Electrical Engineering and Systems Science > Systems and Control
arXiv:2310.02494 (eess)
[Submitted on 3 Oct 2023]
Title:On the Financial Consequences of Simplified Battery Sizing Models without Considering Operational Details
Authors:Nam Trong Dinh,Sahand Karimi-Arpanahi,S. Ali Pourmousavi,Mingyu Guo,Julian Lemos-Vinasco,Jon A. R. Liisberg
View a PDF of the paper titled On the Financial Consequences of Simplified Battery Sizing Models without Considering Operational Details, by Nam Trong Dinh and 4 other authors
View PDFAbstract:Optimal battery sizing studies tend to overly simplify the practical aspects of battery operation within the battery sizing framework. Such assumptions may lead to a suboptimal battery capacity, resulting in significant financial losses for a battery project that could last more than a decade. In this paper, we compare the most common existing sizing methods in the literature with a battery sizing model that incorporates the practical operation of a battery, that is, receding horizon operation. Consequently, we quantify the financial losses caused by the suboptimal capacities obtained by these models for a realistic case study related to community battery storage (CBS). We develop the case study by constructing a mathematical framework for the CBS and local end users. Our results show that existing sizing methods can lead to financial losses of up to 22%.
| Comments: | This manuscript has been submitted to PSCC 2024 for possible publication |
| Subjects: | Systems and Control (eess.SY); Information Theory (cs.IT) |
| Cite as: | arXiv:2310.02494 [eess.SY] |
| (orarXiv:2310.02494v1 [eess.SY] for this version) | |
| https://doi.org/10.48550/arXiv.2310.02494 arXiv-issued DOI via DataCite |
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View a PDF of the paper titled On the Financial Consequences of Simplified Battery Sizing Models without Considering Operational Details, by Nam Trong Dinh and 4 other authors
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