Integrity management of public welfare energy storage system

Can community energy storage improve social welfare?

As a price maker, the community energy storage can not only earn profits through energy arbitrage but also smooth price trajectories and further influence social welfare. We formulate the problem as a finite-horizon Markov decision process that aims to maximize the energy arbitrage and social welfare of the prosumer-based community.

What is community energy storage?

Background and motivation Community energy storage is one of the advanced smart grid technologies in recent years, which provides lots of benefits for the electric power system in reliability, quality, economy and control .

How does energy storage affect consumer welfare?

With the growing scale of energy storage, the welfare benefits become significant, which may stimulate different ownership, such as consumers, producers and prosumers, to focus on their own welfare, thus further influencing storage use. In particular, consumers are likely to increase consumer surplus, so they tend to overuse storage.

Does welfare maximizing storage earn more benefits than profit-maximizing storage?

Case studies indicate that welfare-maximizing storage earns more benefits than profit-maximizing storage. The proposed threshold-based algorithm can guarantee optimality and largely decrease the computational complexity of standard stochastic dynamic programming.

Can energy storage systems improve power system flexibility?

As a result, there is a growing need for enhanced flexibility to maintain stable and reliable operations. This study reviews recent advancements in power system flexibility enhancement, particularly concerning the integration of RESs, with a focus on the critical role of energy storage systems (ESSs) in mitigating these challenges.

What is a comprehensive review of energy storage systems?

A comprehensive review on energy storage systems: types, comparison, current scenario, applications, barriers, and potential solutions, policies, and future prospects. Energies, 13, 3651. International Electrotechnical Commission. (2020). IEC 62933-5-2:2020. Geneva: IEC. International renewable energy agency. (2050).