Multi-mode operation of a Liquid Air Energy Storage (LAES) plant providing energy arbitrage and reserve services – Analysis of optimal scheduling and sizing through MILP modelling with integrated thermodynamic performance

Energy storage competitiveness is ubiquitously associated with both its technical and economic performance. This work investigates such complex techno-economic interplay in the case of Liquid Air Energy Storage (LAES), with the aim to address the following key aspects: (i) LAES optimal scheduling an...

Full description

Saved in:
Bibliographic Details
Published in:Energy (Oxford) Vol. 200; p. 117500
Main Authors: Vecchi, Andrea, Naughton, James, Li, Yongliang, Mancarella, Pierluigi, Sciacovelli, Adriano
Format: Journal Article
Language:English
Published: Oxford Elsevier Ltd 01.06.2020
Elsevier BV
Subjects:
air
Arbitrage
Competitiveness
Computer simulation
Economic conditions
economic performance
Economics
Energy
Energy storage
income
Integer programming
Linear programming
Liquid air
Liquid air energy storage
liquids
markets
Mixed integer
Mixed integer linear programming
Optimization
Profitability
Reserve services
Scheduling
Sizing
Techno-economic assessment
Thermodynamic performance
thermodynamics
Techno-economic assessment
Mixed integer linear programming
Liquid air energy storage
Reserve services
Thermodynamic performance
Energy storage
ISSN:0360-5442, 1873-6785
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Energy storage competitiveness is ubiquitously associated with both its technical and economic performance. This work investigates such complex techno-economic interplay in the case of Liquid Air Energy Storage (LAES), with the aim to address the following key aspects: (i) LAES optimal scheduling and how this is affected by LAES thermodynamic performance (ii) the effect of LAES sizing on its profitability and performance (iii) overall techno-economic assessment of LAES multi-mode operation when providing energy and reserve services. To address these aspects, a Mixed Integer Linear Programming-based optimisation tool has been developed to simulate LAES operation throughout a year while including detailed thermodynamic constraints, thus allowing an accurate performance estimation. The results demonstrate that considering LAES thermodynamic performance in the optimisation ensures a feasible dispatch profile thus avoiding loss of revenues, especially for the multi-mode cases. However, while operation with arbitrage and a portfolio of reserve services is financially promising, it also deteriorates LAES roundtrip efficiency; therefore, a techno-economic balance should be sought. In terms of design, the possibility of independently sizing LAES charge and discharge power is key for tailoring the plant to the specific operating mode. Furthermore, storage energy capacities greater than 2–3 h do not significantly increase LAES profitability under the market conditions considered. •LAES multi-mode operation for energy arbitrage and reserve services is assessed.•A novel MILP optimisation including LAES thermodynamic constraints is formulated.•Against traditional models we get 10% lower revenues, but feasible dispatch profile.•Multi-mode operation may allow payback time below 20 years.•LAES power sizing allows optimal design which depends on the operating strategy.
Bibliography:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 14
content type line 23
ISSN:0360-5442
1873-6785
DOI:10.1016/j.energy.2020.117500