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Towards an objective method to compare energy storage technologies: development and validation of a model to determine the upper boundary of revenue available from electrical price arbitrage

Barbour, Edward and Wilson, Ian Allan Grant and Bryden, Ian and McGregor, Peter and Mulheran, Paul and Hall, Peter (2012) Towards an objective method to compare energy storage technologies: development and validation of a model to determine the upper boundary of revenue available from electrical price arbitrage. Energy & Environmental Science. ISSN 1754-5692 (In Press)

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Abstract

This article proposes a methodology to calculate the upper boundary of the revenue available from the storage and time-shifting of electrical energy. The inputs to the mathematical model are a discrete time series of the market index prices over a particular period of interest, and also specific energy storage device parameters. By using a Monte Carlo based optimisation method, the upper boundary of the revenue from time-shifting energy is determined. The method is explained and validated by showing that it finds the optimum solution that is the upper boundary for time-shifting revenue for a variety of storage device characteristics.