The Operation Mechanism and Benefit Analysis of Diverse Emerging Energy Storage Participating in the Electricity Market

Emerging energy storage is a critical technology for achieving carbon peak and neutrality goals, serving as a vital support for establishing a new power system predominantly based on renewable energy sources. It also facilitates the creation of a competitive and flexible resource market. With a variety of emerging energy storage technologies available, their participation in electricity markets entails diverse operational mechanisms and economic benefits. This paper explores the operational mechanisms of three typical energy storage technologies in the electricity market. Based on this exploration, it conducts a comparative analysis of the economic benefits of different energy storage technologies participating in the electricity energy market, while further considering the impact of capacity markets on the economic viability of various energy storage technologies. The study reveals that, in the absence of capacity market participation, economically mature energy storage technologies demonstrate significantly higher economic viability compared to other types of technologies. With the inclusion of capacity markets, energy storage technologies with longer duration capabilities can achieve higher economic benefits, providing valuable insights for the future development of energy storage technologies.