Efficiency And Performance Of A New Ternary Energy Storage Model In The Electricity Market

The goal of this paper is to present the efficiency and performance of a new ternary energy storage model in the competitive electricity market. Using the state-of-the-art mixed-integer progamming technique, the new energy storage model can be explicitly cast as ternary states: (-1) PUMP, (0) OFF, and (1) GEN to represent the physical energy storage constraints and desired operating parameters in the DAM market. In this new model, storage resources will submit to the ISO physical parameters including operating limits, starting and ending storage levels in addition to (price, quantity) pair in today's electricity market construct. By explicitly presenting the physical parameters of these resources into the optimization, the SCUC process can optimally align storage dispatch with system needs over the 24-hour optimization horizon, thus potentially maximizing the utilization of storage resources as well as lowering the societal cost. ease studies were developed based on an actual historic day in the NYISO DAM market to validate the new model.