MAXIMIZING THE PROFITS OF BATTERY ENERGY STORAGE SYSTEMS IN THE INTEGRATED SINGLE ELECTRICITY MARKET

Abstract

This paper investigates the profitability of deploying battery energy storage systems (BESS) in the modern grid. An optimization tool to maximize revenue from the participation in the Integrated Single Electricity Market (I-SEM) in the island of Ireland is proposed. Real market dataset is used to determine the optimal market participation factors to maximize the returns using bilevel optimization algorithm. The participation in multiple services is explored and highlighted, and the running costs of the BESS are clarified and quantified. The main objective of this paper is to enumerate the financial benefits and opportunities for grid-scale BESS in the island of Ireland. Case studies proved the efficacy of the proposed approach in maximizing the revenue.