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Influence of Fluctuating Electricity Prices due to Renewable Energies on Heat Storage Investments

In: Operations Research Proceedings 2013

Author

Listed:
  • Katrin Schulz

    (Ruhr University Bochum)

  • Matthias Schacht

    (Ruhr University Bochum)

  • Brigitte Werners

    (Ruhr University Bochum)

Abstract

German electricity prices are highly influenced by the volatile and stochastic residual power load due to renewable energies. This constitutes a major challenge for energy providers, especially for municipal supply companies which provide their customers with district heat as well. Efficient and flexible combined heat and power (CHP) plants are used to fulfill the unsteady loads for heat and residual power. A heat storage offers the possibility to decouple generation from demand with respect to time. This leads to additional flexibility as it allows a power price-oriented operation of the CHP plant in order to realize profits by trading electricity on the spot market. In order to support the investment decision of a municipal energy provider, we quantify the influence of the value drivers for a heat storage which can be determined by specific demand patterns and price developments in day-to-day operations. Integrating a well-known linear model we optimize the different plant operations and power trade in a generation portfolio with and without heat storage. Results quantify the value of the storage depending on the extent and duration of fluctuations in the feed-in of renewable energies and corresponding prices.

Suggested Citation

  • Katrin Schulz & Matthias Schacht & Brigitte Werners, 2014. "Influence of Fluctuating Electricity Prices due to Renewable Energies on Heat Storage Investments," Operations Research Proceedings, in: Dennis Huisman & Ilse Louwerse & Albert P.M. Wagelmans (ed.), Operations Research Proceedings 2013, edition 127, pages 421-427, Springer.
    • Handle: RePEc:spr:oprchp:978-3-319-07001-8_57
    DOI: 10.1007/978-3-319-07001-8_57
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    Cited by:

    1. Kumbartzky, Nadine & Schacht, Matthias & Schulz, Katrin & Werners, Brigitte, 2017. "Optimal operation of a CHP plant participating in the German electricity balancing and day-ahead spot market," European Journal of Operational Research, Elsevier, vol. 261(1), pages 390-404.

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