Related papers: The Economics of Variable Renewables and Electrici…
The market revenue for variable renewable electricity (VRE) assets has been under intense scrutiny during the last few years. The observation that wind and solar power depress market prices at times when they produce the most has been…
The U.S. electrical grid has undergone substantial transformation with increased penetration of wind and solar -- forms of variable renewable energy (VRE). Despite the benefits of VRE for decarbonization, it has garnered some controversy…
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…
The use of renewable energy sources is a major strategy to mitigate climate change. Yet Sinn (2017) argues that excessive electrical storage requirements limit the further expansion of variable wind and solar energy. We question, and alter,…
Although recent studies have shown that electricity systems with shares of wind and solar above 80% can be affordable, economists have raised concerns about market integration. Correlated generation from variable renewable sources depresses…
Decarbonization of the electricity sector is one of the major measures in slowing down the pace of climate change. In this paper, we analyze the impacts of energy storage systems (ESS) and interannual uncertainty of variable renewable…
We show how to value both variable generation and energy storage to enable them to be integrated fairly and optimally into electricity capacity markets. We develop theory based on balancing expected energy unserved against costs of capacity…
High shares of variable renewable energy necessitate substantial energy storage capacity. However, it remains unclear how to design a market that, on the one hand, ensures a stable and sufficient income for storage firms, and, on the other…
Interest in sustainability has increased the share of variable renewable energy sources (VRES) in power generation. Energy storage systems' potential to mitigate intermittencies from non-dispatchable VRES has enhanced their appeal. However,…
We examine the relationship among photovoltaic (PV) investments, energy production, and environmental impact using a dynamic optimization model. Our findings show that increasing investment in renewables supports both energy generation and…
Integrating a high share of electricity from non-dispatchable Renewable Energy Sources in a power supply system is a challenging task. One option considered in many studies dealing with prospective power systems is the installation of…
This paper compares the participation of Renewable-only Virtual Power Plants (RVPPs) and grid-scale Electrical Storage Systems (ESSs) in energy and reserve markets, evaluating their technical performance, market strategies, and economic…
The high variability of renewable energy resources presents significant challenges to the operation of the electric power grid. Conventional generators can be used to mitigate this variability but are costly to operate and produce carbon…
We study the price impact of storage facilities in electricity markets and analyze the long-term profitability of these facilities in prospective scenarios of energy transition. To this end, we begin by characterizing the optimal operating…
The attainment of carbon neutrality requires a research agenda that addresses the technical and economic challenges that will be encountered as we progress toward 100% renewable electricity generation. Increasing proportions of variable…
A key obstacle to increasing renewable energy penetration in the power grid is the lack of utility-scale storage capacity. Transportation electrification has the potential to overcome this obstacle since Electric Vehicles (EVs) that are not…
We hypothesize that the present expansion of energy generation by variable renewable energy (VRE) power plants, such as wind and photovoltaic power plants, leads to a 100% renewable energy supply in 2030 because of its inherent exponential…
As variable renewable energy sources comprise a growing share of total electricity generation, energy storage technologies are becoming increasingly critical for balancing energy generation and demand. In this study, we modeled an existing…
To phase-out fossil fuels, energy systems must shift to renewable electricity as the main source of primary energy. In this paper, we analyze how electrification can support the integration of fluctuating renewables, like wind and PV, and…
In the transition toward a sustainable power system, renewable-based Virtual Power Plants (RVPPs) have emerged as a promising solution to the challenges of integrating renewable energy sources into electricity markets. Their viability,…