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
Barbour, E., Wilson, I. A. G., Bryden, I., McGregor, P., Mulheran, P., & Hall, P. (Accepted/In press). Towards an objective method to compare energy storage technologies: development and validation of a model to determine the upper boundary of revenue available from electrical price arbitrage. Energy & Environmental Science.