Impact of energy storage on market-based generation investment planning

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Title: Impact of energy storage on market-based generation investment planning
Authors: Oderinwale, T
Ye, Y
Papadaskalopoulos, D
Strbac, G
Item Type: Conference Paper
Abstract: Previous work has analyzed the role of energy storage (ES) on generation investment planning through centralised cost-minimization models which are inherited from the era of regulated electricity utilities. This paper investigates this issue in the context of the deregulated market environment by proposing a new strategic generation investment planning model. The decision making of a strategic generation company is modeled through a multi-period bi-level optimization problem, where the upper level determines the profit-maximizinginvestment decisions of the generation company and the lower level represents themarket clearing process, accounting for the time-coupling operational characteristics of ES. This bi-level problem is solved after converting it to a single-level mixed-integer linear problem (MILP). Case studies demonstrate thatthe introduction of ES reduces the total generation capacity investment and enhances investments in “must-run” baseload generation over flexible peaking generation, yielding significant system cost savings.
Issue Date: 23-Jun-2019
Date of Acceptance: 8-Mar-2019
Publisher: IEEE
Journal / Book Title: 13th IEEE PES PowerTech Conference Milano 2019
Copyright Statement: This paper is embargoed until publication.
Conference Name: 13th IEEE PES PowerTech Conference Milano 2019
Publication Status: Accepted
Start Date: 2019-06-23
Finish Date: 2019-06-27
Conference Place: Milan Italy
Embargo Date: publication subject to indefinite embargo
Appears in Collections:Electrical and Electronic Engineering
Centre for Environmental Policy
Faculty of Natural Sciences

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