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Economic value assessment and optimal sizing of an energy storage system in a grid-connected wind farm

Title
Economic value assessment and optimal sizing of an energy storage system in a grid-connected wind farm
Authors
Choi D.G.Min D.Ryu J.-H.
Ewha Authors
민대기
SCOPUS Author ID
민대기scopus
Issue Date
2018
Journal Title
Energies
ISSN
1996-1073JCR Link
Citation
Energies vol. 11, no. 3
Keywords
Dynamic programmingEconomic value assessmentEnergy storage systemMarkov decision processOptimal sizingWind farm
Publisher
MDPI AG
Indexed
SCIE; SCOPUS WOS scopus
Document Type
Article
Abstract
This study identifies the optimal management policy of a given energy storage system (ESS) installed in a grid-connected wind farm in terms of maximizing the monetary benefits and provides guidelines for defining the economic value of the ESS under optimal management policy and selecting the optimal size of the ESS based on economic value. Considering stochastic models for wind power and electricity price, we develop a finite-horizon periodic-review Markov decision process (MDP) model to seek the optimal management policy. We also use a simple optimization model to find the optimal storage capacity and charging/discharging capacity of the ESS. By applying our analytic approach to a real-world grid-connected wind farm located in South Korea, we verify the usefulness of this study. Our numerical study shows that the economic value of the ESS is highly dependent on management policy, wind electricity variability, and electricity price variability. Thus, the optimal size of ESS should be carefully determined based on the locational characteristics and management policy even with limited investments. Furthermore, this study provides a meaningful policy implication regarding how much of a subsidy the government should provide for installing ESS in a wind farm. © 2018 by the authors.
DOI
10.3390/en11030591
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경영대학 > 경영학전공 > Journal papers
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