Thermal Energy Storage (TES) in a space heating (SH) application was investigated. The study aimed to determine the economic benefits of introducing TES into an electricity-driven SH system under a day-ahead electricity market. The performance of the TES was assessed by comparing the cost of electricity in a system with a TES unit to the case where no storage is in use and the entire heat requirement is fulfilled by purchasing electricity according to the actual load. The study had two goals: 1. Determining how the size – in terms of electricity input (Pmax) and energy capacity (Emax) – of the TES unit influences the savings. For this purpose, a reference price signal was used. Results show that it is possible to save up to approximately 14% of the electricity costs. In general, savings increase with Pmax and Emax. However, the benefit of increasing these two values ceases when certain threshold values are reached. 2. Determining how the maximum savings vary under higher and lower variations of the electricity price signal (compared to the reference signal). Results show that higher or lower maximum savings can be achieved if the price signal variations around the mean value increase or decrease respectively. For example, a price signal with a standard deviation (SD) of around 54 [€/MWhe] leads to almost 18% of maximum savings. If the SD of the price signal drops to 21 [€/MWhe], maximum savings that can be achieved are around 10.3%.
Proceedings of 7th International Renewable Energy Storage Conference and Exhibition, 2012
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7th International Renewable Energy Storage Conference and Exhibition, 2012