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Optimal battery capacity in electrical load scheduling
Duan, Qibin Wu, Jinran Wang, You-Gan
Duan, Qibin
Wu, Jinran
Wang, You-Gan
Author
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
Date
2022
Type
Journal article
Journal
Journal of Energy Storage
Book
Volume
50
Issue
Page Range
1-9
Article Number
Article 104190
ACU Department
Institute for Positive Psychology and Education
Faculty of Education and Arts
Institute for Learning Sciences and Teacher Education (ILSTE)
Faculty of Education and Arts
Institute for Learning Sciences and Teacher Education (ILSTE)
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Open Access Status
License
All rights reserved
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Controlled