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Determining the size of energy storage system to maximize the economic profit for photovoltaic and wind turbine generators in South Korea
摘要： This study identifies the optimal size of an Energy Storage System (ESS) for Photovoltaic (PV) and Wind Turbine (WT) generators under current Korean government policies. The government has pledged to promote the use of ESS with PV and WT generation to reduce the variability and uncertainty of renewable energy generation. The proposed algorithm determines the optimal ESS size required for PV and WT suppliers to maximize economic profit by using their historical generation profiles and compensation price. Net Present Value (NPV) is used as an economic parameter to determine the optimal size of ESS and consequently, the optimization indicates the maximization of NPV in this study. Furthermore, this paper proposes a methodology to estimate the size of ESS when there is insufficient information for future PV and WT suppliers. To verify the proposed algorithms, actual PV and WT generation profiles as well as the compensation price in South Korea are used. The simulation results indicate that the optimal capacity ratio between Renewable Energy Source (RES), ESS battery, and ESS PCS is determined as 1:3.3:0.7 and 1:3:1 for PV and WT respectively. Furthermore, the ESS size estimated by the proposed methodology shows a marginal difference from the optimal size, with an error of less than 3% for PV and 0% for WT.
关键词： Wind Turbine (WT),Photovoltaic (PV),Economic analysis,ESS sizing,Estimation model,Energy storage system (ESS)
更新于2025-09-12 10:27:22
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[IEEE 2019 IEEE Innovative Smart Grid Technologies - Asia (ISGT Asia) - Chengdu, China (2019.5.21-2019.5.24)] 2019 IEEE Innovative Smart Grid Technologies - Asia (ISGT Asia) - Development of Incentive Model for Photovoltaic Generators to Participate in a Day-ahead Electricity Market in South Korea
摘要： This paper presents the incentive model when Photovoltaic (PV) generator participates in a day-ahead market in South Korea. For this, the current supporting policy for PV generation and rules of a day-ahead market are analyzed. Because of the lack of the incentive model for PV supplier in a day-ahead market, Independent System Operation (ISO) can’t consider PV generation when they plan the short-term supply of the system. Therefore, the proposed incentive model is developed to provide the additional profit to encourage PV supplier to participate in the market based on the accuracy of PV generation bidding. To verify incentive model, the actual data including PV generation, System Marginal Price (SMP) and Renewable Energy Certificate (REC) price are used.
关键词： Day-ahead Electricity Market,Photovoltaic (PV),Energy Storage System (ESS),Incentive Model
更新于2025-09-11 14:15:04