Lu and Zhenzhi Lin
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Chenxuan Xu: Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China
Weiqiang Qiu: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Linjun Si: Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China
Tianhan Zhang: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Jun Li: Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China
Gang Chen: Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China
Hongfei Yu: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Jiaqi Lu: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China
Zhenzhi Lin: College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China

Energies, 2023, vol. 16, issue 18, 1-21

Abstract: With the promotion of carbon peaking and carbon neutrality goals and the construction of renewable-dominated electric power systems, renewable energy will become the main power source of power systems in China. Therefore, ensuring frequency stability and system security will emerge as pivotal challenges in the future development process. Created by combining a Li-ion battery and a supercapacitor, a hybrid energy storage system (HESS), which possesses robust power regulation capabilities and rapid response capabilities, holds promise for supporting the frequency stability of power systems. In this context, the assessment of the economic viability of HESSs providing multitype frequency response services becomes a critical factor in their deployment and promotion. In this paper, an economic analysis approach for a Li-ion battery–supercapacitor HESS towards a multitype frequency response is presented. First, a multitype frequency response-oriented operational mode for the HESS is designed, outlining the roles and functions of the Li-ion battery and the supercapacitor in delivering distinct services. Moreover, building upon the analysis of the power trajectory of Li-ion batteries, a lifetime model for the HESS is proposed based on the rain-flow counting method. Furthermore, considering the competitive landscape for the HESS in the frequency regulation ancillary service market, a full lifecycle economic assessment model is proposed. Finally, case studies on actual power system frequency data and PJM market data are performed to verify the effectiveness of the proposed method, and the simulation results confirm that the HESS exhibits robust performance and a competitive advantage in providing multitype frequency response services. Additionally, it demonstrates commendable economic benefits, establishing its potential as a valuable contributor to frequency response services.

Keywords: hybrid energy storage system; Li-ion battery; supercapacitor; inertia response; primary frequency regulation; secondary frequency regulation (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: 2023
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