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Article

A MILP Model for Revenue Optimization of a Compressed Air Energy Storage Plant with Electrolysis

Institute of Electrical Power Engineering and Energy Systems, Clausthal University of Technology, Leibnizstraße 28, 38678 Clausthal-Zellerfeld, Germany
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Academic Editor: Muhammad Abdul Qyyum
Energies 2021, 14(20), 6803; https://doi.org/10.3390/en14206803
Received: 15 September 2021 / Revised: 11 October 2021 / Accepted: 14 October 2021 / Published: 18 October 2021
(This article belongs to the Section D: Energy Storage and Application)
Energy storage, both short- and long-term, will play a vital role in the energy system of the future. One storage technology that provides high power and capacity and that can be operated without carbon emissions is compressed air energy storage (CAES). However, it is widely assumed that CAES plants are not economically feasible. In this context, a mixed-integer linear programming (MILP) model of the Huntorf CAES plant was developed for revenue maximization when participating in the day-ahead market and the minute-reserve market in Germany. The plant model included various plant variations (increased power and storage capacity, recuperation) and a water electrolyzer to produce hydrogen to be used in the combustion chamber of the CAES plant. The MILP model was applied to four use cases that represent a market-orientated operation of the plant. The objective was the maximization of revenue with regard to price spreads and operating costs. To simulate forecast uncertainties of the market prices, a rolling horizon approach was implemented. The resulting revenues ranged between EUR 0.5 Mio and EUR 7 Mio per year and suggested that an economically sound operation of the storage plant is possible. View Full-Text
Keywords: compressed air energy storage; CAES; Huntorf; hydrogen; electrolysis; day-ahead-market; mixed-integer linear programming; MILP; rolling horizon optimization compressed air energy storage; CAES; Huntorf; hydrogen; electrolysis; day-ahead-market; mixed-integer linear programming; MILP; rolling horizon optimization
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MDPI and ACS Style

Klaas, A.-K.; Beck, H.-P. A MILP Model for Revenue Optimization of a Compressed Air Energy Storage Plant with Electrolysis. Energies 2021, 14, 6803. https://doi.org/10.3390/en14206803

AMA Style

Klaas A-K, Beck H-P. A MILP Model for Revenue Optimization of a Compressed Air Energy Storage Plant with Electrolysis. Energies. 2021; 14(20):6803. https://doi.org/10.3390/en14206803

Chicago/Turabian Style

Klaas, Ann-Kathrin, and Hans-Peter Beck. 2021. "A MILP Model for Revenue Optimization of a Compressed Air Energy Storage Plant with Electrolysis" Energies 14, no. 20: 6803. https://doi.org/10.3390/en14206803

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