Considering Thermodynamic Characteristics of a CAES Facility in Self-Scheduling in Energy and Reserve Markets

The efficiency of a compressed air energy storage (CAES) facility deviates significantly from its nominal value depending on its thermodynamics and operational conditions. Thus, the thermodynamic characteristics of the facility should be incorporated in its scheduling to model the variation in efficiency. This paper proposes a self-scheduling approach for a CAES facility that participates in energy, spinning, and non-spinning reserves markets. Considering the thermodynamic characteristics of the facility, the limitations imposed on the facility are modeled when devising operations schedules. Thus, the model leads to a more realistic view of the revenues. Numerical simulations are provided using the historical hourly energy and reserve prices of the ERCOT electricity market for years 2011 to 2015. The results are compared with those of derived from by using the conventional model with constant efficiency parameters.