Analyze the Effects of COVID-19 on Energy Storage Systems: A Techno-Economic Approach
2023 IEEE Texas Power and Energy Conference, TPEC 2023
; 2023.
Article
in English
| Scopus | ID: covidwho-2298520
ABSTRACT
During the COVID-19 pandemic, the U.S. power sector witnessed remarkable electricity demand changes in many geographical regions. These changes were evident in population-dense cities. This paper incorporates a techno-economic analysis of energy storage systems (ESSs) to investigate the pandemic's influence on ESS development. In particular, we employ a linear program-based revenue maximization model to capture the revenues of ESS from participating in the electricity market, by performing arbitrage on the energy trading, and regulation market, by providing regulation services to stabilize the grid's frequency. We consider five dominant energy storage technologies in the U.S., namely, Lithium-ion, Advanced Lead Acid, Flywheel, Vanadium Redox Flow, and Lithium-Iron Phosphate storage technologies. Extensive numerical results conducted on the case of New York City (NYC) allow us to highlight the negative impact that COVID-19 had on the NYC power sector. © 2023 IEEE.
arbitrage and regulation services; COVID-19 effect.; Energy storage; linear programming; Economic analysis; Electric energy storage; Geographical regions; Iron compounds; Lithium compounds; Power markets; Arbitrage and regulation service; Economic approach; Electricity demands; Linear-programming; New York city; Power sector; Regulation services; Storage systems; Techno-economics; COVID-19
Full text:
Available
Collection:
Databases of international organizations
Database:
Scopus
Type of study:
Experimental Studies
Language:
English
Journal:
2023 IEEE Texas Power and Energy Conference, TPEC 2023
Year:
2023
Document Type:
Article
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