Design, modelling and valuation of innovative dispatch strategies for energy storage systems

Zafeirakis, Dimitrios (2015) Design, modelling and valuation of innovative dispatch strategies for energy storage systems. Doctoral thesis, University of East Anglia.

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Energy storage has in recent years attracted considerable interest, mainly owing to its potential to support large-scale integration of renewable energy sources (RES). At the same time however, energy storage technologies are called to take over multiple roles across the entire electricity sector, introducing modern applications for both private
actors and system operators. In this context, the current thesis focuses on the valuation of emerging energy storage applications, while also proceeding to the design and modelling of novel dispatch strategies, along with the development of financial instruments and support measures for the market uptake of energy storage technologies. In doing so, emphasis is given on mature, bulk energy storage technologies, able to support energy management applications. These include pumped hydro storage, compressed air energy storage and battery technologies. Energy storage applications/dispatch strategies examined are divided into three main categories that focus on private actors, autonomous electricity grids and utility-scale systems.
For private energy storage actors, active, profit-seeking participation in energy markets is examined through the evaluation of high-risk arbitrage strategies. Furthermore, the interplay of energy storage and demand side management (DSM) is studied for private actors exposed to increased electricity prices and energy insecurity, designating also the potential for combined strategies of arbitrage and DSM. To reduce the investment risks associated with participation in energy markets, a novel aspect of collaboration between energy storage and RES is accordingly investigated for energy storage investors, proposing the use of storage for the delivery of guaranteed RES power during peak demand periods and stimulating the development of state support
instruments such as feed-in tariffs.
Next, attention is given on the introduction of energy storage systems in autonomous island grids. Such autonomous systems comprise ideal test-benches for energy storage and smart-grids, owed to the technical challenges they present on the one hand (e.g. low levels of energy diversity and limitations in terms of grid balancing capacity) and the high electricity production cost determining the local energy sector on the other (due to the need for oil imports). To this end, combined operation of RES with energy storage could, under the assumption of appreciable RES potential, prove cost-effective in comparison with the current solution of expensive, oil-based thermal power generation. Moreover, by considering the limited balancing capacity of such autonomous grids, which dictates the oversizing of the storage components in order to
achieve increased energy autonomy, the trade-off between DSM and energy storage is next studied, becoming increasingly important as the quality of RES potential decays.
With regards to utility-scale energy storage applications, the potential of bulk energy storage to support base-load RES contribution is investigated, proving in this way that the intermittent characteristics of RES power generation could be eliminated. This implies increased energy security at the level of national grids while also challenging the prospect of grid parity for such energy schemes. Furthermore, the market regulating capacity of utility-scale energy storage is reflected through the examination of different market-efficiency criteria, providing system operators with a valuable asset for the improved operation of electricity markets. Finally, the role of utility-scale energy storage in the optimum management of national electricity trade is investigated, designating the underlying problem of embodied carbon dioxide emissions’ exchange over cross-border transmission and paving the way for the consideration of energy storage aspects in electricity grid planning.

Item Type: Thesis (Doctoral)
Faculty \ School: Faculty of Social Sciences > Norwich Business School
Depositing User: Users 2593 not found.
Date Deposited: 16 Sep 2015 14:42
Last Modified: 29 Sep 2015 15:39

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