The Experts below are selected from a list of 255 Experts worldwide ranked by ideXlab platform
Jianwei Huang - One of the best experts on this subject based on the ideXlab platform.
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Virtual Energy Storage Sharing and Capacity Allocation
IEEE Transactions on Smart Grid, 2020Co-Authors: Dongwei Zhao, Hao Wang, Jianwei HuangAbstract:Energy storage can play an important role in energy management of end users. To promote an efficient utilization of energy storage, we develop a novel business model to enable virtual storage sharing among a group of users. Specifically, a storage aggregator invests and operates the central physical storage unit, by virtualizing it into separable virtual capacities and selling to users. Each user purchases the virtual Capacity, and utilize it to reduce the energy cost. We formulate the interaction between the aggregator and users as a two-stage optimization problem. In Stage 1, over the investment horizon, the aggregator determines the investment and pricing decisions. In Stage 2, in each operational horizon, each user decides the virtual Capacity to purchase together with the operation of the virtual storage. We characterize a stepwise form of the optimal solution of Stage-2 problem and a piecewise linear structure of the optimal profit of Stage-1 problem, both with respect to the virtual Capacity Price. Based on the solution structure, we design an algorithm to attain the optimal solution of the two-stage problem. In our simulation results, the proposed storage virtualization model can reduce the physical energy storage investment of the aggregator by 54.3% and reduce the users' total costs by 34.7%, compared to the case where users acquire their own physical storage.
Guoding Zhou - One of the best experts on this subject based on the ideXlab platform.
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A techno-economic analysis on NaS battery energy storage system supporting peak shaving
International Journal of Energy Research, 2016Co-Authors: Qiangqiang Liao, Bo Sun, Jun Sun, Yu Liu, Guoding ZhouAbstract:The merits of electricity grid in Shanghai and sodium sulfur (NaS) storage techniques situation are introduced. High-energyNaS battery energy storage system (BESS) is very suitable for peak shaving of electricity grid. A cost–benefit analysismodel of NaS BESS is established to study the electricity Price mechanism in load shift in the light of an example ofNaS BESS in Meisei University. Capacity Price, energy Price and twofold electricity Price mechanism are discussed underthe fixed payback period. The results show that twofold electric power Price mechanism is fitter for NaS BESS than onefoldenergy Price mechanism while onefold Capacity Price mechanism is not suitable for NaS BESS. The discharge Price of NaSBESS has an advantage over Shanghai’s electricity Price in industrial and commercial peak periods when its constructioncost descends to 1000 yuan kWh1
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A techno‐economic analysis on NaS battery energy storage system supporting peak shaving
International Journal of Energy Research, 2015Co-Authors: Qiangqiang Liao, Guoding ZhouAbstract:Summary The merits of electricity grid in Shanghai and sodium sulfur (NaS) storage techniques situation are introduced. High-energy NaS battery energy storage system (BESS) is very suitable for peak shaving of electricity grid. A cost–benefit analysis model of NaS BESS is established to study the electricity Price mechanism in load shift in the light of an example of NaS BESS in Meisei University. Capacity Price, energy Price and twofold electricity Price mechanism are discussed under the fixed payback period. The results show that twofold electric power Price mechanism is fitter for NaS BESS than onefold energy Price mechanism while onefold Capacity Price mechanism is not suitable for NaS BESS. The discharge Price of NaS BESS has an advantage over Shanghai's electricity Price in industrial and commercial peak periods when its construction cost descends to 1000 yuan kWh−1. Copyright © 2015 John Wiley & Sons, Ltd.
Dongwei Zhao - One of the best experts on this subject based on the ideXlab platform.
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Virtual Energy Storage Sharing and Capacity Allocation
IEEE Transactions on Smart Grid, 2020Co-Authors: Dongwei Zhao, Hao Wang, Jianwei HuangAbstract:Energy storage can play an important role in energy management of end users. To promote an efficient utilization of energy storage, we develop a novel business model to enable virtual storage sharing among a group of users. Specifically, a storage aggregator invests and operates the central physical storage unit, by virtualizing it into separable virtual capacities and selling to users. Each user purchases the virtual Capacity, and utilize it to reduce the energy cost. We formulate the interaction between the aggregator and users as a two-stage optimization problem. In Stage 1, over the investment horizon, the aggregator determines the investment and pricing decisions. In Stage 2, in each operational horizon, each user decides the virtual Capacity to purchase together with the operation of the virtual storage. We characterize a stepwise form of the optimal solution of Stage-2 problem and a piecewise linear structure of the optimal profit of Stage-1 problem, both with respect to the virtual Capacity Price. Based on the solution structure, we design an algorithm to attain the optimal solution of the two-stage problem. In our simulation results, the proposed storage virtualization model can reduce the physical energy storage investment of the aggregator by 54.3% and reduce the users' total costs by 34.7%, compared to the case where users acquire their own physical storage.
Felix F. Wu - One of the best experts on this subject based on the ideXlab platform.
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HICSS - Financing Long-Term Generation Capacity in a Reference Price Oriented Capacity Market
2010 43rd Hawaii International Conference on System Sciences, 2010Co-Authors: Felix F. WuAbstract:Many power markets around the world have been facing inadequacy with generation Capacity investment to meet the growing demand. Among various frameworks directed towards this problem, Capacity markets have emerged in major eastern US power markets. In this paper, a prototype Capacity market is discussed which is consistent with the trend of convergence of market design. Based on this, the critical role of the reference Capacity Price is brought up, followed by a detailed explanation of its economic rationale and concerns. Noted with the necessity of a systematic pricing scheme to determine the value of the reference Capacity Price, a pricing model based on the general Black-Scholes contingent claim framework is proposed. In this model, the Capacity value is treated as a path-dependent derivative with electricity Prices and natural gas Prices as underlyings. Numerical study is conducted to prove model validity with a lattice approach adopted.
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Financing Long-Term Generation Capacity in a Reference Price Oriented Capacity Market
2010 43rd Hawaii International Conference on System Sciences, 2010Co-Authors: Felix F. WuAbstract:Many power markets around the world have been facing inadequacy with generation Capacity investment to meet the growing demand. Among various frameworks directed towards this problem, Capacity markets have emerged in major eastern US power markets. In this paper, a prototype Capacity market is discussed which is consistent with the trend of convergence of market design. Based on this, the critical role of the reference Capacity Price is brought up, followed by a detailed explanation of its economic rationale and concerns. Noted with the necessity of a systematic pricing scheme to determine the value of the reference Capacity Price, a pricing model based on the general Black-Scholes contingent claim framework is proposed. In this model, the Capacity value is treated as a path-dependent derivative with electricity Prices and natural gas Prices as underlyings. Numerical study is conducted to prove model validity with a lattice approach adopted.
Qiangqiang Liao - One of the best experts on this subject based on the ideXlab platform.
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A techno-economic analysis on NaS battery energy storage system supporting peak shaving
International Journal of Energy Research, 2016Co-Authors: Qiangqiang Liao, Bo Sun, Jun Sun, Yu Liu, Guoding ZhouAbstract:The merits of electricity grid in Shanghai and sodium sulfur (NaS) storage techniques situation are introduced. High-energyNaS battery energy storage system (BESS) is very suitable for peak shaving of electricity grid. A cost–benefit analysismodel of NaS BESS is established to study the electricity Price mechanism in load shift in the light of an example ofNaS BESS in Meisei University. Capacity Price, energy Price and twofold electricity Price mechanism are discussed underthe fixed payback period. The results show that twofold electric power Price mechanism is fitter for NaS BESS than onefoldenergy Price mechanism while onefold Capacity Price mechanism is not suitable for NaS BESS. The discharge Price of NaSBESS has an advantage over Shanghai’s electricity Price in industrial and commercial peak periods when its constructioncost descends to 1000 yuan kWh1
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A techno‐economic analysis on NaS battery energy storage system supporting peak shaving
International Journal of Energy Research, 2015Co-Authors: Qiangqiang Liao, Guoding ZhouAbstract:Summary The merits of electricity grid in Shanghai and sodium sulfur (NaS) storage techniques situation are introduced. High-energy NaS battery energy storage system (BESS) is very suitable for peak shaving of electricity grid. A cost–benefit analysis model of NaS BESS is established to study the electricity Price mechanism in load shift in the light of an example of NaS BESS in Meisei University. Capacity Price, energy Price and twofold electricity Price mechanism are discussed under the fixed payback period. The results show that twofold electric power Price mechanism is fitter for NaS BESS than onefold energy Price mechanism while onefold Capacity Price mechanism is not suitable for NaS BESS. The discharge Price of NaS BESS has an advantage over Shanghai's electricity Price in industrial and commercial peak periods when its construction cost descends to 1000 yuan kWh−1. Copyright © 2015 John Wiley & Sons, Ltd.
