TY - GEN A1 - Ahsen, Syed Subhan A1 - Sgarciu, Smaranda A1 - Gallego, Alberto T1 - Multi-Stage Stochastic Optimization for Battery Energy Storage Systems in the Iberian market T2 - 2nd International Conference on Energy Transition in the Mediterranean Area (SyNERGY MED), Thessaloniki 17-19 October 2022 N2 - Operators seek to achieve economic objectives when dispatching assets in electricity markets subject to asset’s technical as well as market constraints. To ensure optimal operation in energy markets, the parametric uncertainty of key market drivers such as wholesale and balancing services prices should be investigated. The research problem to be covered in the paper deals with the revenue maximization of a price-taker battery storage power plant participating in competitive wholesale electricity and balancing markets. The paper uses a multi-stage optimization approach to model uncertainty of a battery energy storage system participating in the Spanish Market. The study reveals that a significant benefit of using stochastic solution (over 5 percent) is obtained when the role of battery energy storage system is analyzed for 2020. KW - Economics KW - Uncertainty KW - Stochastic processes KW - Electricity supply industry KW - Dispatching KW - Batteries KW - Optimization Y1 - 2022 SN - 978-1-6654-6107-8 SN - 978-1-6654-6108-5 U6 - https://doi.org/10.1109/SyNERGYMED55767.2022.9941438 SP - 1 EP - 6 PB - IEEE CY - Piscataway, NJ ER -