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Battery storage is essential to enhance the flexibility and reliability ofelectric power systems by providing auxiliary services and load shifting.Storage owners typically gains incentives from quick responses to auxiliaryservice prices, but frequent charging and discharging also reduce its lifetime.Therefore, this paper embeds the battery degradation cost into the operationsimulation to avoid overestimated profits caused by an aggressive biddingstrategy. Based on an operation simulation model, this paper conducts theeconomic viability analysis of whole life cycle using the internal rate ofreturn(IRR). A clustering method and a typical day method are developed toreduce the huge computational burdens in the life-cycle simulation of batterystorage. Our models and algorithms are validated by the case study of twomainstream technology routes currently: lithium nickel cobalt manganese oxide(NCM) batteries and lithium iron phosphate (LFP) batteries. Then a sensitivityanalysis is presented to identify the critical factors that boost batterystorage in the future. We evaluate the IRR results of different types ofbattery storage to provide guidance for investment portfolio.

Life cycle economic viability analysis of battery storage in electricity market