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Low-carbon coordinated expansion planning of carbon capture storage and energy storage systems with VCG-based demand response mechanism

Author

Listed:
  • Wang, Ziyan
  • Chen, Sheng
  • Zhang, Xuan
  • Zhou, Yizhou
  • Wei, Zhinong

Abstract

Recently, the decarbonization of the power industry has gained increasing attention as global warming problem has become more acute. However, the existing system planning models targeting to tackle emission reduction rarely consider to improve the flexibility of power system. In this paper, a co-planning model considering the expansion of carbon capture and storage (CCS) units and energy storage systems (ESSs) is proposed, in which the carbon emission target is embedded in the objective function via setting different carbon emission tax. Here, the system flexibility is improved by Source-Load-Storage (SLS) response, which is achieved via CCS units, ESSs and flexible load. In addition, a subsidy method for cost recovery based on Vickrey-Clark-Groves (VCG) mechanism is proposed to stimulate market members participating in SLS response. Numerical results from a modified IEEE 118-bus power system illustrate the impact on system cost and emission results owing to specific carbon emission tax, investment budget and SLS response. Finally, we display the contribution rate and subsidy of different participants in a typical day.

Suggested Citation

  • Wang, Ziyan & Chen, Sheng & Zhang, Xuan & Zhou, Yizhou & Wei, Zhinong, 2024. "Low-carbon coordinated expansion planning of carbon capture storage and energy storage systems with VCG-based demand response mechanism," Energy, Elsevier, vol. 291(C).
    • Handle: RePEc:eee:energy:v:291:y:2024:i:c:s0360544224002512
    DOI: 10.1016/j.energy.2024.130480
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