Optimal sizing of stationary energy storage systems (ESS) is required to reduce the peak load and increase the profit of fast charging stations. Sequential sizing of battery and converter or fixed-size converters are considered in most of the existing studies. However, sequential sizing or fixed-converter sizes may result in under or oversizing of ESS and thus fail to achieve the set targets, such as peak shaving and cost reduction. In order to address these issues, simultaneous sizing of battery and converter is proposed in this study. The proposed method has the ability to avoid the under or oversizing of ESS by considering the converter capacity and battery size as two independence decision variables. A mathematical problem is formulated by considering the stochastic return time of electrical vehicles (EVs), worst-case state of charge at return time, number of registered EVs, charging level of EVs, and other related parameters. The annualized cost of ESS is computed by considering the lifetime of ESS equipment and annual interest rates. The performance of the proposed method is compared with the existing sizing methods for ESS in fast-charging stations. In addition, sensitivity analysis is carried out to analyze the impact of different parameters on the size of the battery and the converter. Simulation results have proved that the proposed method is outperforming the existing sizing methods in terms of the total annual cost of the charging station and the amount of power buying during peak load intervals.
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