Economic Value Assessment and Optimal Sizing of an Energy Storage System in a Grid-Connected Wind Farm

  title={Economic Value Assessment and Optimal Sizing of an Energy Storage System in a Grid-Connected Wind Farm},
  author={D. Choi and Daiki Min and Jong-hyun Ryu},
This study identifies the optimal management policy of a given energy storage system (ESS) installed in a grid-connected wind farm in terms of maximizing the monetary benefits and provides guidelines for defining the economic value of the ESS under optimal management policy and selecting the optimal size of the ESS based on economic value. Considering stochastic models for wind power and electricity price, we develop a finite-horizon periodic-review Markov decision process (MDP) model to seek… Expand
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