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Since the hourly spot market price is available one day ahead, the price could be transferred to the consumers and they may have some motivations to install an energy storage system in order to save their energy costs. This paper presents an optimal operation strategy for a battery energy storage system (BESS) in relation to the real-time electricity price in order to achieve the maximum profits of the BESS. The western Danish power system, which is currently the grid area in the world that has the largest share of wind power in its generation profiles and may represent the future of electricity markets in some ways, is chosen as the studied power system in this paper. Two kinds of BESS, based on polysulfide-bromine (PSB) and vanadium redox (VRB) battery technologies, are studies in the paper. Simulation results show, that the proposed optimal operation strategy is an effective measure to achieve maximum profits of the BESS. The results also show that it will take longer time to return the original investment of the VRB battery. So the PSB battery is the better investment choice for the time being.
Hu et al. (Thu,) studied this question.