Maximizing the Profits of Battery Energy Storage Systems in the Integrated Single Electricity Market

Ahmed A.Raouf Mohamed; D John Morrow; Robert Best

doi:10.1049/icp.2021.1344

Maximizing the Profits of Battery Energy Storage Systems in the Integrated Single Electricity Market

Ahmed A.Raouf Mohamed^*, D John Morrow, Robert Best

^*Corresponding author for this work

School of Electronics, Electrical Engineering and Computer Science

Research output: Contribution to conference › Paper › peer-review

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Abstract

This paper investigates the profitability of deploying battery energy storage systems (BESS) in the modern grid. An optimization tool to maximize revenue from the participation in the Integrated Single Electricity Market (I-SEM) in the island of Ireland is proposed. Real market dataset is used to determine the optimal market participation factors to maximize the returns using bilevel optimization algorithm. The participation in multiple services is explored and highlighted, and the running costs of the BESS are clarified and quantified. The main objective of this paper is to enumerate the financial benefits and opportunities for grid-scale BESS in the island of Ireland. Case studies proved the efficacy of the proposed approach in maximizing the revenue.

Original language	English
DOIs	https://doi.org/10.1049/icp.2021.1344
Publication status	Published - 01 Oct 2021
Event	The 9th International Conference on Renewable Power Generation - Dublin, Ireland Duration: 01 Mar 2021 → … Conference number: 9 https://rpg.theiet.org/

Conference

Conference	The 9th International Conference on Renewable Power Generation
Abbreviated title	IET RPG 2021
Country/Territory	Ireland
City	Dublin
Period	01/03/2021 → …
Internet address	https://rpg.theiet.org/

Keywords

Battery Energy Storage System,
Energy Arbitrage
Integrated Single Electricity Market
Optimization

Access to Document

10.1049/icp.2021.1344Licence: Unspecified

Maximizing the Profits of Battery Energy Storage Systems in the Integrated Single Electricity Market
© 2021 the Author This manuscript is distributed under a Creative Commons Attribution-NonCommercial-NoDerivs License (https://creativecommons.org/licenses/by-nc-nd/4.0/), which permits distribution and reproduction for non-commercial purposes, provided the author and source are cited.
Accepted author manuscript, 1.27 MBLicence: CC BY-NC-ND

R6966ELE: SPIRE 2 - Storage Platform for the Integration of Renewable Energy
Liu, X. A. (PI), Best, R. (CoI), Foley, A. (CoI) & Morrow, D. J. (CoI)
09/06/2017 → …
Project: Research

The integration of battery energy storage systems in modern distribution networks
Mohamed, A. A. R. (Author), Best, R. (Supervisor), Liu, X. (Supervisor) & Morrow, D. J. (Supervisor), Jul 2022
Student thesis: Doctoral Thesis › Doctor of Philosophy

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Cite this

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abstract = "This paper investigates the profitability of deploying battery energy storage systems (BESS) in the modern grid. An optimization tool to maximize revenue from the participation in the Integrated Single Electricity Market (I-SEM) in the island of Ireland is proposed. Real market dataset is used to determine the optimal market participation factors to maximize the returns using bilevel optimization algorithm. The participation in multiple services is explored and highlighted, and the running costs of the BESS are clarified and quantified. The main objective of this paper is to enumerate the financial benefits and opportunities for grid-scale BESS in the island of Ireland. Case studies proved the efficacy of the proposed approach in maximizing the revenue.",

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AU - Mohamed, Ahmed A.Raouf

AU - Morrow, D John

AU - Best, Robert

N1 - Conference code: 9

PY - 2021/10/1

Y1 - 2021/10/1

N2 - This paper investigates the profitability of deploying battery energy storage systems (BESS) in the modern grid. An optimization tool to maximize revenue from the participation in the Integrated Single Electricity Market (I-SEM) in the island of Ireland is proposed. Real market dataset is used to determine the optimal market participation factors to maximize the returns using bilevel optimization algorithm. The participation in multiple services is explored and highlighted, and the running costs of the BESS are clarified and quantified. The main objective of this paper is to enumerate the financial benefits and opportunities for grid-scale BESS in the island of Ireland. Case studies proved the efficacy of the proposed approach in maximizing the revenue.

AB - This paper investigates the profitability of deploying battery energy storage systems (BESS) in the modern grid. An optimization tool to maximize revenue from the participation in the Integrated Single Electricity Market (I-SEM) in the island of Ireland is proposed. Real market dataset is used to determine the optimal market participation factors to maximize the returns using bilevel optimization algorithm. The participation in multiple services is explored and highlighted, and the running costs of the BESS are clarified and quantified. The main objective of this paper is to enumerate the financial benefits and opportunities for grid-scale BESS in the island of Ireland. Case studies proved the efficacy of the proposed approach in maximizing the revenue.

KW - Battery Energy Storage System,

KW - Energy Arbitrage

KW - Integrated Single Electricity Market

KW - Optimization

U2 - 10.1049/icp.2021.1344

DO - 10.1049/icp.2021.1344

M3 - Paper

T2 - The 9th International Conference on Renewable Power Generation

Y2 - 1 March 2021

ER -

Maximizing the Profits of Battery Energy Storage Systems in the Integrated Single Electricity Market

Abstract

Conference

Keywords

Access to Document

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Projects

R6966ELE: SPIRE 2 - Storage Platform for the Integration of Renewable Energy

Student theses

The integration of battery energy storage systems in modern distribution networks

Cite this