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Efficient storage capacity in power systems with thermal and renewable generation

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  • Steffen, Bjarne
  • Weber, Christoph

Abstract

Power systems with high shares of wind and solar power have to balance their intermittent nature. Pumped-hydro storage plants can provide the required flexibility, while thermal backup plants offer an alternative. This paper proposes a capacity planning model to describe the efficient technology portfolio. Drawing on a residual load duration curve, we derive the efficient storage capacity and discuss its dependence on cost parameters, as well as the effect of periods with renewable generation in excess of load. A case study for Germany applies the model and highlights the impact of CO2 prices on storage efficiency.

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Bibliographic Info

Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 36 (2013)
Issue (Month): C ()
Pages: 556-567

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Handle: RePEc:eee:eneeco:v:36:y:2013:i:c:p:556-567

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Web page: http://www.elsevier.com/locate/eneco

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Keywords: Electricity storage; Capacity planning; Renewable energy;

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  1. Crampes, Claude & Moreaux, Michel, 2010. "Pumped storage and cost saving," Energy Economics, Elsevier, vol. 32(2), pages 325-333, March.
  2. Petter Bjerksund & Gunnar Stensland & Frank Vagstad, 2011. "Gas Storage Valuation: Price Modelling v. Optimization Methods," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 203-228.
  3. Ramteen Sioshansi, 2010. "Welfare Impacts of Electricity Storage and the Implications of Ownership Structure," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 173-198.
  4. Crew, Michael A & Fernando, Chitru S & Kleindorfer, Paul R, 1995. "The Theory of Peak-Load Pricing: A Survey," Journal of Regulatory Economics, Springer, vol. 8(3), pages 215-48, November.
  5. Nyamdash, Batsaikhan & Denny, Eleanor & O'Malley, Mark, 2010. "The viability of balancing wind generation with large scale energy storage," Energy Policy, Elsevier, vol. 38(11), pages 7200-7208, November.
  6. Sioshansi, Ramteen & Denholm, Paul & Jenkin, Thomas, 2011. "A comparative analysis of the value of pure and hybrid electricity storage," Energy Economics, Elsevier, vol. 33(1), pages 56-66, January.
  7. Anthony Horsley & Andrew J. Wrobel, 2000. "Efficiency rents of pumped-storage plants and their uses for operation and investment decisions," LSE Research Online Documents on Economics 19336, London School of Economics and Political Science, LSE Library.
  8. Malte Sunderkoetter & Christoph Weber, 2009. "Valuing fuel diversification in optimal investment policies for electricity generation portfolios," EWL Working Papers 0904, University of Duisburg-Essen, Chair for Management Science and Energy Economics, revised Nov 2009.
  9. Sioshansi, Ramteen & Denholm, Paul & Jenkin, Thomas & Weiss, Jurgen, 2009. "Estimating the value of electricity storage in PJM: Arbitrage and some welfare effects," Energy Economics, Elsevier, vol. 31(2), pages 269-277, March.
  10. Gravelle, H S E, 1976. "The Peak Load Problem with Feasible Storage," Economic Journal, Royal Economic Society, vol. 86(342), pages 256-77, June.
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Cited by:
  1. Andreas A. Renz & Christoph Weber, 2012. "A Hotelling Model for Fixed-Cost Driven Power Generation," EWL Working Papers 1206, University of Duisburg-Essen, Chair for Management Science and Energy Economics, revised Jan 2013.
  2. Bjarne Steffen, 2011. "Prospects for pumped-hydro storage in Germany," EWL Working Papers 1107, University of Duisburg-Essen, Chair for Management Science and Energy Economics, revised Dec 2011.
  3. Wolf-Peter Schill, 2013. "Residual Load, Renewable Surplus Generation and Storage Requirements in Germany," Discussion Papers of DIW Berlin 1316, DIW Berlin, German Institute for Economic Research.

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