Sizing battery energy storage systems: using multi-objective optimisation to overcome the investment scale problem of annual worth

dc.contributor.authorKelly, Joseph J.
dc.contributor.authorLeahy, Paul G.
dc.contributor.funderScience Foundation Irelanden
dc.contributor.funderDP Energy, Irelanden
dc.description.abstractThe financial objective, when sizing a Battery Energy Storage System (BESS) for installation in a microgrid, is to maximise the difference between discounted BESS benefits and discounted BESS costs. This may be described as maximising Annual Worth (AW). However, one drawback of sizing microgrid BESS using AW is that the scale of investment is not taken into consideration. This can lead to unrealistic BESS sizes. This paper presents two multi-objective optimisation (MOO) models to account for the scale of investment required in sizing BESS. The first model, Paired Comparison, utilises two objective functions: Daily Worth (DW), which maximises daily benefit cost differences a BESS installation provides a microgrid; and Daily Cost (DC), which minimises the daily cost of a BESS installation. The second model, called Rating Method, uses the objective functions DW and Daily Benefit-Cost Ratio (DBCR), the latter of which maximises the relative measure of BESS benefit and BESS cost. Both models are solved for a test microgrid system under three different scenarios using Compromise Programming (CP). For system designers who rank objective functions by importance, the Rating Method is the appropriate approach, whereas system designers who rank objective functions by absolute values should use Paired Comparison.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.identifier.citationKelly, J. J. and Leahy, P. G. (2019) 'Sizing Battery Energy Storage Systems: Using Multi-Objective Optimisation to Overcome the Investment Scale Problem of Annual Worth', IEEE Transactions on Sustainable Energy, In Press (10 pp). doi: 10.1109/TSTE.2019.2954673en
dc.identifier.journaltitleIEEE Transactions on Sustainable Energyen
dc.publisherInstitute of Electrical and Electronics Engineers (IEEE)en
dc.relation.projectinfo:eu-repo/grantAgreement/SFI/SFI Research Centres/12/RC/2302/IE/Marine Renewable Energy Ireland (MaREI) - The SFI Centre for Marine Renewable Energy Research/en
dc.rights© 2019 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.en
dc.subjectMulti-objective optimisationen
dc.subjectBattery energy storage systemsen
dc.subjectNet present valueen
dc.subjectBenefit-cost ratioen
dc.subjectAnnual worthen
dc.subjectEquivalent annual costen
dc.subjectCompromise programmingen
dc.subjectNormal boundary intersection methoden
dc.titleSizing battery energy storage systems: using multi-objective optimisation to overcome the investment scale problem of annual worthen
dc.typeArticle (peer-reviewed)en
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