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Economic Analysis of Li-Ion Battery–Supercapacitor Hybrid Energy Storage System Considering Multitype Frequency Response Benefits in Power Systems

Author

Listed:
  • Chenxuan Xu

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Weiqiang Qiu

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Linjun Si

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Tianhan Zhang

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Jun Li

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Gang Chen

    (Power China Huadong Engineering Corporation Limited, Hangzhou 310000, China)

  • Hongfei Yu

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Jiaqi Lu

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

  • Zhenzhi Lin

    (College of Electrical Engineering, Zhejiang University, Hangzhou 310027, China)

Abstract

With the promotion of carbon peaking and carbon neutrality goals and the construction of renewable-dominated electric power systems, renewable energy will become the main power source of power systems in China. Therefore, ensuring frequency stability and system security will emerge as pivotal challenges in the future development process. Created by combining a Li-ion battery and a supercapacitor, a hybrid energy storage system (HESS), which possesses robust power regulation capabilities and rapid response capabilities, holds promise for supporting the frequency stability of power systems. In this context, the assessment of the economic viability of HESSs providing multitype frequency response services becomes a critical factor in their deployment and promotion. In this paper, an economic analysis approach for a Li-ion battery–supercapacitor HESS towards a multitype frequency response is presented. First, a multitype frequency response-oriented operational mode for the HESS is designed, outlining the roles and functions of the Li-ion battery and the supercapacitor in delivering distinct services. Moreover, building upon the analysis of the power trajectory of Li-ion batteries, a lifetime model for the HESS is proposed based on the rain-flow counting method. Furthermore, considering the competitive landscape for the HESS in the frequency regulation ancillary service market, a full lifecycle economic assessment model is proposed. Finally, case studies on actual power system frequency data and PJM market data are performed to verify the effectiveness of the proposed method, and the simulation results confirm that the HESS exhibits robust performance and a competitive advantage in providing multitype frequency response services. Additionally, it demonstrates commendable economic benefits, establishing its potential as a valuable contributor to frequency response services.

Suggested Citation

  • Chenxuan Xu & Weiqiang Qiu & Linjun Si & Tianhan Zhang & Jun Li & Gang Chen & Hongfei Yu & Jiaqi Lu & Zhenzhi Lin, 2023. "Economic Analysis of Li-Ion Battery–Supercapacitor Hybrid Energy Storage System Considering Multitype Frequency Response Benefits in Power Systems," Energies, MDPI, vol. 16(18), pages 1-21, September.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:18:p:6621-:d:1239883
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    References listed on IDEAS

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    1. Weiqiang Qiu & Sheng Zhou & Yang Yang & Xiaoying Lv & Ting Lv & Yuge Chen & Ying Huang & Kunming Zhang & Hongfei Yu & Yunchu Wang & Yuanqian Ma & Zhenzhi Lin, 2023. "Application Prospect, Development Status and Key Technologies of Shared Energy Storage toward Renewable Energy Accommodation Scenario in the Context of China," Energies, MDPI, vol. 16(2), pages 1-21, January.
    2. Tian Cheng & Dylan Dah-Chuan Lu & Yam P. Siwakoti, 2022. "Circuit-Based Rainflow Counting Algorithm in Application of Power Device Lifetime Estimation," Energies, MDPI, vol. 15(14), pages 1-13, July.
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