A Stochastic Method for the Economic Evaluation of the Wind Power System Using Markov Model of Battery
This paper provides a stochastic technique for the economic assessment of battery storage system which gives
assistance to intermittent wind power. The Discrete Time Markov chain battery storage model is firstly introduced to represent
the fluctuating battery SOC in the charging and discharging process. Utilizing the limiting theorem for Markov
chains, the life time of battery can be predicted by the stationary distribution probability of the residual battery energy.
Then corresponding annualized cost is used as the economic evaluation of battery storage system. The result provides a
quick economic estimation of battery in a wind power system.
Keywords: Discrete Time Markov chain, distributed power generation, storage system, wind power.
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