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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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.
ORCID iDs
Barbour, Edward, Wilson, Ian Allan Grant, Bryden, Ian, McGregor, Peter ORCID: https://orcid.org/0000-0003-1221-7963, Mulheran, Paul ORCID: https://orcid.org/0000-0002-9469-8010 and Hall, Peter;-
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Item type: Article ID code: 36251 Dates: DateEvent2012Published2012AcceptedKeywords: electrical price arbitrage , electrical energy , time-shifting, electrical storage, Chemical engineering, Environmental Chemistry, Pollution, Nuclear Energy and Engineering, Renewable Energy, Sustainability and the Environment, SDG 7 - Affordable and Clean Energy Subjects: Technology > Chemical engineering Department: Faculty of Engineering > Chemical and Process Engineering
Strathclyde Business School > EconomicsDepositing user: Pure Administrator Date deposited: 01 Dec 2011 16:54 Last modified: 18 Jan 2023 09:19 URI: https://strathprints.strath.ac.uk/id/eprint/36251