Challenges to a full energy storage optimisation

Hartwig, Karl Petter and Kockar, Ivana and Gill, Simon and McMillan, David (2014) Challenges to a full energy storage optimisation. In: UK energy storage conference, 2014-11-25 - 2015-11-27, University of Warwick.

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Abstract

A large proportion of the analyses of Energy Storage (ES) in electricity markets utilises linear and non-linear optimisation to evaluate possible returns for investors and impact on power system operation. While such formulations commonly include simplified characteristics of ES roundtrip efficiencies and self-discharge, the effects of storage operation on asset lifetime tends to be ignored. Sophisticated physical models are infeasible to incorporate into large-scale optimisation models from a computational point of view. However there is scope for significant improvements in the decision models by considering simplified representation of aging effects. This work proposes to include a cost function for battery degradation linked to a number of constraints to account for such effects in the ES scheduling.