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This article proposes a methodology to calculate the upper boundary of the revenue available from the storage and time-shifting of electrical energy. The inputs to the mathematical model are a discrete time series of the market index prices over a particular period of interest, and also specific energy storage device parameters. By using a Monte Carlo based optimisation method, the upper boundary of the revenue from time-shifting energy is determined. The method is explained and validated by showing that it finds the optimum solution that is the upper boundary for time-shifting revenue for a variety of storage device characteristics.
|Number of pages||25|
|Journal||Energy & Environmental Science|
|Publication status||Accepted/In press - 2012|
- electrical price arbitrage
- electrical energy
- electrical storage
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HiDEF. Supergen 3 HDPS Renewal Core and Pluses
Infield, D., Ault, G., Bell, K., Burt, G., Finney, S., Fletcher, J., Johnstone, C., Kelly, N., Kockar, I., McGregor, P. & Williams, B.
EPSRC (Engineering and Physical Sciences Research Council)
1/07/09 → 30/09/13