LDRD Seminar Series: ‘The Potential Role of Energy Storage in Future Electricity Markets’
Principal Energy Systems Engineer Audun Botterud (ES) will discuss his Laboratory-Directed Research and Development (LDRD) sponsored work at the LDRD Seminar Series presentation Tuesday, March 28, 2017.
“The Potential Role of Energy Storage in Future Electricity Markets” will begin at 12:30 p.m. in the Bldg. 203 Auditorium. All are welcome to attend.
Energy storage is receiving increasing attention as a potential solution to integrate large amounts of renewable energy into the electrical power grid. However, a large-scale expansion of energy storage technologies in the power grid depends on several technical and economic factors. This talk starts with a brief overview of the status of grid-level energy storage and renewable energy in the United States. Then, we present an overview of findings from research on the potential role of batteries in future electricity markets, focusing on:
- Profitability of energy arbitrage in existing electricity markets;
- The impact of degradation on battery lifetime and economic viability;
- Improved representation of battery energy storage (i.e. with state-dependent losses and power limits) in power system optimization models;
- Flexible operation of energy storage in day-ahead scheduling and real-time power system dispatch with renewable energy; and
- Power generation expansion planning with energy storage and the potential role of batteries in meeting future greenhouse gas emissions targets.
Audun Botterud has 15 years of experience with modeling and analysis of electricity markets and renewable energy in the United States and Europe. He is a Principal Energy Systems Engineer in the Center for Energy, Environmental, and Economic Systems Analysis at Argonne, and also holds an appointment as a Principal Research Scientist in Laboratory for Information and Decision Systems at Massachusetts Institute of Technology. Botterud received a M.Sc. in Industrial Engineering (1997) and a Ph.D. in Electrical Power Engineering (2004), both from the Norwegian University of Science and Technology. He was previously with SINTEF Energy Research in Trondheim, Norway. His research interests include power systems planning and economics, electricity markets, grid integration of renewable energy, energy storage and stochastic optimization. He is the co-chair for the IEEE Task Force on Bulk Power System Operations with Variable Generation.