Abstract
An energy storage (ES) dispatch optimization was implemented to test lithium-ion battery ES, supercapacitor ES, and compressed air ES on two different industrial facilities – one intermittent process facility and one continuous process facility. The model first shows the capability of optimizing the size of a single technology on a single industrial facility to maximize the return on investment. Then, for the same profile, the model identifies significant differences in the optimal size for different technologies based on their performance parameters. Third, the model identifies differences in the optimal size for each technology based on the facilities profile. The results show compressed air ES yields the highest return on investment for both facilities and provides insight for future development of ES systems.
Original language | English (US) |
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Article number | 105063 |
Journal | Journal of Energy Storage |
Volume | 53 |
DOIs | |
State | Published - Sep 2022 |
Keywords
- Compressed air energy storage
- Demand-side management
- Lithium-ion battery energy storage
- Optimal scheduling
- Power system economics
- Supercapacitor energy storage
ASJC Scopus subject areas
- Renewable Energy, Sustainability and the Environment
- Energy Engineering and Power Technology
- Electrical and Electronic Engineering