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Energies 2018, 11(1), 158; doi:10.3390/en11010158

Optimal Sizing of Energy Storage Systems for the Energy Procurement Problem in Multi-Period Markets under Uncertainties

1
Graduate School of Science and Technology, Keio University, Yokohama 223-8522, Japan
2
Japan Science and Technology Agency (JST), CREST, Kawaguchi 332-0012, Japan
3
Institute of Statistical Mathematics, Tachikawa 190-8562, Japan
4
Faculty of Science and Technology, Keio University, Yokohama 223-8522, Japan
*
Author to whom correspondence should be addressed.
Received: 9 December 2017 / Revised: 29 December 2017 / Accepted: 2 January 2018 / Published: 9 January 2018
(This article belongs to the Section Electrical Power and Energy System)
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Abstract

In deregulated electricity markets, minimizing the procurement costs of electricity is a critical problem for procurement agencies (PAs). However, uncertainty is inevitable for PAs and includes multiple factors such as market prices, photovoltaic system (PV) output and demand. This study focuses on settlements in multi-period markets (a day-ahead market and a real-time market) and the installation of energy storage systems (ESSs). ESSs can be utilized for time arbitrage in the day-ahead market and to reduce the purchasing/selling of electricity in the real-time market. However, the high costs of an ESS mean the size of the system needs to be minimized. In addition, when determining the size of an ESS, it is important to identify the size appropriate for each role. Therefore, we employ the concept of a “slow” and a “fast” ESS to quantify the size of a system’s role, based on the values associated with the various uncertainties. Because the problem includes nonlinearity and non-convexity, we solve it within a realistic computational burden by reformulating the problem using reasonable assumptions. Therefore, this study identifies the optimal sizes of ESSs and procurement, taking into account the uncertainties of prices in multi-period markets, PV output and demand. View Full-Text
Keywords: energy procurement problem; electricity market; energy storage system; uncertainty; probabilistic approach; scenario-based approach energy procurement problem; electricity market; energy storage system; uncertainty; probabilistic approach; scenario-based approach
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Konishi, R.; Takeda, A.; Takahashi, M. Optimal Sizing of Energy Storage Systems for the Energy Procurement Problem in Multi-Period Markets under Uncertainties. Energies 2018, 11, 158.

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