Review of Energy Storage and Renewable Energies to Reach a Maximum Profit for Power Systems

The integration of renewable energy sources (RES) into power systems is crucial for achieving sustainable and environmentally friendly energy production. However, the inherent intermittency and variability of RES, such as solar and wind power, present significant challenges to their reliable integration into the power grid. Energy storage systems (ESS) emerge as a pivotal solution to mitigate these challenges, offering the capability to store excess energy during periods of high generation and release it during periods of high demand. This review paper provides a comprehensive analysis of the current state of energy storage technologies and their synergistic relationship with renewable energy sources to optimize profitability in power systems. We evaluate various energy storage technologies, including battery storage, pumped hydro storage, and thermal energy storage, assessing their operational characteristics, cost-effectiveness, and scalability. Additionally, the paper examines advanced strategies for integrating RES with ESS, focusing on economic optimization models that maximize profit while ensuring grid stability and reliability.