Koksal A.Ozdemir A.2024-03-132024-03-1320229781665479820https://doi.org/10.1109/ENERGYCON53164.2022.9830161https://hdl.handle.net/20.500.12662/28937th IEEE International Energy Conference, ENERGYCON 2022 -- 9 May 2022 through 12 May 2022 -- -- 181231Increasing 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.eninfo:eu-repo/semantics/closedAccessBattery Energy Storage SystemComposite System Reliability AssessmentCompressed Air Energy StorageCost-EffectivityEnergy Storage systemsMonte Carlo simulationConference Object10.1109/ENERGYCON53164.2022.98301612-s2.0-85136127921N/A