Maximizing Value Factor and Profit for Land-Based Wind Farms with Energy Storage

Profitability of wind farms with low Wind Value Factors (WVF) could be at risk. WVF measures the market value of wind energy and is likely to continue decreasing with further decarbonization. Simulations were developed for Electricity Reliability Council of Texas (ERCOT) wind farms. For the first time, it is observed in this paper that decreasing generator size while keeping rotor size constant enhanced a stand-alone wind farm's WVF, resulting in a 12.8% increase in profit. To protect the future revenue and profitability of ERCOT wind farms, a novel hybrid system (i.e., wind farm and storage) was simulated to maximize WVF and profit. Using a time-shifting operation strategy aimed at achieving constant and continuous electricity dispatch, different storage types, durations, units in operation, and generator-to-rotor power ratios were simulated using 2021 ERCOT hourly data as well as recently reported performance and cost parameters for storage systems. After evaluating 2376 scenarios with integrated storage capacity and generator size optimizations, the results show that compressed air energy storage achieved the highest profit increase of 26.4%. Pumped hydro storage achieved the highest revenue and WVF. Flow battery failed to achieve profit.