Posters
Come meet the poster presenters to ask them questions and discuss their work
We would like to invite you to come and see the posters at our upcoming conference. The posters will showcase a diverse range of research topics and provide an opportunity for delegates to engage with the authors and learn more about their work. Whether you are a seasoned researcher or simply curious about the latest developments in your field, we believe that the posters will offer something of interest to everyone. So please, join us at the conference and take advantage of this opportunity to learn and engage with your peers in the academic community. We look forward to seeing you there!
PO092: Long-term economic analysis of wind-battery hybrid power plant considering balancing market
Rujie Zhu, PhD student, DTU
Abstract
Hybrid power plants (HPPs) which co-locate wind power plants (WPPs) and battery energy storage systems (BESSs) in same point of connection have attracted a lot of interests in industries and academia. Even though there are more than 100 hybrid projects that are constructed or in pipeline in the world, the long-term economic benefits for HPPs in electricity markets still needs further exploration. The existing works on long-term economic analysis only consider one revenue stream i.e. energy arbitrage or two revenue streams, i.e. energy arbitrage and imbalance cost management. However, HPPs are expected to provide ancillary services for stable and secure operation of power systems . This work analyze the long-term economic benefits through net present value (NPV) analysis by adding balancing services as third revenue stream on top of spot market energy arbitrage and imbalance management through a developed energy management system (EMS) rather than the simple discount factor based method. The purpose is to explore the impact of different markets and operation strategies on the profitability of HPPs. The developed EMS possess several deterministic optimization models, which make optimal offer and operation strategies to allow HPP to achieve energy arbitrage, to offer regulation power, and to reduce imbalances in daily operation. Additionally, the EMS has incorporated an accurate battery degradation model, which quantifies cycling degradation and calendar degradation of battery based on state-of-charge profile. With the battery degradation model, the EMS is able to constraint the use of battery.
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