NDLI: Economy of electricity storage in the Nordic electricity market: The case for Finland

Content Provider	IEEE Xplore Digital Library
Author	Zakeri, B. Syri, S.
Copyright Year	2014
Description	Author affiliation: Dept. of Energy Technol., Aalto Univ., Aalto, Finland (Zakeri, B.; Syri, S.)
Abstract	Energy storage systems can be employed for benefiting from price arbitrage, smoothing the imbalance in the power systems for higher integration of intermittent renewable energy, and power quality services. The economic implications of electric energy storage systems should be analyzed based on the characteristics of each electricity market. To this end, in this study, costs and potential benefits of electricity storage in the Nordic power market are examined for the case of Finland, based on the historical prices in 2009-2013. We examine different electrical energy storage systems including pumped hydro, compressed air, NaS, lead acid, and vanadium-redox flow batteries. An algorithm is presented to determine the optimal life cycles of batteries to make the highest benefit to cost ratio. The optimal size of each electricity storage system is also analyzed for each operating market (day-ahead and balancing market). While no storage system is purely profitable in intraday price arbitrage, the results show that pumped hydro has the highest annual benefit-to-cost ratio, up to 25 % in day-ahead (Elspot) and 75% in balancing market. The levelized cost of power generation for pumped hydro is 32-46 €/MWh plus the cost of charging electricity for the Finnish power market. Other possible benefits for electricity storage are examined, including frequency-controlled normal and disturbance reserve. The results demonstrate that none of the batteries are profitable even with the aggregation of revenues from ancillary services, under current market conditions.
Starting Page	1
Ending Page	6
File Size	331060
Page Count	6
File Format	PDF
ISBN	9781479960958
ISSN	21654093
DOI	10.1109/EEM.2014.6861293
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2014-05-28
Publisher Place	Poland
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Electric potential Profitability Electricity Electricity market Electricity supply industry Discharges (electric) Batteries Price arbitrage Cost of electricity storage Smart grid Energy storage
Content Type	Text
Resource Type	Article

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

Economic feasibility of a customer-side energy storage in the Italian electricity market

Energy storage market value — A Netherlands case study

Electric vehicle battery swapping station: Business case and optimization model

Optimal operation strategy of battery energy storage system to real-time electricity price in Denmark

Feasibility of residential battery storage for energy arbitrage

Issues and challenges in smart-grid market operation and simulation

Optimal operation of electric vehicles in competitive electricity markets and its impact on distribution power systems

Assessment of a car park with electric vehicles

Optimizing Electric Vehicle Charging With Energy Storage in the Electricity Market

Economy of electricity storage in the Nordic electricity market: The case for Finland

Similar Documents

Economic feasibility of a customer-side energy storage in the Italian electricity market

Energy storage market value — A Netherlands case study

Electric vehicle battery swapping station: Business case and optimization model

Optimal operation strategy of battery energy storage system to real-time electricity price in Denmark

Feasibility of residential battery storage for energy arbitrage

Issues and challenges in smart-grid market operation and simulation

Optimal operation of electric vehicles in competitive electricity markets and its impact on distribution power systems

Assessment of a car park with electric vehicles

Optimizing Electric Vehicle Charging With Energy Storage in the Electricity Market

Economy of electricity storage in the Nordic electricity market: The case for Finland