Maximising the value of electricity storage

Journal of Energy Storage

Volumn 8, Issue , 2016, Pages 212-225

  Staffell, Iain ^a   Rustomji, Mazda ^a  

^a IMPERIAL COLLEGE LONDON   (United Kingdom)

Author keywords

Arbitrage; Battery; Economics; Electricity market; Reserve; Storage

Indexed keywords

COMMERCE; COST REDUCTION; ECONOMICS; ELECTRIC BATTERIES; ENERGY STORAGE; INVESTMENTS; LINEAR PROGRAMMING; OPEN SOURCE SOFTWARE; POWER MARKETS; PROFITABILITY; STORAGE AS A SERVICE (STAAS); WIND POWER;

ARBITRAGE; BATTERY; BATTERY TECHNOLOGY; ECONOMICALLY VIABLE; ELECTRICITY STORAGES; ELECTRICITY SYSTEM; LINEAR PROGRAMMING TECHNIQUES; RESERVE;

ELECTRIC ENERGY STORAGE;

EID: 84994157077     PISSN: None     EISSN: 2352152X     Source Type: Journal    
DOI: 10.1016/j.est.2016.08.010     Document Type: Article

References (67)

1. [1] Strbac, G., Aunedi, M., Pudjianto, D., Djapic, P., Teng, F., Sturt, A., et al. Strategic Assessment of the Role and Value of Energy Storage Systems in the UK Low Carbon Energy Future. 2012, Carbon Trust, London, UK http://tinyurl.com/c7gubyk.
2. [2] Lund, H., Salgi, G., Elmegaard, B., Andersen, A.N., Optimal operation strategies of compressed air energy storage (CAES) on electricity spot markets with fluctuating prices. Appl. Therm. Eng. 29 (2009), 799–806 (accessed 06.10.15) http://linkinghub.elsevier.com/retrieve/pii/S1359431108002469.
3. [3] Genoese, M., Genoese, F., Most, D., Fichtner, W., Price spreads in electricity markets: what are fundamental drivers?. Energy Mark. (EEM), 7th Int. Conf. Eur. (2010) 1–6, 2010, 10.1109/EEM.2010.5558727.
4. [4] Miller, N., Manz, D., Roedel, J., Marken, P., Kronbeck, E., Utility scale battery energy storage systems. Power Energy Soc. Gen. Meet., 2010 IEEE. (2010) 1–7, 2010, 10.1109/PES.2010.5589871.
5. [5] Sensfuß, F., Ragwitz, M., Genoese, M., The merit-order effect: a detailed analysis of the price effect of renewable electricity generation on spot market prices in Germany. Energy Policy 36 (2008), 3086–3094, 10.1016/j.enpol.2008.03.035.
6. [6] Steffen, B., Prospects for pumped-hydro storage in Germany. Energy Policy 45 (2012), 420–429, 10.1016/j.enpol.2012.02.052.
7. [7] Fraunhofer, I.S.E., Electricity Production and Spot-Prices in Germany 2014. 2014, Fraunhofer Institute For Solar Energy Systems ISE.
8. [8] Bundesministerium für Wirtschaft und Energie, Zeitreihen zur Entwicklung der erneuerbaren Energien in Deutschland, Bundesministerium für Wirtschaft und Energie, 2015.
9. [9] Elexon, The Electricity Trading Arrangements – A Beginner's Guide. 2013, Elexon.
10. [10] National Grid, March Monthly Balancing Services Summary. 2013, National Grid.
11. [11] National Grid, Short Term Operating Reserve (STOR) Frequently Asked Questions. 2013, National Grid.
12. [12] National Grid, Short Term Operating Reserve (STOR): A guide to the services procured by National Grid to manage reserve on the Transmission System, National Grid, n.d.
13. [13] National Grid, STOR Market Information Report TR 27., 2015, National Grid.
14. [14] National Grid, March Monthly Balancing Services Summary. 2015, National Grid.
15. [15] National Grid, Firm Fast Reserve Post Assessment Tender Report – May., 2015, National Grid.
16. [16] National Grid, Firm Frequency Response – Frequently Asked Questions. 2015.
17. [17] National Grid, Firm Frequency Response Market Information for July-15. 2015, National Grid.
18. [18] NAO, Electricity Balancing Services. 2014 London.
19. [19] Gross, R., Heptonstall, P., Anderson, D., Green, T., Leach, M., Skea, J., The Costs and Impacts of Intermittency. 2006, UKERC.
20. [20] National Grid, Firm Frequency Response Market Information for January-16. 2015, National Grid.
21. [21] National Grid, Firm Frequency Response Market Information for November-15. 2015, National Grid.
22. [22] National Grid, Future Energy Scenarios. 2015, National Grid.
23. [23] Preston, D., Open Letter to Reserve Providers and Interested Parties. 2012.
24. [24] ERP, Managing flexibility whilst decarbonising the GB electricity system the energy research partnership. Energy Res. Partnership, 2015.
25. [25] Boßmann, T., Staffell, I., The shape of future electricity demand: exploring load curves in 2050s Germany and Britain. Energy 90 (2015), 1317–1333 http://dx.doi.org/10.1016/j.energy.2015.06.082.
26. [26] National Grid, Firm Frequency Response Market Information. 2015, National Grid.
27. [27] Jones, M., An Assessment of the Long-term Supply of STOR in the UK and How the Green Frog Power Model Acts as an Enabling Technology to Other Intermittent Renewables in This Regard. 2009.
28. [28] Wind Industry, Chapter 13: Power Purchase Agreement. 2007, Wind Ind.
29. [29] Good Energy, PPA, Good Energy. (2014).
30. [30] Flextricity, Triad management, Flextricity. (n.d.).
31. [31] Anuta, O.H., Taylor, P., Jones, D., McEntee, T., Wade, N., An international review of the implications of regulatory and electricity market structures on the emergence of grid scale electricity storage. Renew. Sustain. Energy Rev. 38 (2014), 489–508, 10.1016/j.rser.2014.06.006.
32. [32] Grünewald, P., Cockerill, T., Contestabile, M., Pearson, P., The role of large scale storage in a GB low carbon energy future: issues and policy challenges. Energy Policy 39 (2011), 4807–4815, 10.1016/j.enpol.2011.06.040.
33. [33] EPRI, Electric Energy Storage Technology Options: A White Paper Primer on Applications, Costs, and Benefits. 2010 Palo Alto, CA.
34. [34] Wasowicz, B., Koopmann, S., Dederichs, T., Schnettler, A., Spaetling, U., Evaluating regulatory and market frameworks for energy storage deployment in electricity grids with high renewable energy penetration. Eur. Energy Mark. (EEM), 2012 9th Int. Conf. (2012) 1–8, 2012, 10.1109/EEM.2012.6254811.
35. [35] EREC, Renewable electricity. Eur. Renew. Energy Counc., 2012.
36. [36] Krajačić, G., Duić, N., Tsikalakis, A., Zoulias, M., Caralis, G., Panteri, E., et al. Feed-in tariffs for promotion of energy storage technologies. Energy Policy 39 (2011), 1410–1425, 10.1016/j.enpol.2010.12.013.
37. [37] Krajačić, G., Lončar, D., Duić, N., Zeljko, M., Lacal Arántegui, R., Loisel, R., et al. Analysis of financial mechanisms in support to new pumped hydropower storage projects in Croatia. Appl. Energy 101 (2013), 161–171 http://dx.doi.org/10.1016/j.apenergy.2012.07.007.
38. [38] Kelly, N., Sasso, M., Angrisani, G., Roselli, C., Chapter 11: integrating microgeneration into smart energy networks. Staffell, I., Brett, D.J.L., Brandon, N.P., Hawkes, A.D., (eds.) Domest. Microgeneration Renew. Distrib. Energy Technol. Policies Econ., 2015, Routledge.
39. [39] Driesen, T., Van Craenenbroeck, T., Belmans, R., The development of power quality markets., 2002. IEEE. Power Eng. Soc. Winter Meet., vol. 1, 2002, 262–267, 10.1109/PESW.2002.984996.
40. [40] Rangoni, B., A contribution on electricity storage: the case of hydro-pumped storage appraisal and commissioning in Italy and Spain. Util. Policy 23 (2012), 31–39 http://dx.doi.org/10.1016/j.jup.2012.07.007.
41. [41] Black, M., Strbac, G., Value of bulk energy storage for managing wind power fluctuations, energy conversion. IEEE Trans. 22 (2007), 197–205, 10.1109/TEC.2006.889619.
42. [42] National Audit Office, Electricity Balancing Services. 2014.
43. [43] Good Energy, Written Evidence Submitted by Good Energy. 2012, Commons Select Committee – Energy and Climate Change Committee.
44. [44] Ferreira, H.L., Garde, R., Fulli, G., Kling, W., Lopes, J.P., Characterisation of electrical energy storage technologies. Energy 53 (2013), 288–298, 10.1016/j.energy.2013.02.037.
45. [45] Delta Energy & Environment, 2050 Pathways for Domestic Heat. 2012, Delta Energy & Environment, 2012.
46. [46] National Grid, Operating the Electricity Transmission Networks in 2020. 2011, National Grid.
47. [47] Andrews, S., Pooley, M., Judith, W., What Demand Side Services Does Distributed Generation Bring to the Electricity System?. 2013, Sustainability First.
48. [48] IEC, Electrical Energy Storage White Paper. 2011, International Electrotechnical Commission, 10.1016/j.icrp.2009.12.007.
49. [49] Beresford, J., Zhu, O., Systematic Review of Electricity Storage Technologies: An Interim Report., 2014, Imperial College London.
50. [50] Wilson, I.A.G., McGregor, P.G., Hall, P.J., Energy storage in the UK electrical network: estimation of the scale and review of technology options. Energy Policy 38 (2010), 4099–4106, 10.1016/j.enpol.2010.03.036.
51. [51] Luo, X., Wang, J., Dooner, M., Clarke, J., Overview of current development in electrical energy storage technologies and the application potential in power system operation. Appl. Energy 137 (2015), 511–536 http://dx.doi.org/10.1016/j.apenergy.2014.09.081.
52. [52] Akinyele, D.O., Rayudu, R.K., Review of energy storage technologies for sustainable power networks. Sustain. Energy Technol. Assessments 8 (2014), 74–91, 10.1016/j.seta.2014.07.004.
53. [53] Walawalkar, R., Apt, J., Mancini, R., Economics of electric energy storage for energy arbitrage and regulation in New York. Energy Policy 35 (2007), 2558–2568, 10.1016/j.enpol.2006.09.005.
54. [54] Flynn, P.C., Cabral, E.A., The Economics of Energy Storage in 14 Deregulated Power Markets The Economics of Energy Storage in 14 Deregulated Power Markets. 2006, 14.
55. [55] Sioshansi, R., Denholm, P., Jenkin, T., Weiss, J., Estimating the value of electricity storage in PJM: Arbitrage and some welfare effects. Energy Econ. 31 (2009), 269–277, 10.1016/j.eneco.2008.10.005.
56. [56] Connolly, D., Lund, H., Finn, P., Mathiesen, B.V., Leahy, M., Practical operation strategies for pumped hydroelectric energy storage (PHES) utilising electricity price arbitrage. Energy Policy 39 (2011), 4189–4196, 10.1016/j.enpol.2011.04.032.
57. [57] Bathurst, G.N., Strbac, G., Value of combining energy storage and wind in short-term energy and balancing markets [INCOMPLETE REF]. Electr. Power Syst. Res. 67 (2003), 1–8, 10.1016/S0378-7796(03)00050-6.
58. [58] National Grid, STOR Annual Market Report 2013/14 Data., 2015.
59. [59] National Grid, Short Term Operating Reserve Annual Market Report /14., 2014, National Grid.
60. [60] Sandia National Laboratories, DOE/EPRI Electricity Storage Handbook in Collaboration with NRECA. 2013, Sandia National Laboratories (SAND2013-5131).
61. [61] Chisaki Watanabe, Sumitomo, NGK Picked for Project to Cut Energy Storage Costs, Bloomberg. (n.d.). http://tinyurl.com/gujt6yg.
62. [62] Norris, B.L., Newmiller, J., Peek, G., NAS Battery Demonstration at American Electric Power. 2007 http://prod.sandia.gov/techlib/access-control.cgi/2006/066740.pdf.
63. [63] Díaz-González, F., Sumper, A., Gomis-Bellmunt, O., Villafáfila-Robles, R., A review of energy storage technologies for wind power applications. Renew. Sustain. Energy Rev. 16 (2012), 2154–2171.
64. [64] Sundararagavan, S., Baker, E., Evaluating energy storage technologies for wind power integration. Sol. Energy 86 (2012), 2707–2717 http://dx.doi.org/10.1016/j.solener.2012.06.013.
65. [65] Saft, Lithium-Ion Battery Life. 2014, Saft.
66. [66] Energy Storage Update, Lithium-ion Costs to Fall by up to 50% Within Five Years. 2015.
67. [67] Papaefthymiou, G., Grave, K., Dragoon, K., Flexibility Options in Electricity Systems. 2014, Ecofys, Berlin.