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Energy storage (ES) and virtual energy storage (VES) are key components torealizing power system decarbonization. Although ES and VES have been proven todeliver various types of grid services, little work has so far provided asystematical framework for quantifying their adequacy contribution and crediblecapacity value while incorporating human and market behavior. Therefore, thismanuscript proposed a novel evaluation framework to evaluate the capacitycredit (CC) of ES and VES. To address the system capacity inadequacy and marketbehavior of storage, a two-stage coordinated dispatch is proposed to achievethe trade-off between day-ahead self-energy management of resources andefficient adjustment to real-time failures. And we further modeled the humanbehavior with storage operations and incorporate two types ofdecision-independent uncertainties (DIUs) (operate state and self-consumption)and one type of decision-dependent uncertainty (DDUs) (available capacity) intothe proposed dispatch. Furthermore, novel reliability and CC indices (e.g.,equivalent physical storage capacity (EPSC)) are introduced to evaluate thepractical and theoretical adequacy contribution of ES and VES, as well as theability to displace generation and physical storage while maintainingequivalent system adequacy. Exhaustive case studies based on the IEEE RTS-79system and real-world data verify the significant consequence (10%-70%overestimated CC) of overlooking DIUs and DDUs in the previous works, while theproposed method outperforms other and can generate a credible and realisticresult. Finally, we investigate key factors affecting the adequacy contributionof ES and VES, and reasonable suggestions are provided for better flexibilityutilization of ES and VES in decarbonized power system.

Methodology for Capacity Credit Evaluation of Physical and Virtual Energy Storage in Decarbonized Power System