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Revenue potential from offshore wind and energy storage systems for a LongIsland node in the New York ISO (NYISO) is examined using advanced lithium-ionbattery representations. These advanced mixed-integer-linear battery modelsaccount for the dynamic performance, as well as the degradation behavior of thebatteries, which are usually not accounted for in power systems models.Multiple hybrid offshore wind and battery system designs are investigated toexamine the impact of locating the battery offshore versus locating it onshore.For the examined systems, we explore different battery usable state-of-charge(SOC) windows, and corresponding dispatch of the battery to maximize energy-and capacity-market revenues. The impacts of variability of offshore windoutput along with energy- and capacity-market prices are evaluated usingpublicly available data from 2010 to 2013. Locating the battery onshoreresulted in higher revenues. For 2013, results highlight that without accuratebattery representations, models can overestimate battery revenues by up to155%, resulting primarily from degradation-related costs. Using advancedalgorithms, net revenue can be increased by 29%. Results also indicate thatwider useable SOC windows could lead to higher net revenues from the energymarket, due to higher arbitrage opportunities that compensate for anyadditional degradation-tied costs in higher DODs. The added value of a MWh ofenergy storage varies from $2 to $3.5 per MWh of wind energy, which leads to abreakeven cost range of $50-$95 per kWh for the battery systems studied. Assuch, energy- and capacity-market revenues were found to be insufficient inrecovering the investment costs of current battery systems for the applicationsconsidered in this analysis.

Evaluation of Energy- and Capacity-Market Revenues from Lithium-ion Battery Systems for Offshore Wind Using Advanced Battery Models