System and Method for Managing the Charging and Discharging of an Energy Storage Device

A method for managing the charging and/or discharging of an energy storage device, the method comprising:

• obtaining, at a processing device, a plurality of clearing price data points spanning a plurality of dates, each clearing price data point being indicative of a clearing price of a unit of energy on a certain date;
• for each date represented in the plurality of clearing price data points:
• generating, at the processing device, a distribution of the clearing price data points corresponding to the date;
• determining, at the processing device, a lower quantile price point of the distribution based on a capacity of the energy storage device and a charge rate of the energy storage device;
• and
• determining, at the processing device, an upper quantile price point of the distribution based on the capacity of the energy storage device and the discharge rate of the energy storage device;
• selecting, at the processing device, a first set of the lower quantile price points from the determined lower quantiles;
• selecting, at the processing device, a second set of the upper quantile price points from the determined upper quantiles;
• determining, at the processing device, a buy bid indicating an offered price for a purchase of energy based on the first set, wherein when the buy bid is accepted, purchased energy is delivered to and charges the energy storage device at a first prescribed time;
• determining, at the processing device, a sell bid indicating an offered price for a sale of energy based on the second set, wherein when the sell bid is accepted, sold energy is discharged from the energy storage device at a second prescribed time;
• transmitting the buy bid to an energy market server when the current capacity of the energy storage device is less than a maximum threshold;
• and
• transmitting the sell bid to the energy market server when the current capacity of the energy storage device is greater than a minimum threshold.