Web-based solution for real-time optimizing the operation of Energy Storage systems

Host Organisation: H. Wise Wire Energy Solutions Limited
Partner Organisation(s): University of Cyprus
Project Budget: 117.646,00 €
IDEK Funding: 99.999,10 €

The strategic climate vision of European Commission is to achieve a 32% penetration of Renewable Energy Resources (RES) by 2030 and to transform Europe into a climate neutral economy by 2050. However, the weather based variability of RES can cause crucial problem regarding the power grid operation. Battery Energy Storage Systems (BESS) seems to be the most promising technology for compensating RES variations and enable ultra-high RES penetration, since their price has been reduced by 85% in 8 years. Further, new legal and technoeconomic frameworks are already formed in several European countries, where variable electricity pricing schemes are imposed for residential-commercial-industrial consumers and a net-billing approach is adopted (replacing the previous net-metering approach) for photovoltaics (PV) installation in buildings. Considering this background, a market opportunity raises for BESS. It is worth mentioning that more than 160 GWh of distributed storage systems are expected to be installed in buildings in Europe by 2030.
Operation of commercial BESS is based on local measurements and aims to maximize the prosumer self-consumption. An investigation performed by the consortium demonstrates that there is a significant profit margin for a prosumer in a variable electricity pricing scheme, if the BESS is controlled in a more sophisticated way considering model predictive approach. Hence, this project aims to develop a startup (WiseWire) which will create the innovative WiseStorage solution with international orientation. The WiseStorage is a web-based solution able to maximize the profit of prosumers by real time coordinating existing BESS. WiseStorage service will obtain a share of the extra profit margin enabled by optimizing BESS operation. The project will result two operational prototypes for demonstrating the competitive advantage of the solution and a feasibility study and and a business plan for enabling the exploitation and the financial sustainability of this innovation.