Assessment of storage system benefits on the reliability and the cost of composite electric power systems

Increasing penetration of intermittent renewable generation and demand uncertainty in electric power systems has accelerated the efforts to improve system reliability. This study presents a method to identify the benefits of the two representative storage systems in composite electric power systems in terms of system reliability and cost-effectivity. At first, the reliability indices of the system are determined using the results of contingency analysis integrated with Monte Carlo simulations. Then the total costs, including the generation, storage, and low-reliability costs, are calculated. The proposed method is applied to the IEEE-RTS-96 test system to quantify the benefits. The two alternatives, namely, Compressed Air Energy Storage Systems (CAES) and Battery Energy Storage Systems (BESS), are compared to their overall cost benefits. © 2022 IEEE.