Economic Viability of Battery Energy Storage for the Provision of Frequency Regulation Service
Abstract
Battery Energy Storage Systems (BESS) can provide a number of services to the power grid, with various financial potentials.This paper examines the economic viability of BESS providing primary frequency regulation (PFR) services in Europeanmarkets. The current status of frequency regulation markets of mainland UK (Great Britain) and Central Europe was investigatedand a techno-econometric model was developed to examine the economic viability and profitability of each marketcase. The results show a positive Net Present Value (NPV) for all the examined markets and a high internal rate of return(IRR). The impact of the most influential parameters such as service price and initial capital cost has been examined andanalysed. This analysis seeks to inform interested parties about the viability of BESS services and to provide guidelines forfuture development.References
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system
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A comparative study of select north american and european reserve
markets, in: North American Power Symposium (NAPS), 2012,
IEEE, 2012, pp. 1–8.
[4] D. Greenwood, K. Y. Lim, C. Patsios, P. Lyons, Y. S. Lim, P. Taylor, Frequency
response services designed for energy storage, Applied Energy
203 (2017) 115–127.
[5] U. Energy, Ancillary services report 2017, Available online
at:[Accessed 22 July 2017].
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Libr., no. 07621, p.32, 2016.
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M. Sugiyama, The great battery race framing the next frontier in clean
technology-electrical energy storage, Goldman Sachs.
[15] I. Pawel, The cost of storage–how to calculate the levelized cost of
stored energy (lcoe) and applications to renewable energy generation,
Energy Procedia 46 (2014) 68–77.
[16] J. Neubauer, M. Simpson, Deployment of behind-the-meter energy
storage for demand charge reduction, National Renewable Energy
Laboratory Golden, CO, 2015.
Published
2019-02-01
How to Cite
YIANNI, Christos; EFTHYMIOU, Venizelos; GEORGHIOU, George E..
Economic Viability of Battery Energy Storage for the Provision of Frequency Regulation Service.
Journal of Power Technologies, [S.l.], v. 98, n. 5, p. 403–407, feb. 2019.
ISSN 2083-4195.
Available at: <https://papers.itc.pw.edu.pl/index.php/JPT/article/view/1469>. Date accessed: 02 nov. 2024.
Issue
Section
RENEWABLE ENERGY SOURCES & ENERGY EFFICIENCY 2018 Cyprus
Keywords
battery energy storage, primary frequency regulation, economic viability
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