Journal
APPLIED ENERGY
Volume 277, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.apenergy.2020.115589
Keywords
Electricity markets; Battery energy storage system; Per-use-share rental business model; Sharing economy
Categories
Funding
- ARC Research Hub Grant [IH180100020]
- ARC Training Centre [IC200100023]
- Sir William Tyree Foundation-Distributed Power Generation Research Fund
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The battery energy storage system (BESS) plays an increasingly important role in the electricity sector around the world. BESS can not only smooth the outputs of renewable energy, but also provide a variety of benefits to the electricity grid and markets. At this stage though, the capital cost of BESS is still high. Thus, the BESS sharing economy offers an opportunity to apply BESS services for customers. In this paper, the per-use-share rental strategy of BESS is proposed to support customers and increase the profit for the battery sales firm in the joint energy and the Frequency Control Ancillary Services markets. The rental pricing model is optimized for the firm and participating customers, and the proofs of the rental strategy are analyzed to assess its feasibility of the proposed rental strategy. The IEEE 33-bus distribution system is used to verify the proposed per-use-share rental strategy of BESS. The case studies use real historical data from the Australian Energy Market Operator. Moreover, the feasibility analysis of the per-use-share rental model is studied considering the fluctuations of clearing prices in the spot and Frequency Control Ancillary Services markets. The results show that the proposed per-use-share rental strategy of BESS provides a win win situation for customers and the battery sales firm.
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