Resumen
Recently, the interest in utilizing energy storage systems (ESSs), particularly batteries, has increased. ESSs are employed for several enhancement tasks in power systems on both the operation and planning scales. On the operation side, ESSs play a main role in offering several ancillary services. In the context of planning, ESSs are used for asset upgrade deferral among other grid applications. This work employs a battery energy storage system (BESS) to minimize the electricity bill charges associated with global adjustment for large consumers in the jurisdiction of Ontario, Canada. An optimization formulation for sizing and scheduling the BESS, to minimize the utility charges and gain profits from other revenue streams, such as energy price arbitrage (EPA), was developed and implemented. The results show the economic feasibility of the developed algorithm to minimize the annual bills of real customers and gain profits. A sensitivity analysis was also carried out to show the potential of the proposed method in providing significant benefits and gains for customers.