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Energy Storage in Future Electricity Markets

Audun Botterud

Abstract

Energy storage is receiving increasing attention as a potential solution to integrate large amounts of renewable energy into the electrical power grid. However, a large-scale expansion of energy storage technologies in the power grid depends on several technical and economic factors. This talk starts with a brief overview of the status of grid-level energy storage and renewable energy in the United States. Then, we present findings from ongoing research at MIT and ANL on the potential role of batteries in future electricity markets, focusing on: 1) improved representation of batteries in power system optimization models, 2) computationally efficient algorithms for energy storage dispatch, 3) optimality conditions and cost recovery in electricity markets with energy storage and variable renewable energy, and 4) the potential role of energy storage in decarbonizing the electric power system.

Bio

Audun Botterud is a Principal Research Scientist in Laboratory for Information and Decision Systems (LIDS) at Massachusetts Institute of Technology (MIT), with a co-appointment in the Energy Systems Division at Argonne National Laboratory (ANL). His research interests include power systems, electricity markets, energy economics, renewable energy, and energy storage. Audun holds a M.Sc. (Industrial Engineering) and a Ph.D. (Electrical Power Engineering), both from the Norwegian University of Science and Technology. He was previously with SINTEF Energy Research in Trondheim, Norway.

Audun Botterud Headshot
Audun Botterud
Massachusetts Institute of Technology
Virtual Zoom Lecture
23 Feb 2021, 10:30am until 11:30am