Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets

Sarah Robson; Abdullah M. Alharbi; Wenzhong Gao; Amin Khodaei; Ibrahim Alsaidan

doi:10.1109/GreenTech48523.2021.00072

Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets

Sarah Robson
, Abdullah M. Alharbi
, Wenzhong Gao
, Amin Khodaei
, Ibrahim Alsaidan

Electrical Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

14 Scopus citations

Abstract

The high cost and growing environmental concerns surrounding lithium-ion batteries have motivated research into extending the life of electric vehicle (EV) batteries by repurposing them for second life grid applications. The incorporation of repurposed electric vehicle batteries (REVBs) has the potential to decrease the overall cost of new battery energy storage systems (BESS) and extend the useful life of the materials. This paper focuses on maximizing daily profit that can be made from REVBs by stacking two grid services such as frequency regulation and energy arbitrage while minimizing battery capital cost by using second life EV batteries. A model for battery management with stacked frequency regulation and energy arbitrage is developed and tested using PJM market data. A mixed integer linear programming (MILP) is used to solve the optimization problem. It is found that REVBs can generate higher net profits than a new BESS.

Original language	English
Title of host publication	Proceedings - 2021 13th Annual IEEE Green Technologies Conference, GREENTECH 2021
Publisher	IEEE Computer Society
Pages	424-429
Number of pages	6
ISBN (Electronic)	9781728191393
DOIs	https://doi.org/10.1109/GreenTech48523.2021.00072
State	Published - Apr 2021
Event	13th Annual IEEE Green Technologies Conference, GREENTECH 2021 - Denver, United States Duration: 7 Apr 2021 → 9 Apr 2021

Publication series

Name	IEEE Green Technologies Conference
Volume	2021-April
ISSN (Electronic)	2166-5478

Conference

Conference	13th Annual IEEE Green Technologies Conference, GREENTECH 2021
Country/Territory	United States
City	Denver
Period	7/04/21 → 9/04/21

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy

Keywords

Ancillary services
Arbitrage
Battery management
Frequency regulation
Lithium-ion batteries
Repurposed electric vehicle batteries
Second life electric vehicle batteries
Stacked revenue services

Access to Document

10.1109/GreenTech48523.2021.00072

Cite this

Robson, S., Alharbi, A. M., Gao, W., Khodaei, A., & Alsaidan, I. (2021). Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets. In Proceedings - 2021 13th Annual IEEE Green Technologies Conference, GREENTECH 2021 (pp. 424-429). Article 9458429 (IEEE Green Technologies Conference; Vol. 2021-April). IEEE Computer Society. https://doi.org/10.1109/GreenTech48523.2021.00072

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title = "Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets",

abstract = "The high cost and growing environmental concerns surrounding lithium-ion batteries have motivated research into extending the life of electric vehicle (EV) batteries by repurposing them for second life grid applications. The incorporation of repurposed electric vehicle batteries (REVBs) has the potential to decrease the overall cost of new battery energy storage systems (BESS) and extend the useful life of the materials. This paper focuses on maximizing daily profit that can be made from REVBs by stacking two grid services such as frequency regulation and energy arbitrage while minimizing battery capital cost by using second life EV batteries. A model for battery management with stacked frequency regulation and energy arbitrage is developed and tested using PJM market data. A mixed integer linear programming (MILP) is used to solve the optimization problem. It is found that REVBs can generate higher net profits than a new BESS.",

keywords = "Ancillary services, Arbitrage, Battery management, Frequency regulation, Lithium-ion batteries, Repurposed electric vehicle batteries, Second life electric vehicle batteries, Stacked revenue services",

author = "Sarah Robson and Alharbi, \{Abdullah M.\} and Wenzhong Gao and Amin Khodaei and Ibrahim Alsaidan",

note = "Publisher Copyright: {\textcopyright} 2021 IEEE.; 13th Annual IEEE Green Technologies Conference, GREENTECH 2021 ; Conference date: 07-04-2021 Through 09-04-2021",

year = "2021",

month = apr,

doi = "10.1109/GreenTech48523.2021.00072",

language = "English",

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}

Robson, S, Alharbi, AM, Gao, W, Khodaei, A & Alsaidan, I 2021, Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets. in Proceedings - 2021 13th Annual IEEE Green Technologies Conference, GREENTECH 2021., 9458429, IEEE Green Technologies Conference, vol. 2021-April, IEEE Computer Society, pp. 424-429, 13th Annual IEEE Green Technologies Conference, GREENTECH 2021, Denver, United States, 7/04/21. https://doi.org/10.1109/GreenTech48523.2021.00072

Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets. / Robson, Sarah; Alharbi, Abdullah M.; Gao, Wenzhong et al.
Proceedings - 2021 13th Annual IEEE Green Technologies Conference, GREENTECH 2021. IEEE Computer Society, 2021. p. 424-429 9458429 (IEEE Green Technologies Conference; Vol. 2021-April).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets

AU - Robson, Sarah

AU - Alharbi, Abdullah M.

AU - Gao, Wenzhong

AU - Khodaei, Amin

AU - Alsaidan, Ibrahim

PY - 2021/4

Y1 - 2021/4

N2 - The high cost and growing environmental concerns surrounding lithium-ion batteries have motivated research into extending the life of electric vehicle (EV) batteries by repurposing them for second life grid applications. The incorporation of repurposed electric vehicle batteries (REVBs) has the potential to decrease the overall cost of new battery energy storage systems (BESS) and extend the useful life of the materials. This paper focuses on maximizing daily profit that can be made from REVBs by stacking two grid services such as frequency regulation and energy arbitrage while minimizing battery capital cost by using second life EV batteries. A model for battery management with stacked frequency regulation and energy arbitrage is developed and tested using PJM market data. A mixed integer linear programming (MILP) is used to solve the optimization problem. It is found that REVBs can generate higher net profits than a new BESS.

AB - The high cost and growing environmental concerns surrounding lithium-ion batteries have motivated research into extending the life of electric vehicle (EV) batteries by repurposing them for second life grid applications. The incorporation of repurposed electric vehicle batteries (REVBs) has the potential to decrease the overall cost of new battery energy storage systems (BESS) and extend the useful life of the materials. This paper focuses on maximizing daily profit that can be made from REVBs by stacking two grid services such as frequency regulation and energy arbitrage while minimizing battery capital cost by using second life EV batteries. A model for battery management with stacked frequency regulation and energy arbitrage is developed and tested using PJM market data. A mixed integer linear programming (MILP) is used to solve the optimization problem. It is found that REVBs can generate higher net profits than a new BESS.

KW - Ancillary services

KW - Arbitrage

KW - Battery management

KW - Frequency regulation

KW - Lithium-ion batteries

KW - Repurposed electric vehicle batteries

KW - Second life electric vehicle batteries

KW - Stacked revenue services

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M3 - Conference contribution

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ER -

Robson S, Alharbi AM, Gao W, Khodaei A, Alsaidan I. Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets. In Proceedings - 2021 13th Annual IEEE Green Technologies Conference, GREENTECH 2021. IEEE Computer Society. 2021. p. 424-429. 9458429. (IEEE Green Technologies Conference). doi: 10.1109/GreenTech48523.2021.00072

Economic viability assessment of repurposed EV batteries participating in frequency regulation and energy markets

Abstract

Publication series

Conference

UN SDGs

Keywords

Access to Document

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