Doctor of Philosophy, The Ohio State University, 2024, Industrial and Systems Engineering
Energy storage is widely used to respond to the uncertain balance of electricity supply and demand and prepare for the contingency. Among many purposes of energy storage, this dissertation will focus on arbitrage trade, peak load shift, and frequency regulation.
For the first part, a two-stage stochastic programming model is introduced to schedule energy storage devices and maximize arbitrage profits for the storage operator. In addition, the model considers adjustments depending on the uncertain price of the real-time electricity market when the decision in the day-ahead market is made. Then, value of stochastic solution is computed to see effect of the stochastic programming. Furthermore, several interesting cases are observed and illustrated, such as simultaneous charging and discharging. These are considered as an sub-optimal solution in general, but this occurs in specific conditions.
Second, when storage is used for peak load shift, it improves resource adequacy of the power systems by contribution of the power from energy storage. In this chapter, a non-performance penalty is imposed to ensure that energy storage operators reserve energy for such shortages. A stochastic dynamic programming model is used to obtain optimal decision policy for the storage device. Using this model, case studies are conducted for the two different systems. System load of these systems are peaked in the summer and winter, so these are analyzed and compared.
In the third part, energy storage capacity value and expected profits are estimated when it provides energy, capacity, and frequency regulation services. To estimate capacity value, three steps approach is adopted. First, discretized stochastic dynamic programming is used to obtain decisions policies for the discretized states. These decision policies are used to get actual decisions by solving mixed-integer optimization in a rolling-horizon fashion. Then, capacity value of energy storage is estimated using simulation. A case (open full item for complete abstract)
Committee: Chen Chen (Advisor); Ramteen Sioshansi (Committee Member); Antonio Conejo (Committee Member); Matthew Pratola (Committee Member)
Subjects: Energy; Industrial Engineering; Operations Research