By solving for the investment threshold and investment opportunity value under various uncertainties and different strategies, the optimal investment scheme can be obtained. Finally, to verify the validity of the model, it is applied to investment decisions for energy storage participation in China's peaking auxiliary service market.
However, the two investment strategies have opposite findings for the second energy storage technology. The investment threshold for the second technology under the single strategy is significantly lower at 0.0310 USD/kWh than the investment threshold under the continuous strategy at 0.0792 USD/kWh.
Under the continuous investment strategy, the firm can invest in two energy storage technologies sequentially, and each state is subject to policy uncertainty. Fig. 4 indicates the different states of the continuous investment strategy and the corresponding value functions under policy uncertainty.
The energy storage industry is going through a critical period of transition from the early commercial stage to development on a large scale. Whether it can thrive in the next stage depends on its economics.
Therefore, this study uses the unit annual peaking capacity of the energy storage system for the solution, that is, the investment benefit coefficient of the first energy storage technology is 140 (14,000 MWh/100 MWh).
In contrast, when the arrival rate of the second energy storage technology is high, the change in relative loss is less than the value of the delayed investment, thus increasing the timing of the delayed investment and raising the investment threshold. 3.2.3. Market uncertainty's impact
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