  Combining revenue streams by providing multiple services with battery storage
systems increases profitability and enhances the investment case. In this work,
we present a novel optimisation and control framework that enables a storage
system to optimally combine the provision of primary frequency control services
with peak shaving of a consumption profile. We adopt a dynamic programming
framework to connect the daily bidding in frequency control markets with the
longer term peak shaving objective: reducing the maximum consumption peak over
an entire billing period. The framework also allows to aggregate frequency
control capacity of multiple batteries installed at different sites, creating
synergies when the consumption profile peaks occur on different times. Using a
case study of two batteries at two industrial sites, we show that the presented
approach increases net profit of the batteries significantly compared to using
the batteries for only peak shaving or frequency control.
