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A Comprehensive Value Evaluation Model of Energy Storage in Frequency Modulation Market Based on Matter-Element Extension Theory

In: Proceedings of the 2023 4th International Conference on Management Science and Engineering Management (ICMSEM 2023)

Author

Listed:
  • Su Yibo

    (China Three Gorges Corporation, Institute of Science and Technology)

  • Jia Na

    (China Three Gorges Corporation, Institute of Science and Technology)

  • Zhou Xuyan

    (China Three Gorges Corporation, Institute of Science and Technology)

  • Wang Penglei

    (China Three Gorges Corporation, Institute of Science and Technology)

  • Wang Lin

    (China Three Gorges Corporation, Institute of Science and Technology)

  • Yue Bo

    (China Three Gorges Corporation, Institute of Science and Technology)

Abstract

With the “double carbon” goal proposed, the application of renewable energy with clean and low-carbon characteristics in the power grid has been paid more and more attention. Firstly, the value evaluation system of independent energy storage participating in frequency modulation is proposed for compressed air energy storage, lithium iron phosphate battery energy storage and all-vanadium flow battery energy storage. Secondly, the proposed value evaluation system is designed based on the least square method to assign weights to subjective and objective indicators, which is more objective and reasonable. After that, the matter-element extension theory is used to evaluate the proposed index system. By establishing the correlation between “pollutant reduction” and “renewable energy consumption contribution” and other indicators, this paper obtains the comprehensive value of independent energy storage participating in the frequency modulation market from multiple perspectives. Finally, according to the actual operation data of Mengxi power grid, the results show that the method can accurately measure the value of independent energy storage participation in frequency modulation, and can accurately measure the advantages and disadvantages of various types of energy storage participation in frequency modulation market indicators.

Suggested Citation

  • Su Yibo & Jia Na & Zhou Xuyan & Wang Penglei & Wang Lin & Yue Bo, 2024. "A Comprehensive Value Evaluation Model of Energy Storage in Frequency Modulation Market Based on Matter-Element Extension Theory," Advances in Economics, Business and Management Research, in: Suhaiza Hanim Binti Dato Mohamad Zailani & Kosga Yagapparaj & Norhayati Zakuan (ed.), Proceedings of the 2023 4th International Conference on Management Science and Engineering Management (ICMSEM 2023), pages 1776-1787, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-256-9_181
    DOI: 10.2991/978-94-6463-256-9_181
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