Abstract
The goal of this paper is to develop models for estimating the potential profit of a battery storage system that provides multiple services in a competitive electricity market. We assume the size of the battery is small relative to the energy market volume and its actions do not impact the energy market outcomes; thus, it is a price-taker in the energy market. However, considering the relatively smaller market volume for ancillary services, we consider the battery’s strategies to impact the outcomes of the markets for frequency regulation service, spinning reserve, and non-spinning reserve. An optimization model is proposed considering the uncertainties in energy prices, the offers of ancillary services by competitors, and the energy deployment in ancillary services markets. We employ robust and stochastic optimization approaches to account for the different nature of each uncertain variable. The scheduling is done in day-ahead and is later refined closer to real time. Numerical results are provided based on real-life data.
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