Energy storage fundamentals and components

Abstract Energy management is of paramount importance due to rising energy demand in the world and energy consumption costs. As one of the energy management processes, energy storage systems (ESSs) are known as essential equipment throughout energy markets. Energy can be produced and used in a variety of types in the electricity markets, each having its own storage system. ESSs enjoy specific technologies that can be discussed in terms of various aspects such as structure, charge and discharge, life cycle, reliability, size, and cost. Another aspect that is important in the literature on ESSs is how each type of such system works in electricity markets. This debate can be considered as one of the most economically fundamental issues for both energy producers and energy consumers in the electricity market. This chapter gives an overview of the importance of ESSs as one of the most important factors in energy management in the electricity market. Given some of the energy waste issues in most parts of the world that have become a critical issue and have led to many challenges, various types of ESSs have been introduced to play a role in energy saving and optimal utilization in some way. After introducing different types of ESSs in the chapter, the operation approaches of the ESSs in different aspects of the electricity markets will be examined. Finally, with a principal overview, the current status and the role of ESSs in the world will be reviewed considering their positive and negative effects in electricity markets.