Title

Energy arbitrage and market opportunities for energy storage facilities in Ontario

Document Type

Article

Publication Date

12-1-2018

Publication Title

Journal of Energy Storage

Volume

20

First Page

478

Keywords

Energy arbitrage, Energy storage, Grid-integration, Ontario, Renewable energy

Last Page

484

Abstract

Fourier analysis is presented for 10 years of Hourly Ontario Energy Price data (2005–2015) to identify primary governing frequencies driving the price. As anticipated, a 24 h cycle was found to be most prominent each year. Simulation of the revenue generation performance of a standardized energy storage system of 1 MW power rating and 1 MWh energy capacity was completed with various charge and discharge times. The best performing operation programs are presented and discussed. Multi-cycle operation was also considered and an equation for multi-cycle yearly revenue has been defined based on a storage program performance coefficient. Overall, revenue simulations indicate that energy storage facilities are not financially viable under current market conditions without additional subsidies and payments from the grid controller.

DOI

10.1016/j.est.2018.10.015

E-ISSN

2352152X

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