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The primary concerns of this paper are twofold: to understand the economicvalue of storage in the presence of ramp constraints and exogenous electricityprices, and to understand the implications of the associated optimal storagemanagement policy on qualitative and quantitative characteristics of storageresponse to real-time prices. We present an analytic characterization of theoptimal policy, along with the associated finite-horizon time-averaged value ofstorage. We also derive an analytical upperbound on the infinite-horizontime-averaged value of storage. This bound is valid for any achievablerealization of prices when the support of the distribution is fixed, andhighlights the dependence of the value of storage on ramp constraints andstorage capacity. While the value of storage is a non-decreasing function ofprice volatility, due to the finite ramp rate, the value of storage saturatesquickly as the capacity increases, regardless of volatility. To study theimplications of the optimal policy, we first present computational experimentsthat suggest that optimal utilization of storage can, in expectation, induce aconsiderable amount of price elasticity near the average price, but little orno elasticity far from it. We then present a computational framework forunderstanding the behavior of storage as a function of price and the amount ofstored energy, and for characterization of the buy/sell phase transition regionin the price-state plane. Finally, we study the impact of market-basedoperation of storage on the required reserves, and show that the reserves mayneed to be expanded to accommodate market-based storage.

On the Economic Value and Price-Responsiveness of Ramp-Constrained Storage