Title: Service Revenue Evaluation Methodologies To Maximize The Benefits Of Energy Storage
Dr. Santiago Grijalva, ECE, Chair , Advisor
Dr. Maryam Saeedifard, ECE
Dr. Richard Simmons, ISyE
Dr. Daniel Molzahn, ECE
Dr. Muhammad Marwali, NYISO
The objective of this research is to develop novel methodologies and tools for service revenue evaluation of electrical energy storage systems. Energy storage systems can provide a wide range of services and benefits to the entire value chain of the electricity industry and, therefore, are becoming a favorable technology among stakeholders. The key to an increased deployment of energy storage projects is their economic viability. Because of the significant potential value of energy storage as well as the complexity of the decision-making problem, sophisticated service evaluation methodologies and service optimization tools are highly needed. Accordingly, this research proposes novel service evaluation methodologies to discover the maximum value of energy storage systems for single and multiservice applications, and to provide flexibility, scalability, and tractability of implementation. In order to meet these objectives, various methodologies based on statistical analysis, dynamic control, mixed-integer linear programming, convex optimization, and decomposition have been proposed. A software tool has also been developed for multiservice benefit-cost analysis of energy storage projects. Simulation results show the feasibility of the proposed approaches and significant added values to the economic viability of energy storage projects using the proposed methodologies. Energy storage decision-makers can benefit from the proposed methodologies and simulation results.