Potential value of energy storage in the UK electricity system

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Title: Potential value of energy storage in the UK electricity system
Authors: Teng, F
Pudjianto, D
Strbac, G
Brandon, N
Thomson, A
Miles, J
Item Type: Journal Article
Abstract: This paper assesses the value of distributed energy storage and informs the business case for its multiple applications in the UK electricity system. In contrast to earlier studies that focus on the benefits of energy storage for system operation and development, this work analyses the value that it may deliver to the owner. For this purpose, three models are proposed and applied to analyse the benefit of energy storage with applications in energy and ancillary service markets, revenue maximisation in the context of feed-in tariffs and reduction of carbon dioxide emissions. A large set of studies is carried out to quantify the commercial and emissions benefits of energy storage for those applications. Sensitivity analysis across various scenarios is performed to understand the key drivers for the value of energy storage and how it is affected by energy storage parameters and other factors such as network constraints, prices of energy and ancillary services, and inherent energy system characteristics. A review of current and near-term storage technology costs and functionality is also presented.
Issue Date: 13-Apr-2015
Date of Acceptance: 4-Mar-2015
URI: http://hdl.handle.net/10044/1/43510
DOI: https://dx.doi.org/10.1680/ener.14.00033
ISSN: 1751-4223
Start Page: 107
End Page: 117
Journal / Book Title: Proceedings of the ICE - Energy
Volume: 168
Issue: 2
Copyright Statement: © 2015 ICE Publishing, all rights reserved.
Sponsor/Funder: Engineering & Physical Science Research Council (EPSRC)
Funder's Grant Number: EP/K002252/1
Keywords: Science & Technology
Energy & Fuels
electrical engineering & distribution
planning & scheduling
renewable energy
0905 Civil Engineering
Publication Status: Published
Appears in Collections:Faculty of Engineering
Electrical and Electronic Engineering
Earth Science and Engineering
Centre for Environmental Policy
Faculty of Natural Sciences

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