Economic analysis, optimal sizing and management of energy storage for PV grid integration

Abstract

This paper investigates the optimal procurement and scheduling of battery storage a in distribution system with high photovoltaic (PV) penetration. The battery under study is assumed to be owned by private entities with the objective of minimizing the electricity bill (or, interchangeably, maximizing the PV system yields). Voltage regulation is achieved by controlling the net metered real power at the point of common coupling of (PCC) of each entity. Dynamic energy conversion equation is used to model the battery with the impact of cyclic aging considered. The procurement-scheduling problem is formulated as a nonlinear programming (NLP) problem. A recursive method is proposed to determine the lifetime of the battery. The proposed methodology is validated on the IEEE 33-bus feeder system. A thorough economic analysis is conducted to quantify the financial benefits brought in by battery.