Mathematics > Optimization and Control
arXiv:2310.00775 (math)
[Submitted on 1 Oct 2023]
Title:Multi-market Optimal Energy Storage Arbitrage with Capacity Blocking for Emergency Services
View a PDF of the paper titled Multi-market Optimal Energy Storage Arbitrage with Capacity Blocking for Emergency Services, by Md Umar Hashmi and Stephen Hardy and Dirk Van Hertem and Harsha Nagarajan
View PDFAbstract:The future power system is increasingly interconnected via both AC and DC interconnectors. These interconnectors establish links between previously decoupled energy markets. In this paper, we propose an optimal multi-market energy storage arbitrage model that includes emergency service provisions for system operator(s). The model considers battery ramping and capacity constraints and utilizes operating envelopes calculated based on interconnector capacity, efficiency, dynamic energy injection and offshore wind generation in the day-ahead market. The arbitrage model considers two separate electricity prices for buying and selling of electricity in the two regions, connected via an interconnector. Using disjunctive linearization of nonlinear terms, we exactly reformulate the inter-regional energy arbitrage optimization as a mixed integer linear programming problem. We propose two capacity limit selection models for storage owners providing emergency services. The numerical analyses focus on two interconnections linking Belgium and the UK. The results are assessed based on revenue, operational cycles, payback period, shelf life and computation times.
| Subjects: | Optimization and Control (math.OC); Systems and Control (eess.SY) |
| Cite as: | arXiv:2310.00775 [math.OC] |
| (orarXiv:2310.00775v1 [math.OC] for this version) | |
| https://doi.org/10.48550/arXiv.2310.00775 arXiv-issued DOI via DataCite |
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View a PDF of the paper titled Multi-market Optimal Energy Storage Arbitrage with Capacity Blocking for Emergency Services, by Md Umar Hashmi and Stephen Hardy and Dirk Van Hertem and Harsha Nagarajan
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