Journal
IEEE TRANSACTIONS ON POWER SYSTEMS
Volume 31, Issue 1, Pages 442-453Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TPWRS.2015.2394355
Keywords
Battery systems; California ISO energy market; charge and discharge schedules; economic and self-schedule bids; second-life batteries; stochastic optimization; supply-demand bids
Categories
Funding
- NSF [ECCS 1253516, ECCS 1307756, CNS 1319798]
- Division Of Computer and Network Systems [1319798] Funding Source: National Science Foundation
- Div Of Electrical, Commun & Cyber Sys [1307756] Funding Source: National Science Foundation
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An optimal supply and demand bidding, scheduling, and deployment design framework is proposed for battery systems. It takes into account various design factors such as the day-ahead and real-time market prices and their statistical dependency, as well as the location, size, efficiency, lifetime, and charge and discharge rates of the batteries. Utilizing second-life/used batteries is also considered. Without loss of generality, our focus is on the California Independent System Operator (ISO) energy market and its two available bidding options, namely self-schedule bidding and economic bidding. While the formulated stochastic optimization problems are originally nonlinear and difficult to solve, we propose a methodology to decompose them into inner and outer subproblems. Accordingly, we find the global optimal solutions within a short amount of computational time. All case studies in this paper are based on real market data.
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