201. Value of Storage for Renewable Portfolio Standard
- Author
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Nan Gu, Yang Yu, Chenye Wu, and Jiasheng Zhang
- Subjects
Flexibility (engineering) ,Parametric analysis ,business.industry ,020206 networking & telecommunications ,02 engineering and technology ,Systems and Control (eess.SY) ,Environmental economics ,Electrical Engineering and Systems Science - Systems and Control ,Renewable energy ,Electric power system ,Renewable portfolio standard ,Optimization and Control (math.OC) ,Penetration (warfare) ,Value (economics) ,0202 electrical engineering, electronic engineering, information engineering ,FOS: Electrical engineering, electronic engineering, information engineering ,FOS: Mathematics ,020201 artificial intelligence & image processing ,Business ,Mathematics - Optimization and Control ,Renewable energy penetration - Abstract
The ambitious targets for renewable energy penetration warrant huge flexibility in the power system. Such flexibility does not come free. In this paper, we examine the possibility of utilizing storage systems for achieving high renewable energy penetration, and identify the trade-off between providing flexibility and arbitrage against real-time prices. More precisely, we investigate the relationship among the operation cost, storage capacity, and the renewable penetration level. This illustrates the value of storage as well as the true cost induced by the high renewable penetration targets.
- Published
- 2019
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