Abstract
This paper proposes a method for optimal scheduling of battery services that accounts for battery degradation from multiple factors, such as Depth of Discharge (DoD) and mean State of Charge (mSoC). The proposed method employs a convex and quadratic degradation function based on charging patterns and frequency market participation to iteratively capture the actual degradation cost. Through iterative adjustments to better represent degradation, the method identifies the optimal solution for multi-market operation and value stacking of battery services. Initial simulations demonstrate a 55 % to 70 % increase in profits from spot-price and frequency market participation compared to other methods.