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A dynamic model-based estimate of the value of a vanadium redox flow battery for frequency regulation in Texas

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  • Fares, Robert L.
  • Meyers, Jeremy P.
  • Webber, Michael E.

Abstract

Building on past work seeking to value emerging energy storage technologies in grid-based applications, this paper introduces a dynamic model-based framework to value a vanadium redox flow battery (VRFB) participating in Texas’ organized electricity market. Our model describes the dynamic behavior of a VRFB system’s voltage and state of charge based on the instantaneous charging or discharging power required from the battery. We formulate an optimization problem that incorporates the model to show the potential value of a VRFB used for frequency regulation service in Texas. The optimization is implemented in Matlab using the large-scale, interior-point, nonlinear optimization algorithm, with the objective function gradient, nonlinear constraint gradients, and Hessian matrix specified analytically. Utilizing market prices and other relevant data from the Electric Reliability Council of Texas (ERCOT), we find that a VRFB system used for frequency regulation service could be worth approximately $1500/kW.

Suggested Citation

  • Fares, Robert L. & Meyers, Jeremy P. & Webber, Michael E., 2014. "A dynamic model-based estimate of the value of a vanadium redox flow battery for frequency regulation in Texas," Applied Energy, Elsevier, vol. 113(C), pages 189-198.
    • Handle: RePEc:eee:appene:v:113:y:2014:i:c:p:189-198
    DOI: 10.1016/j.apenergy.2013.07.025
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    1. Yin, Cong & Guo, Shaoyun & Fang, Honglin & Liu, Jiayi & Li, Yang & Tang, Hao, 2015. "Numerical and experimental studies of stack shunt current for vanadium redox flow battery," Applied Energy, Elsevier, vol. 151(C), pages 237-248.
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    14. Dowling, Alexander W. & Kumar, Ranjeet & Zavala, Victor M., 2017. "A multi-scale optimization framework for electricity market participation," Applied Energy, Elsevier, vol. 190(C), pages 147-164.
    15. Zhou, X.L. & Zhao, T.S. & An, L. & Zeng, Y.K. & Yan, X.H., 2015. "A vanadium redox flow battery model incorporating the effect of ion concentrations on ion mobility," Applied Energy, Elsevier, vol. 158(C), pages 157-166.
    16. Zhao, Dongwei & Jafari, Mehdi & Botterud, Audun & Sakti, Apurba, 2022. "Strategic energy storage investments: A case study of the CAISO electricity market," Applied Energy, Elsevier, vol. 325(C).
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    19. Yajing Gao & Fushen Xue & Wenhai Yang & Yanping Sun & Yongjian Sun & Haifeng Liang & Peng Li, 2017. "A Three-Part Electricity Price Mechanism for Photovoltaic-Battery Energy Storage Power Plants Considering the Power Quality and Ancillary Service," Energies, MDPI, vol. 10(9), pages 1-21, August.
    20. Zheng, Qiong & Li, Xianfeng & Cheng, Yuanhui & Ning, Guiling & Xing, Feng & Zhang, Huamin, 2014. "Development and perspective in vanadium flow battery modeling," Applied Energy, Elsevier, vol. 132(C), pages 254-266.
    21. Jalving, Jordan & Ghouse, Jaffer & Cortes, Nicole & Gao, Xian & Knueven, Bernard & Agi, Damian & Martin, Shawn & Chen, Xinhe & Guittet, Darice & Tumbalam-Gooty, Radhakrishna & Bianchi, Ludovico & Beat, 2023. "Beyond price taker: Conceptual design and optimization of integrated energy systems using machine learning market surrogates," Applied Energy, Elsevier, vol. 351(C).
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    23. Pugach, M. & Vyshinsky, V. & Bischi, A., 2019. "Energy efficiency analysis for a kilo-watt class vanadium redox flow battery system," Applied Energy, Elsevier, vol. 253(C), pages 1-1.
    24. Wei, L. & Zhao, T.S. & Xu, Q. & Zhou, X.L. & Zhang, Z.H., 2017. "In-situ investigation of hydrogen evolution behavior in vanadium redox flow batteries," Applied Energy, Elsevier, vol. 190(C), pages 1112-1118.

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