IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v16y2023i18p6621-d1239883.html
   My bibliography  Save this article

Economic Analysis of Li-Ion Battery–Supercapacitor Hybrid Energy Storage System Considering Multitype Frequency Response Benefits in Power Systems

Author

Listed:
  • Chenxuan Xu

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Weiqiang Qiu

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Linjun Si

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Tianhan Zhang

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Jun Li

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Gang Chen

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Hongfei Yu

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Jiaqi Lu

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Zhenzhi Lin

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

Abstract

With the promotion of carbon peaking and carbon neutrality goals and the construction of renewable-dominated electric power systems, renewable energy will become the main power source of power systems in China. Therefore, ensuring frequency stability and system security will emerge as pivotal challenges in the future development process. Created by combining a Li-ion battery and a supercapacitor, a hybrid energy storage system (HESS), which possesses robust power regulation capabilities and rapid response capabilities, holds promise for supporting the frequency stability of power systems. In this context, the assessment of the economic viability of HESSs providing multitype frequency response services becomes a critical factor in their deployment and promotion. In this paper, an economic analysis approach for a Li-ion battery–supercapacitor HESS towards a multitype frequency response is presented. First, a multitype frequency response-oriented operational mode for the HESS is designed, outlining the roles and functions of the Li-ion battery and the supercapacitor in delivering distinct services. Moreover, building upon the analysis of the power trajectory of Li-ion batteries, a lifetime model for the HESS is proposed based on the rain-flow counting method. Furthermore, considering the competitive landscape for the HESS in the frequency regulation ancillary service market, a full lifecycle economic assessment model is proposed. Finally, case studies on actual power system frequency data and PJM market data are performed to verify the effectiveness of the proposed method, and the simulation results confirm that the HESS exhibits robust performance and a competitive advantage in providing multitype frequency response services. Additionally, it demonstrates commendable economic benefits, establishing its potential as a valuable contributor to frequency response services.

Suggested Citation

  • Chenxuan Xu & Weiqiang Qiu & Linjun Si & Tianhan Zhang & Jun Li & Gang Chen & Hongfei Yu & Jiaqi Lu & Zhenzhi Lin, 2023. "Economic Analysis of Li-Ion Battery–Supercapacitor Hybrid Energy Storage System Considering Multitype Frequency Response Benefits in Power Systems," Energies, MDPI, vol. 16(18), pages 1-21, September.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:18:p:6621-:d:1239883
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/16/18/6621/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/16/18/6621/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Weiqiang Qiu & Sheng Zhou & Yang Yang & Xiaoying Lv & Ting Lv & Yuge Chen & Ying Huang & Kunming Zhang & Hongfei Yu & Yunchu Wang & Yuanqian Ma & Zhenzhi Lin, 2023. "Application Prospect, Development Status and Key Technologies of Shared Energy Storage toward Renewable Energy Accommodation Scenario in the Context of China," Energies, MDPI, vol. 16(2), pages 1-21, January.
    2. Tian Cheng & Dylan Dah-Chuan Lu & Yam P. Siwakoti, 2022. "Circuit-Based Rainflow Counting Algorithm in Application of Power Device Lifetime Estimation," Energies, MDPI, vol. 15(14), pages 1-13, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shiyuan E & Yanzhong Wang & Bin Xie & Fengxia Lu, 2023. "A Reliability-Based Robust Design Optimization Method for Rolling Bearing Fatigue under Cyclic Load Spectrum," Mathematics, MDPI, vol. 11(13), pages 1-16, June.
    2. Nisitha Padmawansa & Kosala Gunawardane & Samaneh Madanian & Amanullah Maung Than Oo, 2023. "Battery Energy Storage Capacity Estimation for Microgrids Using Digital Twin Concept," Energies, MDPI, vol. 16(12), pages 1-18, June.
    3. Zhe Chai & Junhui Liu & Yihan Zhang & Yuge Chen & Kunming Zhang & Chang Liu & Meng Yang & Shuo Yin & Weiqiang Qiu & Zhenzhi Lin & Li Yang, 2023. "Optimal Scheduling Strategy of Regional Power System Dominated by Renewable Energy Considering Physical and Virtual Shared Energy Storage," Energies, MDPI, vol. 16(5), pages 1-20, March.
    4. Hailun Wang & Yang Li & Feng Wu & Shengming He & Renshan Ding, 2024. "Capacity Optimization of Pumped–Hydro–Wind–Photovoltaic Hybrid System Based on Normal Boundary Intersection Method," Sustainability, MDPI, vol. 16(17), pages 1-26, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:16:y:2023:i:18:p:6621-:d:1239883. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.