Analysis of the Operational Benefits of Energy Storage Plant Participation in the Spot Market

The analysis of how energy storage power plants contribute to the spot market is vital for developing energy storage projects. The development of new types of energy storage mainly based on electrochemical energy storage and pumped storage power plants in mechanical energy storage is an important step to enhance the regulation capacity, comprehensive efficiency and safety and security of energy and power systems as well as the operational benefits of the spot market. By establishing comprehensive models for both the lifecycle costs and potential revenues of energy storage, and analyzing the market operations benefits within a specific province using economic metrics like unit cost and unit income, valuable insights can be offered for guiding the development of energy storage projects and making investment decisions.