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/Report/Conference proceedingConference contribution

19 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 languageEnglish (US)
Title of host publication2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013
Pages638-643
Number of pages6
DOIs
StatePublished - May 20 2013
Event2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013 - Yokohama, Japan
Duration: Jan 22 2013Jan 25 2013

Publication series

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

Other

Other2013 18th Asia and South Pacific Design Automation Conference, ASP-DAC 2013
CountryJapan
CityYokohama
Period1/22/131/25/13

ASJC Scopus subject areas

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

Fingerprint Dive into the research topics of 'Maximizing return on investment of a grid-connected hybrid electrical energy storage system'. Together they form a unique fingerprint.

  • 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). [6509670] (Proceedings of the Asia and South Pacific Design Automation Conference, ASP-DAC). https://doi.org/10.1109/ASPDAC.2013.6509670