Abstract
Batteries participating in frequency regulation (FR) markets earn revenue at the expense of longevity. The declining reward prices and highly stochastic automatic generation control (AGC) signals with short update intervals necessitate research into aging-aware real-time FR strategies for the battery. To address these challenges, this paper develops an online battery dispatch strategy based on Lyapunov optimization, accounting for Ah-throughput, C-rate, and temperature aging effects to enhance the service profitability of the battery. The strategy operates independently of probabilistic data from random processes, with its optimality gap inversely correlated with the control parameter. A systematic and intuitive approach is established for constructing virtual queues and determining the maximum feasible parameter. The proposed method is validated through extensive numerical simulations using actual lithium-ion battery aging data, along with year-long regulation signal and market price data from Pennsylvania-New Jersey-Maryland (PJM). Results show that the strategy can extend the battery lifespan by 83.41% and increase the net present value (NPV) by 172.67% compared to the conventional Ah-based strategy.
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