Configuring a battery energy storage system (BESS) is an effective approach to alleviating the peak shaving and valley filling burden on conventional thermal power units. However, excessive capacity increases investment cost, whereas insufficient capacity limits operational effectiveness. To address this trade-off, a multi-objective optimization framework is proposed to simultaneously maximize annual economic revenue and minimize load variance. The model comprehensively incorporates investment, operation and maintenance, decommissioning, environmental benefits, and deferred grid investment revenue, together with practical operational constraints on power limits, state of charge (SOC), charge/discharge states, and daily energy balance. A multi-objective particle swarm optimization (MOPSO) algorithm is employed to obtain the Pareto frontier, and the technique for order preference by similarity to ideal solution (TOPSIS) is applied to select the final optimal configuration. Simulation results based on a typical 24 h load profile indicate that the optimal BESS configuration is 27.7 MW/78.3 MWh, which reduces load variance by 32.15% and peak demand by 13.5%, while achieving an average annual revenue of 5.73 million CNY. Comparative analysis shows that the proposed method outperforms the traditional weighted-sum approach in both economic and technical indicators. Furthermore, the framework is extended to a WSCC nine-bus system with photovoltaic (PV) integration by introducing node voltage fluctuation as an additional objective. The results verify that the optimized BESS configuration can effectively mitigate voltage fluctuations under high PV penetration, demonstrating the scalability and applicability of the proposed method in renewable-energy integrated power systems.
Shen et al. (Sat,) studied this question.
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