Multi-period network equilibrium in power system with energy storage on generation side

Abstract

Due to the intermittency and unpredictability of wind and photovoltaic power, a power system with high penetration of renewable sources is always imbalanced. Energy storage on generation side can enhance the quality and reliability of such power systems. To study the impact of energy storage on power system networks, this study proposes a framework that regards the renewable energy power system with storage as a multi-period power supply chain network (PSCN). The equilibrium conditions are presented using the variational inequality theory and solved with a modified projection algorithm, followed by several examples based on real-world data to illustrate these findings. It is shown that energy storage enhances the reliability of power systems and increases the penetration of renewable power. Notably, the utilization efficiency of energy storage is lower than 50%, which is limited by the single utilization of energy storage facilities.