Solving the problem of peak and valley electricity prices with energy storage batteries

How much does electricity cost in a valley?

Table 1 shows the peak-valley electricity price data of the region. The valley electricity price is 0.0399 $/kWh, the flat electricity price is 0.1317 $/kWh, and the peak electricity price is 0.1587 $/kWh. The operation cycles (charging-discharging) of the Li-ion battery is about 5000–6000.

What is the difference between Peak-Valley electricity price and flat electricity price?

Among the four groups of electricity prices, the peak electricity price and flat electricity price are gradually reduced, the valley electricity price is the same, and the peak-valley electricity price difference is 0.1203 $/kWh, 0.1188 $/kWh, 0.1173 $/kWh and 0.1158 $/kWh respectively. Table 5. Four groups of peak-valley electricity prices.

How can energy cost be reduced by avoiding high energy prices?

Shrouf et al. developed a mathematical model to minimize energy cost and proposed genetic algorithm (GA) technology to obtain optimal results. The results showed that energy cost could be significantly reduced by avoiding periods of high energy prices.

What happens when electricity price is low?

When the electricity price was low, the ESS was charged from the PV plant or the power grid. When the electricity price was high, the ESS discharged to the power grid, and the ESS obtained income through the price difference of energy storage and release.

Can a factory's electricity cost be reduced by a summer time-of-use rate?

The results indicated that the factory's electricity cost could be reduced by 54.0 % under the summer time-of-use (TOU) rate on a typical day, while a 0.7 % electricity cost reduction could be achieved for a representative day under the winter TOU rate. An annual electricity cost savings of 28.1 % could be obtained with the optimal schedules.

What is the scale of the energy storage system and operation strategy?

The scale of the energy storage system and operation strategy was related to the technical and economic performance of the coupling system , . In order to reduce the extra cost of the BESS, it is necessary to conduct the optimization research of the BESS and RE coupling system .