Virasjoki, V;
Rocha, P;
Siddiqui, AS;
Salo, A;
(2015)
Market Impacts of Energy Storage in a Transmission-Constrained Power System.
IEEE Transactions on Power Systems
, 31
(5)
10.1109/TPWRS.2015.2489462.
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Abstract
—Environmental concerns have motivated governments in the European Union and elsewhere to set ambitious targets for generation from renewable energy (RE) technologies and to offer subsidies for their adoption along with priority grid access. However, because RE technologies like solar and wind power are intermittent, their penetration places greater strain on existing conventional power plants that need to ramp up more often. In turn, energy storage technologies, e.g., pumped hydro storage or compressed air storage, are proposed to offset the intermittency of RE technologies and to facilitate their integration into the grid. We assess the economic and environmental consequences of storage via a complementarity model of a stylized Western European power system with market power, representation of the transmission grid, and uncertainty in RE output. Although storage helps to reduce congestion and ramping costs, it may actually increase greenhouse gas emissions from conventional power plants in a perfectly competitive setting. Conversely, strategic use of storage by producers renders it less effective at curbing both congestion and ramping costs, while having no net overall impact on emissions.
| Type: | Article |
|---|---|
| Title: | Market Impacts of Energy Storage in a Transmission-Constrained Power System |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1109/TPWRS.2015.2489462 |
| Publisher version: | http://dx.doi.org/10.1109/TPWRS.2015.2489462 |
| Language: | English |
| Additional information: | © 2015 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. |
| Keywords: | Energy storage, wind power, complementarity modeling. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences > Dept of Statistical Science |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1471616 |
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