Economic analysis of battery energy storage system

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

doi:10.1109/IAS.2015.7356781

Economic analysis of battery energy storage system

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

Electrical and Computer Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-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 language	English
Title of host publication	IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record
Publisher	Institute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)	9781479983933
DOIs	https://doi.org/10.1109/IAS.2015.7356781
State	Published - Dec 14 2015
Event	51st Annual Meeting on IEEE Industry Application Society, IAS 2015 - Addison, United States Duration: Oct 11 2015 → Oct 22 2015

Publication series

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

Conference

Conference	51st Annual Meeting on IEEE Industry Application Society, IAS 2015
Country	United States
City	Addison
Period	10/11/15 → 10/22/15

Keywords

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

Access to Document

10.1109/IAS.2015.7356781

Link to publication in Scopus

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Ray, W. B., Subburaj, A. S., Schrock, J. A., & Bayne, S. B. (2015). Economic analysis of battery energy storage system. In IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record [7356781] (IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/IAS.2015.7356781

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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.",

keywords = "Batteries, Cost benefit analysis, Economics, Energy conversion, Energy management, Load management, Renewable energy sources, Software algorithm, Wind energy",

author = "Ray, {William B.} and Subburaj, {Anitha S.} and Schrock, {James A.} and Bayne, {Stephen B.}",

year = "2015",

month = dec,

day = "14",

doi = "10.1109/IAS.2015.7356781",

language = "English",

series = "IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

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Ray, WB, Subburaj, AS, Schrock, JA & Bayne, SB 2015, Economic analysis of battery energy storage system. in IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record., 7356781, IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record, Institute of Electrical and Electronics Engineers Inc., 51st Annual Meeting on IEEE Industry Application Society, IAS 2015, Addison, United States, 10/11/15. https://doi.org/10.1109/IAS.2015.7356781

Economic analysis of battery energy storage system. / Ray, William B.; Subburaj, Anitha S.; Schrock, James A.; Bayne, Stephen B.

IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record. Institute of Electrical and Electronics Engineers Inc., 2015. 7356781 (IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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AU - Subburaj, Anitha S.

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AU - Bayne, Stephen B.

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Y1 - 2015/12/14

N2 - 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.

AB - 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.

KW - Batteries

KW - Cost benefit analysis

KW - Economics

KW - Energy conversion

KW - Energy management

KW - Load management

KW - Renewable energy sources

KW - Software algorithm

KW - Wind energy

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Ray WB, Subburaj AS, Schrock JA, Bayne SB. Economic analysis of battery energy storage system. In IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record. Institute of Electrical and Electronics Engineers Inc. 2015. 7356781. (IEEE Industry Application Society - 51st Annual Meeting, IAS 2015, Conference Record). https://doi.org/10.1109/IAS.2015.7356781