Abstract
The decreasing cost of energy storage technologies and the increasing utilization of renewable energy sources have made distributed transmission-scale energy storage economically viable. Merchant energy storage investors can collect significant profits through spatiotemporal energy arbitrage from congested transmission lines. This paper formulates a three-stage, four-level min–min–max–min problem from the viewpoint of power system operators and planners such that they will build new transmission lines and identify potential locations for profitable merchant energy storage investments. The first level determines transmission expansion decisions from the system operator’s perspective. The second level plans potential investments in merchant energy storage to ensure profitability at a desired rate of return. The third level realizes the worst-case situations of long-term uncertainties related to the expansion of wind farms and peak load growth in each regional zone, while the fourth level simulates market clearing for representative days, modeling short-term uncertainties. A novel iterative nested column and constraint generation (C&CG) technique is adopted to cope with numerical issues caused by binary variables of transmission lines and storage blocks and the enormous size of the problem. The case study of a modified IEEE 24-bus test system was used to assess the effectiveness of the proposed algorithm.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
More From: International Journal of Electrical Power and Energy Systems
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.