Economic analysis of battery energy storage system

William B. Ray, Anitha S. Subburaj, James A. Schrock, Stephen B. Bayne

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

Grid-connected battery energy storage systems (BESS) are essential for improving the transient dynamics of the power grid. There is ongoing research about how BESS integration with renewable energy sources can improve renewable energy deployment in the grid. However, the economic feasibility of BESS is a practical limitation of their integration into power systems. BESS costs include both the start-up costs of building the system and the operating costs. Optimizing the operation of the BESS to maximize operating profit would make the BESS more economically feasible to power system operators, and lead to smoother integration of BESS. This manuscript overviews a program tool that analyses grid connected BESS in real world situations and optimizes the operation of the battery system. Through the use of this tool, a better understanding of the economic feasibility of BESS is achieved.

Original languageEnglish
Title of host publicationIEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781479983933
DOIs
StatePublished - Dec 14 2015
Event51st Annual Meeting on IEEE Industry Application Society, IAS 2015 - Addison, United States
Duration: Oct 11 2015Oct 22 2015

Publication series

NameIEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record

Conference

Conference51st Annual Meeting on IEEE Industry Application Society, IAS 2015
Country/TerritoryUnited States
CityAddison
Period10/11/1510/22/15

Keywords

  • Batteries
  • Cost benefit analysis
  • Economics
  • Energy conversion
  • Energy management
  • Load management
  • Renewable energy sources
  • Software algorithm
  • Wind energy

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