Optimal battery capacity in electrical load scheduling
Journal article
Duan, Qibin, Wu, Jinran and Wang, You-Gan. (2022). Optimal battery capacity in electrical load scheduling. Journal of Energy Storage. 50, p. Article 104190. https://doi.org/10.1016/j.est.2022.104190
Authors | Duan, Qibin, Wu, Jinran and Wang, You-Gan |
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Abstract | With a rapid decline in cost of battery energy storage, a battery system plays an increasingly important role in managing imbalance between ordering and consumption in the electricity wholesale market. We develop an innovative electricity demand forecasting framework for calculating the optimal battery capacity that maximizes the profit of an electricity retailer. The framework allows different costs associated with over- and under-prediction errors, and two insensitive parameters to capture the battery residual capacity and remaining storage space. An application to Australia National Electricity Market in New South Wales shows that the use of a battery system with the optimal capacity can save up to AUD $65 millions annually under reasonable battery unit cost assumptions. |
Keywords | load scheduling; battery storage; asymmetric insensitive linear–linear cost; asymmetric support vector regression; economically unbiased prediction |
Year | 2022 |
Journal | Journal of Energy Storage |
Journal citation | 50, p. Article 104190 |
Publisher | Elsevier Ltd |
ISSN | 2352-152X |
Digital Object Identifier (DOI) | https://doi.org/10.1016/j.est.2022.104190 |
Scopus EID | 2-s2.0-85125189587 |
Page range | 1-9 |
Funder | Australian Research Council (ARC) |
Publisher's version | License All rights reserved File Access Level Controlled |
Output status | Published |
Publication dates | |
Online | 24 Feb 2022 |
Publication process dates | |
Accepted | 08 Feb 2022 |
Deposited | 18 Jul 2023 |
ARC Funded Research | This output has been funded, wholly or partially, under the Australian Research Council Act 2001 |
Grant ID | DP160104292 |
CE140100049 |
https://acuresearchbank.acu.edu.au/item/8z4zz/optimal-battery-capacity-in-electrical-load-scheduling
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