This paper proposes a methodology to estimate the maximum revenue that can be generated by a company that operates a high-capacity storage device to buy or sell electricity on the day-ahead electricity market. The methodology exploits the Dynamic Programming (DP) principle and is specified for hydrogen-based storage devices that use electrolysis to produce hydrogen and fuel cells to generate el...

Remarkably higher expected shares of variable renewable energy sources for electricity generation (RES-Electricity) than those available today will be a great challenge for the European power system. Bulk electricity storage technologies— that is, pumped hydro energy storage—are considered a key component while facing these future challenges. The conducted analysis is based on the modeling resu...

The underlying question of this research work is whether small, distributed storage devices on the electricity grid can help to lower the average electricity cost and foster the integration of renewable energy sources. This article addresses the question whether it is economically beneficial to install such storage capacity. The article presents two models that estimate the economic benefits fr...

In current conventional utility systems, fossil fuel or nuclear power plants must back up intermittent renewable electricity generators if the utility grid is to have acceptable reliability. For low levels of intermittent power, this can be achieved without difficulty or added expense. For high levels this reliance on other generators becomes explicit and increasingly expensive, and transmissio...

Managing power generation from wind is conceptually straightforward: generate and sell as much electricity as possible when prices are positive, and do nothing otherwise. However, this strategy leads to curtailment when wind energy exceeds the transmission capacity or when prices are negative, and possible revenue dilution when current prices are low but are expected to increase in the future. ...

With the expansion of renewables in electricity markets, research on storage economics is needed for a better understanding utilization these systems and improving performance intermittent variable generation. Collected up-to-date published wide range articles with high impact factors gives comprehensive review current studies regarding all relevant parameters markets. Valuable technical charac...

A heat pump with thermal storage system is a system that operates a heat pump during night-time using inexpensive electricity; during this time, the generated thermal energy is stored in a thermal storage tank. The stored thermal energy is used by the heat pump during daytime. Based on a model of a dual latent heat storage tank and a heat pump, this study conducts control simulations using both...

This report discusses the administrative aspects connected to the introduction of electricity storage in the energy system. First, the macro-economic aspects of utilizing storage facilities are discussed, and the possible benefits of storage in the electricity system are summarized. Next, the discussion focuses on the administrative aspects. In particular, the regulation system of the Dutch ele...

In the past decade wind-based electricity generation has grown rapidly, and is likely to grow even more in the future. Since generation sites—wind farms—tend to be remote, they require transmission lines to transport electricity to markets. These wind farms can be augmented by co-locating them with an electricity storage facility, for example, an industrial battery. This storage facility enable...