2. Services rendered and economic value
The historical business model of STEPs is to transfer energy between peak and off-peak hours. Historically, this developed in local, non- or poorly interconnected power systems (see historical inset). In today's interconnected power systems, STEPs are able to provide storage services across the entire grid, thanks to their higher efficiency and more advantageous economic conditions than other forms of energy storage.
2.1 Peak-to-off-peak energy transfer
This is the basic (and historic) model for using energy storage: pumping during off-peak hours and turbining during peak hours. These energy transfers are valued using electricity market mechanisms. The greater the difference in wholesale electricity prices between off-peak hours (when pumping takes place) and...
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Services rendered and economic value
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