Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals

Qiwei Zhai; Jin Ma; ZhaoYang Dong; Chao Lu

doi:10.1109/DRPT.2015.7432212

Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals

Qiwei Zhai, Jin Ma, ZhaoYang Dong, Chao Lu

Research output: Chapters, Conference Papers, Creative and Literary Works › RGC 32 - Refereed conference paper (with host publication) › peer-review

Abstract

With the increasing use of Variable Renewable Energy (VRE) resources and the recent advance of battery technologies, battery would likely become a non-generation alternative to participate in the deregulated electricity markets. This paper focuses on utilizing batteries for providing frequency regulation services and taking advantage of the short term price arbitrage (price spikes) in the spot market, because batteries have quick response time, and price spikes and frequency regulation services have similar time scales. Our experiment with real market data demonstrates that the proposed dynamic State of Charge (SoC) model makes much higher profits than a static SoC operation model. © 2015 IEEE.

Original language	English
Title of host publication	Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015
Publisher	IEEE
Pages	103-107
ISBN (Print)	9781467371063
DOIs	https://doi.org/10.1109/DRPT.2015.7432212
Publication status	Published - 11 Mar 2016
Externally published	Yes
Event	5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015 - Changsha, China Duration: 26 Nov 2015 → 29 Nov 2015

Publication series

Name	Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015

Conference

Conference	5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015
Place	China
City	Changsha
Period	26/11/15 → 29/11/15

Bibliographical note

Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].

Funding

Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to <a href="mailto:[email protected]">[email protected]</a>.

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy

Research Keywords

Ancillary services
Battery
Electricity market
Price spikes

Access Output

10.1109/DRPT.2015.7432212

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Zhai, Q., Ma, J., Dong, Z., & Lu, C. (2016). Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals. In Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015 (pp. 103-107). Article 7432212 (Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015). IEEE. https://doi.org/10.1109/DRPT.2015.7432212

Zhai, Qiwei ; Ma, Jin ; Dong, ZhaoYang et al. / Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals. Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015. IEEE, 2016. pp. 103-107 (Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015).

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title = "Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals",

abstract = "With the increasing use of Variable Renewable Energy (VRE) resources and the recent advance of battery technologies, battery would likely become a non-generation alternative to participate in the deregulated electricity markets. This paper focuses on utilizing batteries for providing frequency regulation services and taking advantage of the short term price arbitrage (price spikes) in the spot market, because batteries have quick response time, and price spikes and frequency regulation services have similar time scales. Our experiment with real market data demonstrates that the proposed dynamic State of Charge (SoC) model makes much higher profits than a static SoC operation model. {\textcopyright} 2015 IEEE.",

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author = "Qiwei Zhai and Jin Ma and ZhaoYang Dong and Chao Lu",

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language = "English",

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series = "Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015",

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Zhai, Q, Ma, J, Dong, Z & Lu, C 2016, Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals. in Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015., 7432212, Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015, IEEE, pp. 103-107, 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015, Changsha, China, 26/11/15. https://doi.org/10.1109/DRPT.2015.7432212

Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals. / Zhai, Qiwei; Ma, Jin; Dong, ZhaoYang et al.
Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015. IEEE, 2016. p. 103-107 7432212 (Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015).

Research output: Chapters, Conference Papers, Creative and Literary Works › RGC 32 - Refereed conference paper (with host publication) › peer-review

TY - GEN

T1 - Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals

AU - Zhai, Qiwei

AU - Ma, Jin

AU - Dong, ZhaoYang

AU - Lu, Chao

N1 - Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].

PY - 2016/3/11

Y1 - 2016/3/11

N2 - With the increasing use of Variable Renewable Energy (VRE) resources and the recent advance of battery technologies, battery would likely become a non-generation alternative to participate in the deregulated electricity markets. This paper focuses on utilizing batteries for providing frequency regulation services and taking advantage of the short term price arbitrage (price spikes) in the spot market, because batteries have quick response time, and price spikes and frequency regulation services have similar time scales. Our experiment with real market data demonstrates that the proposed dynamic State of Charge (SoC) model makes much higher profits than a static SoC operation model. © 2015 IEEE.

AB - With the increasing use of Variable Renewable Energy (VRE) resources and the recent advance of battery technologies, battery would likely become a non-generation alternative to participate in the deregulated electricity markets. This paper focuses on utilizing batteries for providing frequency regulation services and taking advantage of the short term price arbitrage (price spikes) in the spot market, because batteries have quick response time, and price spikes and frequency regulation services have similar time scales. Our experiment with real market data demonstrates that the proposed dynamic State of Charge (SoC) model makes much higher profits than a static SoC operation model. © 2015 IEEE.

KW - Ancillary services

KW - Battery

KW - Electricity market

KW - Price spikes

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M3 - RGC 32 - Refereed conference paper (with host publication)

SN - 9781467371063

T3 - Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015

SP - 103

EP - 107

BT - Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015

PB - IEEE

T2 - 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015

Y2 - 26 November 2015 through 29 November 2015

ER -

Zhai Q, Ma J, Dong Z, Lu C. Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals. In Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015. IEEE. 2016. p. 103-107. 7432212. (Proceedings of the 5th IEEE International Conference on Electric Utility Deregulation, Restructuring and Power Technologies, DRPT 2015). doi: 10.1109/DRPT.2015.7432212

Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals

Abstract

Publication series

Conference

Bibliographical note

Funding

UN SDGs

Research Keywords

Access Output

Other Access Options

Permanent Link

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Cite this