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Dynamic modelling of electricity arbitrage for single-family homes : Assessing the cost-effectiveness of implementing Energy Storage and Demand-Side Load Management.

In the context of electricity, arbitrage trading involves taking advantage of existing price variations within electricity markets. The report conducted financial modelling for energy storage systems and demand-side load management for electricity arbitrage trading in single-family homes. The analysis included two different energy storage systems: a thermal energy storage system and a battery energy storage system. Additionally, electricity spot cost reduction was compared between electricity arbitrage trading and traditional energy efficiency measures such as air-to-water and ground-source heat pumps. The report's findings indicated that air-to-water and ground-source heat pumps emerged as the most economically viable choices for reducing electricity spot costs, irrespective of the studied electricity price area. The thermal energy storage system, employing an insulated hot water storage tank, ranked the third most efficient in achieving cost savings. The battery energy storage system, represented by a lithium home battery system, demonstrated the lowest rate of cost saving among the analyzed energy efficiency measures.  The financial modelling highlighted the economic potential for thermal energy storage systems, particularly in southern Sweden's electricity price areas SE3 and SE4. On the other hand, no economically viable options for battery energy storage systems were identified, regardless of the studied electricity price area. As a results, the report recommends utilizing thermal energy storage systems and implementing demand-side load management as strategies to hedge against future electricity price volatility.

Identiferoai:union.ndltd.org:UPSALLA1/oai:DiVA.org:lnu-124893
Date January 2023
CreatorsAli, Ahmed
PublisherLinnéuniversitetet, Institutionen för byggd miljö och energiteknik (BET)
Source SetsDiVA Archive at Upsalla University
LanguageEnglish
Detected LanguageEnglish
TypeStudent thesis, info:eu-repo/semantics/bachelorThesis, text
Formatapplication/pdf
Rightsinfo:eu-repo/semantics/openAccess

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