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Optimization of bidding strategies for a battery storage system in the energy market

Arandia Goettsch, Regina Margarita (2024) Optimization of bidding strategies for a battery storage system in the energy market. Research Project, Industrial Engineering and Management.

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The integration of renewable energies into the energy market has led to variability and intermittency in power generation, making effective energy storage solutions necessary. This thesis works on the optimization of bidding strategies for battery storage systems. The research begins with a comprehensive examination of the market and battery operational parameters. Building upon this foundation, the thesis presents an optimization model that incorporates these parameters to develop an optimal bidding strategy for battery storage actors. The model is then extended to include charge and discharge cycles, recognizing the degradation effects on battery performance over time. Furthermore, a second extension integrates risk-averse self-scheduling into the bidding strategy using Conditional Value-at-Risk (CVaR) to reflect the uncertainty in energy markets. By introducing a comprehensive optimization framework and extending it, this research contributes to the further development of effective bidding strategies for battery storage systems in energy markets.

Item Type: Thesis (Research Project)
Supervisor name: Monshizadeh Naini, N. and Cherukuri, A.K.
Degree programme: Industrial Engineering and Management
Thesis type: Research Project
Language: English
Date Deposited: 27 Mar 2024 08:50
Last Modified: 15 Apr 2024 11:17

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