A Simulation Framework for Optimal Energy Storage Sizing

Carlos Suazo-Martínez, Eduardo Pereira-Bonvallet and Rodrigo Palma-Behnke
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Carlos Suazo-Martínez: SPEC Energy Consulting, Rosario Norte 400/51, 7561156 Las Condes, Santiago, Chile
Eduardo Pereira-Bonvallet: Energy Centre FCFM, Universidad de Chile, Avenida Tupper 2007, 8370451 Santiago, Chile
Rodrigo Palma-Behnke: Energy Centre FCFM, Universidad de Chile, Avenida Tupper 2007, 8370451 Santiago, Chile

Energies, 2014, vol. 7, issue 5, 1-23

Abstract: Despite the increasing interest in Energy Storage Systems (ESS), quantification of their technical and economical benefits remains a challenge. To assess the use of ESS, a simulation approach for ESS optimal sizing is presented. The algorithm is based on an adapted Unit Commitment, including ESS operational constraints, and the use of high performance computing (HPC). Multiple short-term simulations are carried out within a multiple year horizon. Evaluation is performed for Chile's Northern Interconnected Power System (SING). The authors show that a single year evaluation could lead to sub-optimal results when evaluating optimal ESS size. Hence, it is advisable to perform long-term evaluations of ESS. Additionally, the importance of detailed simulation for adequate assessment of ESS contributions and to fully capture storage value is also discussed. Furthermore, the robustness of the optimal sizing approach is evaluated by means of a sensitivity analyses. The results suggest that regulatory frameworks should recognize multiple value streams from storage in order to encourage greater ESS integration.

Keywords: energy storage systems; unit commitment; renewable energy; optimal sizing; high performance computing (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: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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