Abstract & Overview
The increasing penetration of renewables in power systems urgently entails the utilization of energy storage technologies. As the development of energy storage technologies depends highly on the profitability in electricity markets, to evaluate the economic potentials for various types of energy storage technologies under the comprehensive market environment is of great significance. To this end, this paper aims at conducting a quantitative analysis on the economic potentials for typical energy storage technologies by establishing a joint clearing model for electric energy and ancillary service (AS) markets considering the operating features of energy storage systems (ESSs). Furthermore, a test system is adopted for numerical analysis that accurately represents for the real-world operation characteristics of power systems in China, with which the market prices, and operation schedules and profitability of ESSs are comparatively studied. The proposed methodology and results could provide beneficial references for the modifications on electricity markets and the development of ESSs towards the increasing penetration of renewables in power systems.