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The characteristics of electricity storage, renewables and markets

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  • Waterson, Michael

Abstract

This paper accepts the widespread view that as electricity generation systems transition towards a greater proportion of renewables provision, there will be an increasing need for storage facilities. However, it differs from most such studies in contrasting the private incentives of a storage operator with the public desirability of bulk storage. A key factor in the context of a market such as Britain, where renewable energy largely means wind generation, is the nature of wind generation itself. The problem of wind's high variance and intermittent nature is explored. It is argued that not only is there a missing money and a missing market issue in providing secure energy supplies, there is also a missing informational issue. A key opportunity for new storage is participation in a capacity market, if the setting is right.

Suggested Citation

  • Waterson, Michael, 2017. "The characteristics of electricity storage, renewables and markets," Energy Policy, Elsevier, vol. 104(C), pages 466-473.
    • Handle: RePEc:eee:enepol:v:104:y:2017:i:c:p:466-473
    DOI: 10.1016/j.enpol.2017.01.025
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    References listed on IDEAS

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    Cited by:

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    5. Candelise, Chiara & Westacott, Paul, 2017. "Can integration of PV within UK electricity network be improved? A GIS based assessment of storage," Energy Policy, Elsevier, vol. 109(C), pages 694-703.
    6. Loisel, Rodica & Simon, Corentin, 2021. "Market strategies for large-scale energy storage: Vertical integration versus stand-alone player," Energy Policy, Elsevier, vol. 151(C).
    7. Intini, Mario & Waterson, Michael, 2020. "Do British wind generators behave strategically in response to the Western Link interconnector?," The Warwick Economics Research Paper Series (TWERPS) 1242, University of Warwick, Department of Economics.
    8. Schöniger, Franziska & Morawetz, Ulrich B., 2022. "What comes down must go up: Why fluctuating renewable energy does not necessarily increase electricity spot price variance in Europe," Energy Economics, Elsevier, vol. 111(C).
    9. Du, Ruxue & Wu, Minqiang & Wang, Siqi & Wu, Si & Wang, Ruzhu & Li, Tingxian, 2022. "Experimental investigation on high energy-density and power-density hydrated salt-based thermal energy storage," Applied Energy, Elsevier, vol. 325(C).
    10. Waterson, Michael & Trujillo- Baute, Elisa & Giulietti, Monica, 2022. "Intermittency and the social role of storage," Energy Policy, Elsevier, vol. 165(C).
    11. Papadopoulos, Agis M., 2020. "Renewable energies and storage in small insular systems: Potential, perspectives and a case study," Renewable Energy, Elsevier, vol. 149(C), pages 103-114.
    12. Khalilpour, Kaveh R. & Lusis, Peter, 2020. "Network capacity charge for sustainability and energy equity: A model-based analysis," Applied Energy, Elsevier, vol. 266(C).
    13. Schleifer, Anna H. & Murphy, Caitlin A. & Cole, Wesley J. & Denholm, Paul, 2022. "Exploring the design space of PV-plus-battery system configurations under evolving grid conditions," Applied Energy, Elsevier, vol. 308(C).
    14. Cruz, Marco R.M. & Fitiwi, Desta Z. & Santos, Sérgio F. & Catalão, João P.S., 2018. "A comprehensive survey of flexibility options for supporting the low-carbon energy future," Renewable and Sustainable Energy Reviews, Elsevier, vol. 97(C), pages 338-353.
    15. Yu, Kunyang & Liu, Yushi & Yang, Yingzi, 2021. "Review on form-stable inorganic hydrated salt phase change materials: Preparation, characterization and effect on the thermophysical properties," Applied Energy, Elsevier, vol. 292(C).
    16. Stefano Bracco, 2020. "A Study for the Optimal Exploitation of Solar, Wind and Hydro Resources and Electrical Storage Systems in the Bormida Valley in the North of Italy," Energies, MDPI, vol. 13(20), pages 1-26, October.
    17. Hamdy, Sarah & Morosuk, Tatiana & Tsatsaronis, George, 2019. "Exergoeconomic optimization of an adiabatic cryogenics-based energy storage system," Energy, Elsevier, vol. 183(C), pages 812-824.

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