PROJECT TITLE :
Optimal operating strategy and revenue estimates for the arbitrage of a vanadium redox flow battery considering dynamic efficiencies and capacity loss
Vanadium redox flow batteries (VRBs) are a promising resolution to facilitate the growth of intermittent renewables. The efficiency of VRBs is dynamically hooked in to the instantaneous operating states, together with the output power level and state of charge (SOC). Additionally, VRB capability fades over long-term cycling and therefore might limit the market revenue. Modelling these two factors would assist deciding better operating strategy, enhance and more exactly evaluate the economics of VRBs. This study establishes an operation optimisation model that integrates the characteristics of the dynamic efficiency performance and the capacity loss of VRBs. 1st, the dynamic efficiency functions of the operating states are transformed into VRB power functions employing a fitting technique to be compatible with the operation optimisation model and reduce the computational complexity. The VRB power functions are then embedded into the operation optimisation model, which decides the optimal charge-discharge schedule of VRBs to maximise the revenue. The capability loss model is additionally implemented to estimate the revenue decrease caused by capacity loss, that might facilitate decide the preventive measures and capacity restoration from an economic perspective. The validity of the proposed model is demonstrated by case study results based available prices of ERCOT in 2014.
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