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Pricing method of shared energy storage bias insurance service based on large number theorem

Xiaofeng Xu,Genzhu Li,Haiyan Yang,Dunnan Liu,Jiani Wang, Zhongming Zhang, Lei Zhao, Xinwei Zhang

JOURNAL OF ENERGY STORAGE(2023)

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Abstract
Under the goal of "double carbon", energy storage is gradually recognized by the society as a means to adjust the output deviation of new energy sources. However, the development of energy storage industry is limited due to the high cost and unclear revenue model of energy storage batteries. Based on this, this paper proposes a business model in which shared energy storage operators provide bias insurance services for new energy sources. Firstly, based on the perspective of commercial insurance, the business model of the shared energy storage operator providing deviation insurance service is designed; secondly, based on the law of large numbers and the actuarial theory of insurance; and finally, the validity of the model is verified through calculation examples, and the feasibility of the proposed business model is also proved. The research results show that compared with the installed capacity of shared energy storage deviation insurance mode reduces 81.57 % compared with new energy storage, and the insurance cost of unit installed capacity of new energy station saves 71.07 % compared with the cost of self-built energy storage cost and deviation assessment cost, which greatly improves the energy storage utilization efficiency and the economic benefits of energy storage operators. The insurance, a financial product explored in this paper, enriches the profit model of energy storage, provides a feasible path for energy storage investors to lock in profits in advance, helps to stimulate the enthusiasm of energy storage investment, and promote the development of China's new energy and energy storage industry.
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Key words
pricing method,energy storage
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