Techno-Economic Selection of Energy Storage Providing Multiple Services

Utilizing energy storage systems (ESSs) to perform multiple grid supporting services is an effective way to rationalize the investment of ESS. It is crucial to choose the matching energy storage technologies (ESTs) for achieving the specific stackable services as well as reducing investment costs and increasing revenue. Therefore, the EST suitable for providing stackable services, which includes energy arbitrage and frequency regulation, is proposed in this paper based on a framework. The framework considers the influence of technical, economical, and lifetime parameters. It mainly consists of technical preselection and economic analysis. At first, the requirements of provided services to ESS are adopted as the hard constraints to select the technically feasible ESTs. For economic analysis, a cost-benefit evaluation model for stackable services is proposed. It can quantitatively describe the influence of ESS parameters on cost and revenue. The analysis is based on the estimated parameters of ESTs in 2022. The load data and frequency regulation data are from the IEEE 33-bus distribution system and the PJM market.