Operational Optimization of Battery Storage in Zhejiang’s Joint Electricity and Ancillary Services Market

As a crucial power system component, energy storage suffers from inadequate revenue strategy analysis under practical market environment, limiting its further development. To address this issue, this paper proposes a bi-level optimization model for revenue analysis of energy storage systems (ESS) in joint electricity-ancillary services markets of Zhejiang province. And the particle swarm optimization algorithm is employed to optimize the ESS bidding strategy. Case studies based on the real Zhejiang power grid demonstrates the feasibility of joint market optimization and the efficiency of the proposed algorithm.