High-Fidelity Dispatch Model of Storage Technologies for Production Costing Studies

This paper presents a high-fidelity storage dispatch model for production costing studies. The model captures the relationship between storage reservoir status and storage´s participation in energy as well as ancillary markets in order to effectively dispatch such energy-limited technologies. The paper also delineates features of the proposed model that enable capturing unique characteristics of different classes of storage technologies. Production cost studies are used to ascertain the abilities of the proposed storage model to represent bulk as well as short-term storage technologies in the IEEE 24-bus reliability test system and to analyze the various avenues where each technology typically contributes to grid operation. The significance of the modeling features that attribute high fidelity to the dispatch decisions is discussed in the context of simple economic evaluation of these technologies.