Abstract
Energy arbitrage (EA) refers to energy trading within an electricity market, with the aim being to purchase energy from the grid at a low price and to sell it back to the grid or consume it for local loads during periods of high grid prices. In this context, Battery Energy Storage Systems (BESS) can be employed to take advantage of spot market price volatility between off-peak and on peak consumption hours in order to generate profit. In this paper, an optimization planning study is proposed for the sizing and scheduling of the BESS in order to produce profit by using EA. The study utilizes several different sets of data as well and looks at the market regulations of three different energy markets across the globe. The three markets are New York West, USA, Ontario, Canada, and Queensland, Australia. The study was conducted to investigate the potential of EA and to optimize the size and operation profile of the BESS. The study shows the economic feasibility of using the BESS for EA in each market and it also shows the optimal scheduling and sizing of the BESS in each market.
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