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Lifetime Revenue from Energy Storage considering Battery Degradation

Energy storage systems are experiencing increasing deployment due to their ability to offer multiple services in an evolving grid. However, the degradation of such devices is an important factor that needs to be addressed while evaluating their lifetime economic benefits. In this study, a battery energy storage system (BESS) has been considered to be participating in the energy and ancillary markets. The energy dispatch of the BESS is optimized to generate the maximum possible revenue from the market. A semi-empirical degradation model is utilized to evaluate the degradation of the battery, and hence the lifetime revenue generated by the BESS is determined. The maximum remaining capacity of the battery is updated at regular intervals to provide a more accurate estimate of the revenue. A Li-ion battery is used for this study due to its widespread popularity which arises from its high energy density, high efficiency, and decreasing costs. PJM energy and ancillary market data are employed for the study. Results show significant effects of considering battery degradation, and the importance of updating the maximum capacity of the BESS after regular intervals.