Optimal energy storage configuration for joint energy‐regulation market participating renewable energy plants with excess revenue recovery mechanism

Abstract The fluctuation and stochastic characteristics of renewable energy resources challenge the secure system operation also impose significant financial risks for market participating plants (REPs). Energy storage systems (ESSs) can serve as effective tools in enhancing operating flexibility REPs, thus improving their profitability while making them grid‐friendly. However, current studies focussing on participation ESS‐equipped REPs neglect ESSs' frequency regulation performance. Moreover, power output deviation curtailment bring difficulties to integration energy. To address these challenges, an optimal ESS configuration method joint energy‐regulation is proposed first. A considering constraints performance applied. Then, reduce incentive mechanism based excess revenue recovery implemented induce grid‐friendly outputs REPs. Numerical analysis XJTU‐ROTS2017 demonstrates that results obtained from could promote verify effectiveness facilitating behaviours