Composite pricing strategy for energy storage in wind electric generation

As the penetration of wind energy increases in the utility grid, the intermittent nature of wind invariably imposes stress to the utility and creates chaos in scheduling energy dispatch. This situation can be improved to a greater extent by introducing energy storage systems along with the wind generation. The addition of energy storage ensures levelised energy output, supports the grid under fault, offer minimum wind curtailment and provide opportunity for the independent power producer to participate in the energy trading. To evaluate the utilization of energy storage in wind farms and measure the net return on investment, a composite pricing strategy is necessary rather than the conventional levalised cost of energy. The effectiveness of the matric utilized for the evaluation of combinational use of energy storage in wind farm is verified by sensitivity analysis.