Photovoltaic (PV) power stations generate the most electricity during the day, especially around noon, when sunlight is at its peak. However, this is also when market electricity prices are at their lowest, making PV energy production less profitable.
The charts below illustrate electricity prices in Poland alongside PV energy generation on selected days. As you can see, electricity prices are at their lowest precisely when energy production is at its highest.
Maximizing Renewable Energy Profits with Smart Energy Storage
Integrating energy storage systems with PV stations enables smarter energy sales management. The storage system charges when electricity prices are low, typically during peak solar generation hours. Then, in the evening, when demand rises and prices increase, you release the stored energy and sell it at a higher price. This strategic approach significantly boosts profits from renewable energy generation.
But how can you optimize energy storage operations to maximize PV profits?
Our Solution: Optimizing Storage Operations with Advanced Algorithms
Our solution is an intelligent algorithm that determines the optimal schedule for energy storage operation in relation to PV generation. By analyzing electricity market trends, it maximizes profits from energy sales in the spot market, whether in the day-ahead or intraday market.
On the chart below, we illustrate the energy storage schedule for June 22, 2024, for a 1 MW solar power station equipped with a 4 MWh energy storage system, featuring a charging and discharging power of 2 MW.
The energy storage system is charged exclusively with electricity generated by the PV station, never from the grid. The stored energy is then discharged and sold during peak price hours, maximizing profitability.
Comparing Profits: Selling Directly vs. Using Energy Storage
If the PV station were to sell electricity directly to the grid on June 22, 2024, the total profit wouldn’t exceed 270 PLN, even with the station shutting down during periods of negative prices.
However, by incorporating energy storage and keeping the station running continuously, the profit jumps nearly eightfold, reaching 2,156 PLN.
This example, taken from a sunny summer day with high PV generation, highlights a key takeaway: during the “photovoltaic season” (March to October), hybrid installations with energy storage generate significantly higher profits than PV stations selling energy directly.
Our energy storage scheduling solution is a valuable addition to Globema’s portfolio of renewable energy forecasting tools, helping businesses optimize energy trading and maximize returns.
Want to learn more about our renewable energy forecasting and energy management solutions? Get in touch with us!
