Jie Shi, Yuanqi Gao and Prof. Yu Win 1st Prize Best Paper Award at IEEE PES GTD ASIA 2019
The paper by Ph.D. students Jie Shi, Yuanqi Gao, and Prof. Nanpeng Yu entitled “Degradation-aware Operation and Optimal Sizing of Behind-the-meter Battery Systems for Commercial Customers,” won the 1st Prize Best Paper Award among 188 accepted papers accepted at the IEEE Power and Energy Society Grand International Conference & Exposition Asia 2019.
This paper develops an innovative degradation-aware dispatch optimization algorithm to improve the profitability of battery energy storage systems. The proposed method explicitly considers the battery degradation effects and limits the charging/discharging rates when it provides less valuable energy shifting service. A comprehensive battery lifetime valuation framework is built on top of the degradation-aware dispatch optimization algorithm to estimate the net present value of battery energy storage systems. Compared to the existing algorithms, the proposed degradation-aware dispatch optimization increases the net present value of battery by almost 20%.