Economic Profitability of Batteries Used for Primary Frequency Control Through the Stochastic Evaluation of the State of Charge

This paper proposes a statistical method to evaluate the economic profitability of battery energy storage systems used for primary frequency control service. The economic analysis includes the installation, replacement, and operation costs of the battery energy storage system and the remuneration of the primary frequency control service. A stochastic characterization of the battery state of charge is used, which accounts for the main features that the battery control must include. Sensitivity analyses are performed concerning the remuneration values of the regulation service and the main parameters of the control.