Abstract
The optimal dispatch, valuation, and sizing of behind-the-meter battery energy storage systems are crucial in reducing the electricity bill for commercial customers. This paper develops a novel battery dispatch and valuation algorithm for commercial customers, which takes battery degradation into consideration. A battery sizing algorithm based on heuristic optimization approach is also developed to determine the optimal power and energy ratings of battery energy storage systems. Simulation studies are performed for commercial customers with real-world smart meter data. The simulation results show that the proposed degradation-aware battery dispatch and valuation algorithm produces significantly higher net present value than that of the based model, which does not explicitly consider degradation in the optimization framework. The simulation results also show that the proposed battery sizing optimization algorithm is capable of finding near-optimal battery energy and power ratings for commercial customers.
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