Optimization of fuel cost and transmission loss in power dispatch with renewable energy and energy storage

2012 ◽  
Author(s):  
F. R. Pazheri ◽  
M. F. Othman ◽  
N. H. Malik ◽  
E. A. Al-Ammar ◽  
M. R. Rohikaa
Keyword(s):  
Renewable Energy ◽  
Energy Storage ◽  
Transmission Loss ◽  
Fuel Cost ◽  
Power Dispatch

Modeling an Energy Storage System Based on a Hybrid Renewable Energy System in Stand-alone Applications

2017 ◽  
Vol 68 (11) ◽  
pp. 2641-2645
Author(s):  
Alexandru Ciocan ◽  
Ovidiu Mihai Balan ◽  
Mihaela Ramona Buga ◽  
Tudor Prisecaru ◽  
Mohand Tazerout
Keyword(s):  
Renewable Energy ◽  
Energy Storage ◽  
Storage Systems ◽  
Renewable Energy Sources ◽  
Storage System ◽  
Energy Storage System ◽  
Compressed Air ◽  
Energy Sources ◽  
Energy Storage Systems ◽  
Hybrid Renewable Energy System

The current paper presents an energy storage system that stores the excessive energy, provided by a hybrid system of renewable energy sources, in the form of compressed air and thermal heat. Using energy storage systems together with renewable energy sources represents a major challenge that could ensure the transition to a viable economic future and a decarbonized economy. Thermodynamic calculations are conducted to investigate the performance of such systems by using Matlab simulation tools. The results indicate the values of primary and global efficiencies for various operating scenarios for the energy storage systems which use compressed air as medium storage, and shows that these could be very effective systems, proving the possibility to supply to the final user three types of energy: electricity, heat and cold function of his needs.

Price and subsidy under uncertainty: Real-option approach to optimal investment decisions on energy storage with solar PV

2021 ◽  
pp. 0958305X2199229
Author(s):  
Jingyu Qu ◽  
Wooyoung Jeon
Keyword(s):  
Renewable Energy ◽  
Energy Storage ◽  
Real Option ◽  
Financial Burden ◽  
Investment Decisions ◽  
Optimal Investment ◽  
Investment Incentives ◽  
Solar Pv ◽  
Increased Risk ◽  
Trigger Price

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.

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