Time-of-use electricity price and efficient energy storage

Do storage systems influence electricity prices?

In the existing TOU pricing models for instance, interactions with other sources of power system flexibility such as storage devices and electric vehicles have never been studied even though bulk storage systems and plug-in electric vehicle operations may influence grid stability and electricity prices.

How can a time-of-use electricity price strategy be constructed?

A time-of-use electricity price strategy can be constructed as shown in Eq. 34: Step 4: In order to assess the impact of the designed time-sharing tariff strategy on the benefits of the grid company and users.

What is time-of-use electricity pricing?

Front. Energy Res. , 04 March 2024 The concept of time-of-use (TOU) electricity pricing is widely recognized as a key strategy to bridge the gap between electricity availability and consumption, enhance the efficiency of electricity, and refine the patterns of electricity usage.

Why do we need to optimize the current tou electricity pricing?

By optimizing the current TOU electricity pricing, users’ load curves have been enhanced, leading to peak load reduction and off-peak load increase, as well as a decrease in the investment cost of the power grid.

How can a tou electricity pricing method improve the user load curve?

This paper presents an optimization method for TOU electricity pricing aimed at enhancing the user load curve, minimizing the investment cost of the power grid, and reducing the electricity expenses for consumers. The proposed method takes into account the cost savings associated with power grid investment.

What is a time-of-use pricing model?

This paper presents a time-of-use (TOU) pricing model of the electricity market that can capture the interaction between power plants, generation ramping, storage devices, electric vehicle loading, and electricity prices.