Abstract
Energy storage technologies all have different characteristics that make them suitable to particular purposes. A hybrid energy storage (HES) arrangement can take advantage of these differences. An example of this is a compressed-air energy storage plant with a flywheel mounted on the same shaft as the motor/generator and turbo machinery, where the flywheel would be used for high-frequency transactions with the grid while the compressed air store, with lower efficiency but also lower cost per unit of energy storage, could be used for longer term storage. This paper reports an algorithm which can be used to find the maximum arbitrage value achievable with a given HES plant for a given set of electricity prices. This is used in an optimisation routine to find the configuration of hybrid flywheel/compressed air plant that maximises potential arbitrage value. With realistic costs and efficiencies, it is found that the maximum annual return on investment is 0.29%, corresponding to a plant with 10% of its total energy storage capacity in the form of flywheel and the rest as compressed air.
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