Straumlind sponsors M.Sc. research projects in Reykjavík University

Last winter Straumlind sponsored two M.Sc. research projects in Reykjavik University. One was ,,Economic Feasibility of a Utility-Scale Battery in Iceland" by Nathaniel Rybin and the other was "Insights in Environmental Attitudes: Economic and Psychological Methods for Engaging Electricity Utility Customers and Electric Vehicle Drivers" by Max Gamerman.

Below are short descriptions of the projects:

Economic Feasibility of a Utility-Scale Battery in Iceland

This study explores the potential of adding a battery to the Icelandic market by modeling the market’s response to the addition and estimating the potential revenue generated during the battery’s operation. The battery is modeled to operate in the primary, fast frequency response, and balancing markets, with each scenario outputting the potential revenue generated. Using the generated revenue and the current battery costs from literature, a financial analysis is conducted to determine the battery's net present value. The battery costs are also used to determine the minimum revenue required to break even on the investment.

The results indicate that under current scenarios and electricity prices the battery is not profitable.

Environmental Attitudes: Economic and Psychological Methods for Engaging Electricity Utility Customers and Electric Vehicle Drivers

The project analised how dynamic pricing and behavioral economic methods could be used to promote the shift of flexible points of electricity consumption to non-peak hours. The dynamic pricing offered Straumlinds customers 34% discount of electricity between 2-6 AM.

The results found statistically significant relationships between hourly electricity consumption data of electricity utility customers and the discounted time frame.

Congratulations!

Nate and Max often joined us in the office. We also did a number of things together after work, like Thanks giving dinner with turkey and pumpkin pie. All of us at Straumlind loved getting to know Nate and Max and we congratulate them on their graduation!