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Title: Service Revenue Evaluation Methodologies To Maximize The Benefits Of Energy Storage
Committee:
Dr. Grijalva, Advisor
Dr. Saeedifard, Chair
Dr. Simmons
Abstract:
The objective of the proposed research is to develop novel methodologies for service revenue evaluation of electrical energy storage systems. We seek a systematic analysis approach to maximize the revenue from multiple services suitable for scalable software development. Energy storage systems can provide a wide range of services and benefits to the entire value chain of the electricity industry. Federal and states' initiatives mandate energy storage deployment goals. The key to an increased deployment of energy storage projects is their economic viability. Because of the significant potential value of energy storage and the complexity of the decision-making problem, sophisticated service evaluation methodologies and optimization tools can be valuable and timely. Previous research mostly studies operational strategies for energy storage coupled with renewable energy sources and the privately-owned ESS business models are not well understood. Another great portion of research focuses on evaluating energy storage systems providing a single service. Few researchers propose strategies for multiple services. These methods mostly rely on heuristics which do not discover the maximum value of energy storage systems. Very few optimization methods for multiservice have been proposed that are limited to a set of few services and cannot be implemented into a software due to complexity and scalability issues. Accordingly, this research proposes novel service evaluation methodologies to discover the maximum value of energy storage systems for single and multi-service applications. Various methodologies have been proposed as preliminary research and results show a significant added value to the revenue streams of energy storage projects. The challenges, complexities and the value of stacking multiple services are discovered and solutions are proposed complementing this research.
