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Techno-Economic Analysis of Redox flow & Lithium-ion phosphate battery storages based on activated imbalance volume at different market intervals
Ezennaya, Samuel; Yuan, Ziliao (Contributor); Kowal, Julia (Contributor)
The increase of renewable energy has made it harder for the Balance Responsible Party (BRP) to estimate production and consumption with accuracy. This issue is being addressed by the balancing market, which focuses on maintaining the balance between production and consumption in real-time in different market intervals. In this work, the techno-economic analysis of lithium-ion phosphate (LFP) battery and redox flow battery (RFB) used in frequency control grid application with imbalance volume at 100 MW threshold deviation, in 1-minute, 5-minute and 15-minute market intervals is investigated. Imbalance data including imbalance volumes and imbalance prices from the Belgium TSO for 3 years comprising of September 2019 until September 2022 were used. The analysis reveals that imbalance volume, imbalance price, and different market intervals can all have impacts on the technical and financial feasibility of battery energy storage (BESS) in balancing management. The technical and economic results of LFP and RFB have exhibited comparable tendencies in different market intervals, and they may provide prospective hints about how trends will evolve in other market intervals.