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Economic Modeling Of Compressed Air Energy Storage, Yang Gu, James D. Mccalley, Ming Ni, Rui Bo
Economic Modeling Of Compressed Air Energy Storage, Yang Gu, James D. Mccalley, Ming Ni, Rui Bo
Electrical and Computer Engineering Faculty Research & Creative Works
Due to the variable nature of wind resources, the increasing penetration level of wind power will have a significant impact on the operation and planning of the electric power system. Energy storage systems are considered an effective way to compensate for the variability of wind generation. This paper presents a detailed production cost simulation model to evaluate the economic value of compressed air energy storage (CAES) in systems with large-scale wind power generation. The co-optimization of energy and ancillary services markets is implemented in order to analyze the impacts of CAES, not only on energy supply, but also on system …