Abstract
As the utilization of renewable energy sources continues to expand, energy storage systems assume a crucial role in enabling the effective integration and utilization of renewable energy. This underscores their fundamental significance in mitigating the inherent intermittency and variability associated with renewable energy sources. This study focuses on the involvement of photovoltaic (PV) plants in medium and long-term transactions. It also explores the participation of battery energy storage system (BESS) in electricity trading and frequency regulation ancillary services. The objective is to establish a strategic research model for maximizing the benefits of PV plant and the BESS in the energy arbitrage and frequency regulation markets. Sensitivity analysis was conducted to assess the impact of variations in both the rated power and maximum continuous energy storage duration of the BESS. Base on the NSGA-II algorithm and TOPSIS algorithm, an optimization model for energy storage capacity configuration is developed. The optimal capacity configuration and maximum continuous energy storage duration are determined through computational analysis, yielding values of 30.8 MW and 4.521 h, respectively. At this configuration, the daily average revenue is 2.362 × 10(5) yuan, the initial investment cost is 1.45 × 10(9) yuan, and the payback period is 4.562 years.