Journal
RENEWABLE ENERGY
Volume 34, Issue 12, Pages 2630-2639Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.renene.2009.04.027
Keywords
Electric energy storage (EES); NaS battery; Pumped-storage; Day-Ahead (DA) market; Self-Scheduling (SS); Internal rate of return (IRR)
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Unlike markets for storable commodities, electricity markets depend on the real-time balance of supply and demand. Although much of the present-day grid operate effectively without storage technologies, cost-effective ways of storing electrical energy can make the grid more efficient and reliable. This work addresses an economic comparison between emerging and traditional Electric Energy Storage (EES) technologies in a competitive electricity market. In order to achieve this goal, an appropriate Self-Scheduling (SS) approach must first be developed for each of them to determine their maximum potential of expected profit among multi-markets such as energy and ancillary service markets. Then, these technologies are economically analyzed using Internal Rate of Return (IRR) index. Finally, the amounts of needed financial supports are determined for choosing the emerging technologies when an investor would like to invest on EES technologies. Among available EES technologies, we consider NaS battery (Natrium Sulfur battery) and pumped-storage plants as emerging and traditional technologies, respectively. (C) 2009 Elsevier Ltd. All rights reserved.
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