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Profit-Maximizing Planning and Control of Battery Energy Storage Systems for Primary Frequency Control

Zhang, Angela Yingjun and Zhao, Changhong and Low, Steven and Tang, Wanrong (2018) Profit-Maximizing Planning and Control of Battery Energy Storage Systems for Primary Frequency Control. In: 2018 IEEE Power & Energy Society General Meeting (PESGM). IEEE , Piscataway, NJ, p. 1. ISBN 9781538677032. https://resolver.caltech.edu/CaltechAUTHORS:20190104-140522282

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Abstract

We consider a two-level profit-maximizing strategy, including planning and control, for battery energy storage system (BESS) owners that participate in the primary frequency control (PFC) market. Specifically, the optimal BESS control minimizes the operating cost by keeping the state of charge (SoC) in an optimal range. Through rigorous analysis, we prove that the optimal BESS control is a "state-invariant" strategy in the sense that the optimal SoC range does not vary with the state of the system. As such, the optimal control strategy can be computed offline once and for all with very low complexity. Regarding the BESS planning, we prove that the the minimum operating cost is a decreasing convex function of the BESS energy capacity. This leads to the optimal BESS sizing that strikes a balance between the capital investment and operating cost. Our work here provides a useful theoretical framework for understanding the planning and control strategies that maximize the economic benefits of BESSs in ancillary service markets.


Item Type:Book Section
Related URLs:
URLURL TypeDescription
https://doi.org/10.1109/pesgm.2018.8586290DOIArticle
https://arxiv.org/abs/1604.00952arXivDiscussion Paper
http://resolver.caltech.edu/CaltechAUTHORS:20170810-105250761Related ItemJournal Article
ORCID:
AuthorORCID
Zhao, Changhong0000-0003-0539-8591
Low, Steven0000-0001-6476-3048
Additional Information:© 2018 IEEE.
Record Number:CaltechAUTHORS:20190104-140522282
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20190104-140522282
Official Citation:A. Y. Zhang, C. Zhao, S. Low and w. Tang, "Profit-Maximizing Planning and Control of Battery Energy Storage Systems for Primary Frequency Control," 2018 IEEE Power & Energy Society General Meeting (PESGM), Portland, OR, USA, 2018, pp. 1-1. doi: 10.1109/PESGM.2018.8586290
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:92095
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:04 Jan 2019 23:21
Last Modified:03 Oct 2019 20:41

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