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As the penetration of renewable energy sources into a power system increases, the significance of precise short-term forecasts for wind power generation becomes paramount. However, the erratic and non-periodic nature of wind poses challenges in accurately predicting the output. This paper presents a comprehensive investigation into forecasting wind power generation for the following day, using three machine learning models: long short-term memory (LSTM), convolutional neural network-bidirectional LSTM (CNN-biLSTM), and light gradient boosting machine (LGBM). In addition, this paper proposes a method to improve the prediction performance of LGBM by separating data according to the distribution of features, and training and testing each separated dataset with a distinct model. This study includes a comparative analysis of the performance of the proposed models in predicting wind turbine output, offering valuable insights into their respective efficiencies. The results of this investigation were analyzed for two geographically distinct wind farms (Korea and the UK). The findings of this study are expected to facilitate the selection of efficient prediction models within the forecast accuracy auxiliary service market and assist grid operators in ensuring reliable power supply for the grid. [ABSTRACT FROM AUTHOR]

Recently, the proportion of renewable energy (RE) sources in a power system has been increasing worldwide to reduce carbon emissions. To effectively accommodate renewable energy, there is a growing need to develop integrated planning strategies for both renewable energy sources and transmission lines in a power system, taking into account the location-specific characteristics of renewable energy. Economically viable and rapid system expansion plans are required to resolve the problem of delayed integration of renewable energy into existing power system, which arises due to inadequate transmission facilities. To address these problems, this paper presents an integrated economic evaluation method that considers the inherently uncertain output characteristics of renewable energy, contingent on location, the costs associated with installing transmission lines, and environmental benefits. The case study is conducted using a modified power system in Korea. In the case study, it is assumed that by integrating solar power generators in a low-demand area and wind power generators in a high-demand area, wind power plants have higher construction costs than solar power generators. However, the transmission costs for wind power plants are lower than those for solar power generators due to the regional characteristics of the power grid in the installation areas because renewable energy in high-demand areas typically requires less additional power infrastructure than in low-demand areas. The results of this study show that the net benefit for the wind power plant is estimated at USD 225.4 M, while the solar power plant yields a net benefit of USD 22.9 M in the example system. These results demonstrate the effectiveness of the proposed method, underscoring its potential to mitigate the challenges faced in the practical implementation of renewable energy projects. [ABSTRACT FROM AUTHOR]

Alkaline electrolysis systems are currently considered to be suitable for large-scale hydrogen production. Previous research has primarily focused on integrating renewable energy sources such as solar and wind into water electrolysis systems. However, intermittent issues stemming from the sporadic nature of renewable energy sources have led to the introduction of energy storage systems (ESSs) to address these intermittent challenges. Extensive research has been conducted on the efficiency and operational aspects of these systems. In contrast to other renewable energy sources, hydropower offers the advantages of stable output and high utilization, making it a promising solution for overcoming intermittent issues. In this study, we propose the design of an optimized alkaline electrolysis system tailored for small-scale hydropower generation. This approach allowed us to confirm the efficiency of a small-scale hydropower-based hydrogen production facility and the analysis of hydrogen production costs under diverse scenarios. Notably, the optimal selling price per kilogram of hydrogen was determined to be USD 15.6 when the operational time exceeded 20 h, albeit indicating a challenging market supply. Under the consideration of various scenarios and government subsidies, this study revealed that a USD 10/kgH2 subsidy or 24 h of continuous operation achieved break-even points in the sixth and eighth years, respectively. Ultimately, the findings underscore the necessity for essential measures, including government backing and technological advancements in small-scale hydropower facilities, to enhance the economic viability of the green hydrogen market in South Korea. [ABSTRACT FROM AUTHOR]

As the importance of wind power as a renewable energy resource increases, the need for strategic management has increased for wind power producers (WPPs). However, many countries are still beginning in the renewable market, such as South Korea. Therefore, in this study, we discuss a bid determination model for a WPP that can be easily applied with limited prices and forecast information. Most previous studies attempted to minimize forecast error and then decide bids based on the predicted wind power generation. However, our model aims to maximize the total profit of a WPP directly. In our profit-focused neural network (NN) model, the general NN predicts generation forecasts at first. Next, based on the forecasts, WPP's bid for the next 24 hours is determined by a genetic algorithm to maximize WPP's profit. The bid based on the profit-focused NN model achieves 0.3–4.6% more gains than that of a general NN's bid under a variable ratio of a day-head and balancing market prices and penalty cost. These practical ranges signify that our model remains profitable and robust in various conditions. [ABSTRACT FROM AUTHOR]

Renewable generation sources still have not achieved economic validity in many countries including Korea, and require subsidies to support the transition to a low-carbon economy. An initial Feed-In Tariff (FIT) was adopted to support the deployment of renewable energy in Korea until 2011 and then was switched to the Renewable Portfolio Standard (RPS) to implement more market-oriented mechanisms. However, high volatilities in electricity prices and subsidies under the RPS scheme have weakened investment incentives. In this study we estimate how the multiple price volatilities under the RPS scheme affect the optimal investment decisions of energy storage projects, whose importance is increasing rapidly because they can mitigate the variability and uncertainty of solar and wind generation in the power system. We applied mathematical analysis based on real-option methods to estimate the optimal trigger price for investment in energy-storage projects with and without multiple price volatilities. We found that the optimal trigger price of subsidy called the Renewable Energy Certificate (REC) under multiple price volatilities is 10.5% higher than that under no price volatilities. If the volatility of the REC price gets doubled, the project requires a 26.6% higher optimal investment price to justify the investment against the increased risk. In the end, we propose an auction scheme that has the advantage of both RPS and FIT in order to minimize the financial burden of the subsidy program by eliminating subsidy volatility and find the minimum willingness-to-accept price for investors. [ABSTRACT FROM AUTHOR]