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Long-duration energy storage (LDES) is a key component for fully renewable, sector-coupled energy systems based on wind and solar. While capacity expansion planning has begun to take into account interannual weather variability, it often…
The ability of deeply decarbonised power systems to ensure adequacy may increasingly depend on long-duration energy storage (LDES). A central challenge is whether capacity markets (CMs), originally designed around thermal generation, can…
The transition to a fully decarbonised electricity system depends on integrating new technologies that ensure reliability alongside sustainability. However, missing risk markets hinder investment in reliability-enhancing technologies by…
Long-duration energy storage (LDES) assets can be fundamental resources for the next-generation power systems. However, LDES technologies are still immature and their future technology costs remain highly uncertain. In this context, we…
Existing modeling approaches for long-duration energy storage (LDES) are often based either on an oversimplified representation of power system operations or limited representation of storage technologies, e.g., evaluation of only a single…
Liberalized electricity markets often include resource adequacy mechanisms that require consumers to contract with generation resources well in advance of real-time operations. While administratively defined mechanisms have most commonly…
Long-duration energy storage (LDES) is vital for decarbonizing the energy system but faces economic challenges, including high upfront costs, low trading frequency, and limited revenue in current electricity markets. Compressed Air Energy…
Energy storage promotes the integration of renewables by operating with charge and discharge policies that balance an intermittent power supply. A key challenge in this emerging sector is how to optimize the operation of storage assets…
Long duration energy storage (LDES) may become a critical technology for the decarbonization of the power sector, as current commercially available Li-ion battery storage technologies cannot cost-effectively shift energy to address…
This paper introduces an economic framework to assess optimal longevity risk transfers between institutions, focusing on the interactions between a buyer exposed to long-term longevity risk and a seller offering longevity protection. While…
The urgent need for decarbonization in the energy sector has led to an increased emphasis on the integration of renewable energy sources, such as wind and solar, into power grids. While these resources offer significant environmental…
To make well-informed investment decisions, energy system stakeholders require reliable cost frameworks for demand response (DR) and storage technologies. While the levelised cost of storage (LCOS) permits comprehensive cost comparisons…
Flexibility options, such as demand response, energy storage and interconnection, have the potential to reduce variation in electricity prices between different future scenarios, therefore reducing investment risk. Moreover, investment in…
This paper proposes a novel method to generate bid bounds that can serve as offer caps for energy storage in electricity markets to help reduce system costs and regulate potential market power exercises. We derive the bid bounds based on a…
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…
We develop multi-stage linear decision rules (LDRs) for dynamic power system generation and energy storage investment planning under uncertainty and propose their chance-constrained optimization with performance guarantees. First, the…
High penetrations of intermittent renewable energy resources in the power system require large balancing reserves for reliable operations. Aggregated and coordinated behind-the-meter loads can provide these fast reserves, but represent…
We investigate the profitability and risk of energy storage arbitrage in electricity markets under price uncertainty, exploring both robust and chance-constrained optimization approaches. We analyze various uncertainty representations,…
One of the major issues with the integration of renewable energy sources into the power grid is the increased uncertainty and variability that they bring. If this uncertainty is not sufficiently addressed, it will limit the further…
Studies looking at electricity market designs for very high shares of wind and solar often conclude that the energy-only market will break down. Without fuel costs, it is said that there is nothing to set prices. Symptoms of breakdown…