The background
Our solution
After agreeing market assumptions with the client, LCP Delta’s stochastic dispatch model was then run to obtain granular price forecasts for the next 20-30 years across multiple market scenarios. This pricing data, along with site-specific onsite generation and demand profiles, was then used in our Standalone Battery Optimisation Model. This model allows users to input prices and expected on-site load, and gives an optimal storage profile (using the same algorithm employed in LCP EnVision) and expected net profit for each day considered.
These actions accounted for any opportunities for the asset to charge either from excess onsite generation or from the grid, as well as discharge either to supply onsite demand or export to the grid. Alternative strategies were also considered, such as the asset competing in the frequency response market instead of supplying onsite demand.
The outcome
Our analysis was used to inform decisions around onsite battery assets, including the operating strategy and asset configuration. Also, LCP Delta’s standalone battery optimisation model was licensed to allow the client to perform their own analysis on a range of other potential sites and configurations.
