Enhancing Lifespan of Battery Storage System in Energy and Regulation Markets through Power Stabilization Using Heuristic Concept

Abstract

In the battery storage system, scheduling is required for performing the short-term operation concerning the regulation market with the consideration of longer-term impacts for extending the lifespan of the battery, which is highly challenging to perform and has been focused on in the research works. This can be illustrated through the short-term mechanism that includes the frequent and sharp discharges and charges of the battery, which may effectively, be achieved through short-term operation. But, it makes a significant impact on the lifespan of the battery to get long-running stability. Hence, the scheduling issues need to be rectified by finding the optimum short-term contribution strategy when involved in the regulated markets and day-ahead energy at the time of considering the long-term lifespan problems. Hence, this paper plans to develop a new method for scheduling battery storage systems for participation in frequency regulation and energy markets, simultaneously. A long-term optimization process is proposed, in which the short-term participation strategy defines the battery's lifespan. The proposed long-term model is linearized by the implementation of Benders' decomposition. Here, the limiting factors of energy and regulation markets are optimized by the Squirrel Search Algorithm (SSA) with the consideration of maximizing the battery lifespan. Finally, the applicability of the proposed method is analyzed by comparing it with existing methods.