Research on Energy Storage Planning and Operation for New Energy in the Substitute Power Product Market

Haozhi Zhang and Haibing Wang (wanghb91@usst.edu.cn)
Additional contact information
Haozhi Zhang: Department of Electrical Engineering, University of Shanghai for Science and Technology, 516 Jungong Road, Yangpu District, Shanghai 200093, China
Haibing Wang: Department of Electrical Engineering, University of Shanghai for Science and Technology, 516 Jungong Road, Yangpu District, Shanghai 200093, China

Sustainability, 2025, vol. 17, issue 5, 1-23

Abstract: To address the challenges in new power systems, such as wind and photovoltaic curtailment and insufficient energy storage incentives, caused by imbalances in the regulation of power supply and demand, the academic community has proposed the substitute power product (SPP) market, which is based on the trading of prescribed generation shapes over defined periods. However, there is currently no literature addressing the optimization strategies for market participants within the SPP market trading model. To fill this gap, this study introduces, for the first time, an energy storage planning and optimization operation strategy for wind and photovoltaic energy stations within this market framework. First, the basic trading process and related concepts of the SPP market are introduced. Then, based on the operational logic of the SPP market, a multi-stage energy storage planning and operation strategy is proposed for wind and photovoltaic stations. This strategy integrates a two-level model with a multi-scenario stochastic planning model to optimize the storage capacity and power allocation of renewable energy stations under uncertainty. Subsequently, relevant metrics for the SPP market are introduced, and these metrics are used to quantitatively analyze the feasibility of cooperation among different renewable energy stakeholders in the market. Finally, the impact of regulation power prices on the decision-making of renewable energy stations participating in the SPP market is explored. The findings of this study provide new energy producers with a preliminary optimization solution for energy storage configuration and operation under the new trading model, promoting their participation in the SPP market and contributing to the acceleration of the low-carbon transformation of power systems.

Keywords: substitute power product; new energy; energy storage planning; multi-stage planning (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/17/5/2074/pdf (application/pdf)
https://www.mdpi.com/2071-1050/17/5/2074/ (text/html)

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:gam:jsusta:v:17:y:2025:i:5:p:2074-:d:1601596

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager (indexing@mdpi.com).