Energy storage systems (ESSs) are increasingly recognized as essential assets in the transition to cleaner energy sources. A recent study led by Ujjwol Tamrakar from Sandia National Laboratories, published in the IEEE Open Access Journal of Power and Energy, presents an innovative framework that enhances the economic viability of these systems by allowing them to serve multiple purposes simultaneously.
The research introduces a model predictive control (MPC) framework designed to optimize the dispatch of ESSs for both energy arbitrage—buying electricity when prices are low and selling it when prices are high—and power quality applications, such as voltage regulation and power factor correction. This dual approach not only maximizes the financial returns on ESS investments but also ensures that power system constraints are met without compromising market revenues.
Tamrakar emphasizes the significance of this approach, stating, “By stacking power quality applications with energy arbitrage, we can enhance the economic benefits of energy storage systems while maintaining their primary revenue-generating capabilities.” The study’s simulation results indicate that integrating these applications can either maintain or even improve revenue from energy arbitrage, a critical factor for stakeholders considering the substantial capital investments required for ESS deployment.
The implications of this research are particularly relevant for utility companies and energy providers looking to enhance grid reliability and efficiency while meeting regulatory clean energy targets. By employing this MPC framework, organizations can leverage their ESSs more effectively, potentially leading to lower operational costs and increased revenue streams.
Furthermore, the controller-hardware-in-the-loop (CHIL) study conducted as part of the research showcases the practical feasibility of this framework, indicating that it can be implemented in real-world scenarios. This opens up new commercial opportunities for technology developers and service providers in the energy sector, as they can offer solutions that optimize the performance of existing ESSs.
As the energy sector continues to evolve, the ability to derive multiple benefits from ESSs will be crucial in justifying their costs and enhancing their role in a sustainable energy future. The findings from Tamrakar’s research represent a significant step forward in maximizing the potential of energy storage systems, making it a valuable contribution to the ongoing dialogue on energy innovation and efficiency.
