Abstract
In the background of peak carbon emissions and carbon neutrality, renewable energy generation (REG) will become the main generation form in the future power system. Simultaneously, the randomness and volatility increase the reserve requirement in the different time scale. Increasing importance has been attached to energy storage in the aspect of reserve, as energy storage has the advantages of power flexibility and relatively low reserve cost. Trading off the benefits of energy storage in the energy market and the reserve market to maximize its benefits is of great significance to the economic operation and investment of energy storage. In this regard, taking the pumped storage power station (PSPS) as an example, this paper establishes an optimal decision-making model for PSPS to participate in the energy market and to provide reserve services. In addition, an optimal decision model for PSPS to provide multiple reserve services is established. The analysis finds that the power reserve capacity provided by PSPS at different time scales have little impact on each other, but their storage capacity requirements are mutually restricted. Case studies show that the total revenue of the PSPS is significantly increased through providing reserve service. The PSPS may even bid all its capacity to provide reserve service when the compensation price reserve reaches a certain level. In addition, the total revenue of PSPS when providing multiple time-scale reserves is higher than that when providing reserve service at single time scale.
The cost-effectiveness of an energy storage system using hydrogen and underground gas storage
