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| Hauptverfasser: | , , , , , |
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| Format: | Preprint |
| Veröffentlicht: |
2024
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| Schlagworte: | |
| Online-Zugang: | https://arxiv.org/abs/2411.01506 |
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| _version_ | 1866913571662725120 |
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| author | Pareek, Parikshit Sampath, L. P. Mohasha Isuru Singh, Anshuman Goel, Lalit Gooi, Hoay Beng Nguyen, Hung Dinh |
| author_facet | Pareek, Parikshit Sampath, L. P. Mohasha Isuru Singh, Anshuman Goel, Lalit Gooi, Hoay Beng Nguyen, Hung Dinh |
| contents | This work proposes a novel degradation-infused energy portfolio allocation (DI-EPA) framework for enabling the participation of battery energy storage systems in multi-service electricity markets. The proposed framework attempts to address the challenge of including the rainflow algorithm for cycle counting by directly developing a closed-form of marginal degradation as a function of dispatch decisions. Further, this closed-form degradation profile is embedded into an energy portfolio allocation (EPA) problem designed for making the optimal dispatch decisions for all the batteries together, in a shared economy manner. We term the entity taking these decisions as `facilitator' which works as a link between storage units and market operators. The proposed EPA formulation is quipped with a conditional-value-at-risk (CVaR)-based mechanism to bring risk-averseness against uncertainty in market prices. The proposed DI-EPA problem introduces fairness by dividing the profits into various units using the idea of marginal contribution. Simulation results regarding the accuracy of the closed-form of degradation, effectiveness of CVaR in handling uncertainty within the EPA problem, and fairness in the context of degradation awareness are discussed. Numerical results indicate that the DI-EPA framework improves the net profit of the storage units by considering the effect of degradation in optimal market participation. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2411_01506 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Degradation-Infused Energy Portfolio Allocation Framework: Risk-Averse Fair Storage Participation Pareek, Parikshit Sampath, L. P. Mohasha Isuru Singh, Anshuman Goel, Lalit Gooi, Hoay Beng Nguyen, Hung Dinh Systems and Control This work proposes a novel degradation-infused energy portfolio allocation (DI-EPA) framework for enabling the participation of battery energy storage systems in multi-service electricity markets. The proposed framework attempts to address the challenge of including the rainflow algorithm for cycle counting by directly developing a closed-form of marginal degradation as a function of dispatch decisions. Further, this closed-form degradation profile is embedded into an energy portfolio allocation (EPA) problem designed for making the optimal dispatch decisions for all the batteries together, in a shared economy manner. We term the entity taking these decisions as `facilitator' which works as a link between storage units and market operators. The proposed EPA formulation is quipped with a conditional-value-at-risk (CVaR)-based mechanism to bring risk-averseness against uncertainty in market prices. The proposed DI-EPA problem introduces fairness by dividing the profits into various units using the idea of marginal contribution. Simulation results regarding the accuracy of the closed-form of degradation, effectiveness of CVaR in handling uncertainty within the EPA problem, and fairness in the context of degradation awareness are discussed. Numerical results indicate that the DI-EPA framework improves the net profit of the storage units by considering the effect of degradation in optimal market participation. |
| title | Degradation-Infused Energy Portfolio Allocation Framework: Risk-Averse Fair Storage Participation |
| topic | Systems and Control |
| url | https://arxiv.org/abs/2411.01506 |