Dynamic restoration of the state of charge for the battery participating in mutiple markets using market price signals

With the increasing use of Variable Renewable Energy (VRE) resources and the recent advance of battery technologies, battery would likely become a non-generation alternative to participate in the deregulated electricity markets. This paper focuses on utilizing batteries for providing frequency regulation services and taking advantage of the short term price arbitrage (price spikes) in the spot market, because batteries have quick response time, and price spikes and frequency regulation services have similar time scales. Our experiment with real market data demonstrates that the proposed dynamic State of Charge (SoC) model makes much higher profits than a static SoC operation model.