IDEAS home Printed from https://ideas.repec.org/a/ove/journl/aid10774.html
   My bibliography  Save this article

Assessing the future economic performance of wind generation in conjunction with compressed air energy storage in the new proposed Irish electricity market

Author

Listed:
  • Brendan Cleary

Abstract

The Integrated Single Electricity Market (I-SEM) is the proposed wholesale electricity market for Ireland and it is intended to replace the current market by the end of 2017. Under the I-SEM, wind generation will be exposed to forecast risk and the requirement to be balance responsible. The use of Compressed Air Energy Storage (CAES) could represent a better system configuration which would reduce the reliance on expensive generation for system balancing and reduce the financial risk to wind generation.  Thus, the aim of this paper is to estimate the future economic performance of wind generation with and without CAES, in the I-SEM. Specifically, the day-ahead and balancing mechanism system marginal prices are estimated under the I-SEM for various scenarios.Â

Suggested Citation

  • Brendan Cleary, 2015. "Assessing the future economic performance of wind generation in conjunction with compressed air energy storage in the new proposed Irish electricity market," Economics and Business Letters, Oviedo University Press, vol. 4(3), pages 87-97.
    • Handle: RePEc:ove:journl:aid:10774
    as

    Download full text from publisher

    File URL: https://reunido.uniovi.es/index.php/EBL/article/view/10774
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Foley, A. & Díaz Lobera, I., 2013. "Impacts of compressed air energy storage plant on an electricity market with a large renewable energy portfolio," Energy, Elsevier, vol. 57(C), pages 85-94.
    2. Evans, Annette & Strezov, Vladimir & Evans, Tim J., 2012. "Assessment of utility energy storage options for increased renewable energy penetration," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(6), pages 4141-4147.
    3. Tuohy, A. & O'Malley, M., 2011. "Pumped storage in systems with very high wind penetration," Energy Policy, Elsevier, vol. 39(4), pages 1965-1974, April.
    4. Loisel, Rodica & Mercier, Arnaud & Gatzen, Christoph & Elms, Nick & Petric, Hrvoje, 2010. "Valuation framework for large scale electricity storage in a case with wind curtailment," Energy Policy, Elsevier, vol. 38(11), pages 7323-7337, November.
    5. Deane, J.P. & Drayton, G. & Ó Gallachóir, B.P., 2014. "The impact of sub-hourly modelling in power systems with significant levels of renewable generation," Applied Energy, Elsevier, vol. 113(C), pages 152-158.
    6. Mc Garrigle, E.V. & Deane, J.P. & Leahy, P.G., 2013. "How much wind energy will be curtailed on the 2020 Irish power system?," Renewable Energy, Elsevier, vol. 55(C), pages 544-553.
    7. Denny, Eleanor, 2009. "The economics of tidal energy," Energy Policy, Elsevier, vol. 37(5), pages 1914-1924, May.
    8. Deane, J.P. & Dalton, G. & Ó Gallachóir, B.P., 2012. "Modelling the economic impacts of 500MW of wave power in Ireland," Energy Policy, Elsevier, vol. 45(C), pages 614-627.
    9. Connolly, D. & Lund, H. & Mathiesen, B.V. & Leahy, M., 2010. "Modelling the existing Irish energy-system to identify future energy costs and the maximum wind penetration feasible," Energy, Elsevier, vol. 35(5), pages 2164-2173.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cleary, Brendan & Duffy, Aidan & Bach, Bjarne & Vitina, Aisma & O’Connor, Alan & Conlon, Michael, 2016. "Estimating the electricity prices, generation costs and CO2 emissions of large scale wind energy exports from Ireland to Great Britain," Energy Policy, Elsevier, vol. 91(C), pages 38-48.
    2. Antti Alahäivälä & Juha Kiviluoma & Jyrki Leino & Matti Lehtonen, 2017. "System-Level Value of a Gas Engine Power Plant in Electricity and Reserve Production," Energies, MDPI, vol. 10(7), pages 1-13, July.
    3. Haas, J. & Cebulla, F. & Cao, K. & Nowak, W. & Palma-Behnke, R. & Rahmann, C. & Mancarella, P., 2017. "Challenges and trends of energy storage expansion planning for flexibility provision in low-carbon power systems – a review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 80(C), pages 603-619.
    4. Higgins, P. & Foley, A.M. & Douglas, R. & Li, K., 2014. "Impact of offshore wind power forecast error in a carbon constraint electricity market," Energy, Elsevier, vol. 76(C), pages 187-197.
    5. Drew, Daniel R. & Coker, Phil J. & Bloomfield, Hannah C. & Brayshaw, David J. & Barlow, Janet F. & Richards, Andrew, 2019. "Sunny windy sundays," Renewable Energy, Elsevier, vol. 138(C), pages 870-875.
    6. McPherson, Madeleine & Tahseen, Samiha, 2018. "Deploying storage assets to facilitate variable renewable energy integration: The impacts of grid flexibility, renewable penetration, and market structure," Energy, Elsevier, vol. 145(C), pages 856-870.
    7. Vorushylo, I. & Keatley, P. & Hewitt, NJ, 2016. "Most promising flexible generators for the wind dominated market," Energy Policy, Elsevier, vol. 96(C), pages 564-575.
    8. Clancy, J.M. & Gaffney, F. & Deane, J.P. & Curtis, J. & Ó Gallachóir, B.P., 2015. "Fossil fuel and CO2 emissions savings on a high renewable electricity system – A single year case study for Ireland," Energy Policy, Elsevier, vol. 83(C), pages 151-164.
    9. Behnam Zakeri & Samuli Rinne & Sanna Syri, 2015. "Wind Integration into Energy Systems with a High Share of Nuclear Power—What Are the Compromises?," Energies, MDPI, vol. 8(4), pages 1-35, March.
    10. Deveci, Muhammet & Cali, Umit & Kucuksari, Sadik & Erdogan, Nuh, 2020. "Interval type-2 fuzzy sets based multi-criteria decision-making model for offshore wind farm development in Ireland," Energy, Elsevier, vol. 198(C).
    11. Mc Garrigle, E.V. & Deane, J.P. & Leahy, P.G., 2013. "How much wind energy will be curtailed on the 2020 Irish power system?," Renewable Energy, Elsevier, vol. 55(C), pages 544-553.
    12. Foley, A.M. & Leahy, P.G. & Li, K. & McKeogh, E.J. & Morrison, A.P., 2015. "A long-term analysis of pumped hydro storage to firm wind power," Applied Energy, Elsevier, vol. 137(C), pages 638-648.
    13. Gaffney, F. & Deane, J.P. & Gallachóir, B.P.Ó, 2017. "A 100 year review of electricity policy in Ireland (1916–2015)," Energy Policy, Elsevier, vol. 105(C), pages 67-79.
    14. Ringkjøb, Hans-Kristian & Haugan, Peter M. & Solbrekke, Ida Marie, 2018. "A review of modelling tools for energy and electricity systems with large shares of variable renewables," Renewable and Sustainable Energy Reviews, Elsevier, vol. 96(C), pages 440-459.
    15. Jorgenson, Jennie & Denholm, Paul & Mai, Trieu, 2018. "Analyzing storage for wind integration in a transmission-constrained power system," Applied Energy, Elsevier, vol. 228(C), pages 122-129.
    16. Osmani, Atif & Zhang, Jun, 2014. "Optimal grid design and logistic planning for wind and biomass based renewable electricity supply chains under uncertainties," Energy, Elsevier, vol. 70(C), pages 514-528.
    17. Rangarajan, Arvind & Foley, Sean & Trück, Stefan, 2023. "Assessing the impact of battery storage on Australian electricity markets," Energy Economics, Elsevier, vol. 120(C).
    18. Devlin, Joseph & Li, Kang & Higgins, Paraic & Foley, Aoife, 2017. "Gas generation and wind power: A review of unlikely allies in the United Kingdom and Ireland," Renewable and Sustainable Energy Reviews, Elsevier, vol. 70(C), pages 757-768.
    19. John Curtis, Valeria Di Cosmo, and Paul Deane, 2014. "Climate policy, interconnection and carbon leakage: The effect of unilateral UK policy on electricity and GHG emissions in Ireland," Economics of Energy & Environmental Policy, International Association for Energy Economics, vol. 0(Number 2).
    20. Das, Choton K. & Bass, Octavian & Kothapalli, Ganesh & Mahmoud, Thair S. & Habibi, Daryoush, 2018. "Overview of energy storage systems in distribution networks: Placement, sizing, operation, and power quality," Renewable and Sustainable Energy Reviews, Elsevier, vol. 91(C), pages 1205-1230.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ove:journl:aid:10774. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Francisco J. Delgado (email available below). General contact details of provider: https://edirc.repec.org/data/deovies.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.