Abstract
This paper presents a mathematical formulation of batteries considering the impact of operating conditions on the economic operation of battery energy storage systems. The formulation is based on a simplified Thevenin model for capturing the electrical characteristics of batteries, while a lifetime model, called Ah-throughput is used for evaluating the battery cost under the operating conditions. A framework for the economic operation of an independent battery energy storage system in real-time markets is then proposed. The problem is maximizing the total profit in a day. The framework is applied to a case study. The numerical simulation result shows the effectiveness of the proposal
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