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Analysis of multiple revenue streams for privately-owned energy storage systems

Energy storage systems (ESS) increase the flexibility of electric power systems and provide services and benefits to industry stakeholders. Optimization models are required to analyze these services in terms of their economic benefits to industry actors. Most of the existing research on ESS services has been for utility-owned ESS. On the other hand, privately-owned ESS benefits, an important emerging market, is not well-understood. This paper analyzes four of the most important ESS services and develops optimization models that maximize the owner's revenue for a single service and for multiple combined services. Simulation results with the California ISO market data show that the highest single-service revenue stream is the frequency regulation in this market. Also, multiple services are stacked to maximize the owner's revenue. When all the services are provided, ESS owner collects the highest revenue that is almost 80% of the sum of individual service revenues.