A dynamic model-based estimate of the potential value of a vanadium redox flow battery for energy arbitrage and frequency regulation in Texas

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A dynamic model-based estimate of the potential value of a vanadium redox flow battery for energy arbitrage and frequency regulation in Texas

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dc.contributor.advisor Webber, Michael E., 1971-
dc.creator Fares, Robert Leo
dc.date.accessioned 2012-11-06T14:51:44Z
dc.date.available 2012-11-06T14:51:44Z
dc.date.created 2012-08
dc.date.issued 2012-11-06
dc.date.submitted August 2012
dc.identifier.uri http://hdl.handle.net/2152/ETD-UT-2012-08-6271
dc.description.abstract Large-scale electrochemical energy storage is a technology that is uniquely suited to integrate intermittent renewable energy sources with the electric grid on a large scale. Grid-based energy storage also has the potential to reduce costs associated with periods of peak electric demand. For these reasons, this work describes the potential applications for grid-based energy storage, and then reviews large-scale energy storage technology innovations since the development of the lead-acid battery. The potential value of grid-based battery energy storage is discussed in the context of restructured electricity markets; then, a dynamic model-based economic optimization routine is developed to gauge the potential value of a vanadium redox flow battery (VRFB) operating for wholesale energy arbitrage and frequency regulation in Texas. Based on this analysis, the relative value of a VRFB in various regions of Texas for energy arbitrage and frequency regulation is examined. It is shown that frequency regulation is an appealing application for a grid-based VRFB, with a VRFB utilized for frequency regulation service in Texas potentially worth approximately $1500/kW. Finally, the effect of a VRFB’s characteristics on its value for frequency regulation and energy arbitrage are compared, and the operational insight developed in this work is used to glean how policies to integrate a large-scale energy storage with the electricity market might be crafted.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.subject Energy
dc.subject Storage
dc.subject ERCOT
dc.subject Grid
dc.subject Battery
dc.subject Flow battery
dc.subject Economic
dc.title A dynamic model-based estimate of the potential value of a vanadium redox flow battery for energy arbitrage and frequency regulation in Texas
dc.date.updated 2012-11-06T14:52:53Z
dc.identifier.slug 2152/ETD-UT-2012-08-6271
dc.contributor.committeeMember Meyers, Jeremy P.
dc.description.department Mechanical Engineering
dc.type.genre thesis
dc.type.material text
thesis.degree.department Mechanical Engineering
thesis.degree.discipline Mechanical Engineering
thesis.degree.grantor University of Texas at Austin
thesis.degree.level Masters
thesis.degree.name Master of Science in Engineering

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