Abstract
Severe fluctuations and heterogeneity in the load curve at diverse times of the day make operations expensive and present serious challenges to power system operators. Energy storage systems (ESS) are critical in reducing such challenges by providing operational and frequency storage, based on response capacity and time. This exploration evaluates the impact of ESS use on the profitability of electricity markets based on the development of an optimized scheduling framework for energy transactions. The recommended scheme applies the BB-CFO hybrid approach to determine the optimal charging and discharging strategy, taking economic and system stability into account. The recommended tactic differs from conventional techniques in that it involves market-based dispatching approaches to achieve maximum ESS profitability and efficacy. The most significant conclusions determine the efficacy of the recommended scheme in improving system performance. The outcomes indicate that there is a significant reduction in operational costs, improved utilization of RE, and improved overall system efficiency. Specifically, the implementation of the recommended framework reduces costs, enhances wind energy integration, and improves system efficiency. In addition, the dynamic scheduling approach of the scheme ensures adaptive energy regulation under various market scenarios. While, integration of flexible energy storage solutions minimizes the intermittency challenges. The findings demonstrate the potential of the recommended framework in encouraging integrated energy regulation strategies.
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