Economic Dispatch of Energy Storage Systems for Smart Power Grid

As more and more electrified vehicles connected to the electrical power grid, energy storage systems within power grids can enhance the grid inertia and power stability, reduce electricity generation costs, and improve the power quality. These systems can also save energy and reduce emissions. The purpose of this research is to propose an economic dispatch model for an energy storage system added to a conventional power grid. The objective function is constructed based on the minimum dispatching cost of the generators within the grid. By solving these formulations with convex optimization, we obtain economic dispatch results of the energy storage system satisfying the non-anticipative constraints. The results are compared to the optimal solution of economic dispatch problem applied to the same grid without the battery. The proposed method is tested on a modified version of IEEE 9 bus system with 4 generators optimizing power generation cost over 24 hours. The results show that addition of an energy storage system reduces the total cost.