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The economic value of storage in renewable power systems - the case of thermal energy storage in concentrating solar plants

  • Nagl, Stephan

    ()

    (Energiewirtschaftliches Institut an der Universitaet zu Koeln)

  • Fürsch, Michaela

    ()

    (Energiewirtschaftliches Institut an der Universitaet zu Koeln)

  • Jägemann, Cosima

    ()

    (Energiewirtschaftliches Institut an der Universitaet zu Koeln)

  • Bettzüge, Marc Oliver

    ()

    (Energiewirtschaftliches Institut an der Universitaet zu Koeln)

In this article we analyze the value of thermal energy storages in concentrated solar plants depending on the electricity generation mix. To determine the value from a system integrated view we model the whole electricty generation market of the Iberian Peninsula. Key findings for thermal energy storage units in concentrated solar plants include an increasing value in electricity systems with higher shares of fluctuating renewable generation and a potentially significant role in a transformation to a primarily renewable based electricity system. Due to the relatively high investment costs concentrated solar power plants with or without thermal energy storages are not cost efficient in todays electricity markets. However, expected cost reductions due to learning curve effects and higher fluctuating renewable generation may lead to a comparative cost advantage of concentrated solar power plants with thermal energy storages compared to other renewable technologies.

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Paper provided by Energiewirtschaftliches Institut an der Universitaet zu Koeln in its series EWI Working Papers with number 2011-8.

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Length: 26 pages
Date of creation: 23 Aug 2011
Date of revision:
Handle: RePEc:ris:ewikln:2011_008
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  1. Richter, Jan, 2011. "DIMENSION - A Dispatch and Investment Model for European Electricity Markets," EWI Working Papers 2011-3, Energiewirtschaftliches Institut an der Universitaet zu Koeln.
  2. 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.
  3. Graves, Frank & Jenkin, Thomas & Murphy, Dean, 1999. "Opportunities for Electricity Storage in Deregulating Markets," The Electricity Journal, Elsevier, vol. 12(8), pages 46-56, October.
  4. Fthenakis, Vasilis & Mason, James E. & Zweibel, Ken, 2009. "The technical, geographical, and economic feasibility for solar energy to supply the energy needs of the US," Energy Policy, Elsevier, vol. 37(2), pages 387-399, February.
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