Maximizing return on investment of a grid-connected hybrid electrical energy storage system

Di Zhu; Yanzhi Wang; Siyu Yue; Qing Xie; Massoud Pedram; Naehyuck Chang

doi:10.1109/ASPDAC.2013.6509670

Maximizing return on investment of a grid-connected hybrid electrical energy storage system

Di Zhu, Yanzhi Wang, Siyu Yue, Qing Xie, Massoud Pedram, Naehyuck Chang

Research output: Chapter in Book/Entry/Poem › Conference contribution

26 Scopus citations

Abstract

This paper is the first to present a comprehensive analysis of the profitability of the hybrid electrical energy storage (HEES) systems while further providing a HEES design and control optimization framework to maximize the total return on investment (ROI). The solution consists of two steps: (i) Derivation of an optimal HEES management policy to maximize the daily energy cost saving and (ii) Optimal design of the HEES system to maximize the amortized annual profit under budget and system volume constraints. We consider a HEES system comprised of lead-acid and Li-ion batteries for a case study. The optimal HEES system achieves an annual ROI of up to 60% higher than a lead-acid battery-only system (Li-ion battery-only) system.

Original language	English (US)
Title of host publication	2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013
Pages	638-643
Number of pages	6
DOIs	https://doi.org/10.1109/ASPDAC.2013.6509670
State	Published - 2013
Externally published	Yes
Event	2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013 - Yokohama, Japan Duration: Jan 22 2013 → Jan 25 2013

Publication series

Name	Proceedings of the Asia and South Pacific Design Automation Conference, ASP-DAC

Other

Other	2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013
Country/Territory	Japan
City	Yokohama
Period	1/22/13 → 1/25/13

ASJC Scopus subject areas

Computer Science Applications
Computer Graphics and Computer-Aided Design
Electrical and Electronic Engineering

Access to Document

10.1109/ASPDAC.2013.6509670

Cite this

Zhu, D., Wang, Y., Yue, S., Xie, Q., Pedram, M., & Chang, N. (2013). Maximizing return on investment of a grid-connected hybrid electrical energy storage system. In 2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013 (pp. 638-643). Article 6509670 (Proceedings of the Asia and South Pacific Design Automation Conference, ASP-DAC). https://doi.org/10.1109/ASPDAC.2013.6509670

Maximizing return on investment of a grid-connected hybrid electrical energy storage system. / Zhu, Di; Wang, Yanzhi; Yue, Siyu et al.
2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013. 2013. p. 638-643 6509670 (Proceedings of the Asia and South Pacific Design Automation Conference, ASP-DAC).

Research output: Chapter in Book/Entry/Poem › Conference contribution

Zhu, D, Wang, Y, Yue, S, Xie, Q, Pedram, M & Chang, N 2013, Maximizing return on investment of a grid-connected hybrid electrical energy storage system. in 2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013., 6509670, Proceedings of the Asia and South Pacific Design Automation Conference, ASP-DAC, pp. 638-643, 2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013, Yokohama, Japan, 1/22/13. https://doi.org/10.1109/ASPDAC.2013.6509670

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Maximizing return on investment of a grid-connected hybrid electrical energy storage system

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