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This paper proposes a framework to select the best-suited battery forco-optimizing for peak demand shaving, energy arbitrage and increaseself-sufficiency in the context of power network in Madeira, Portugal.Feed-in-tariff for electricity network in Madeira is zero, which impliesconsumers with excess production should locally consume the excess generationrather than wasting it. Further, the power network {operator} applies a peakpower contract for consumers which imposes an upper bound on the peak powerseen by the power grid interfaced by energy meter. We investigate the value ofstorage in Madeira, using four different types of prosumers, categorized basedon the relationship between their inelastic load and renewable generation. Weobserve that the marginal increase in the value of storage deteriorates withincrease in size and ramping capabilities. We propose the use of profit percycle per unit of battery capacity and expected payback period as indices forselecting the best-suited storage parameters to ensure profitability. Thismechanism takes into account the consumption and generation patterns, profit,storage degradation, and cycle and calendar life of the battery. We alsopropose the inclusion of a friction coefficient in the original co-optimizationformulation to increase the value of storage by reducing the operational cyclesand eliminate low returning transactions.

Sizing and Profitability of Energy Storage for Prosumers in Madeira, Portugal