The aim of the present paper is to investigate the use of the site “Potamon” Dam in the Prefecture of Rethymnon, Crete island, Greece, as a “virtual” renewable electricity supply of a pumped storage plant (PSP) in order to save and exploit the maximum possible part of the rejected wind energy of the autonomous power system of the Crete island. Taking into account the annual time series of the rejected power of the Crete power grid, the present research work targets the optimal configuration of the proposed PSP power station, including the sizing of its individual components as well as the determination of the capacity it could guarantee in order to be economically viable. The rejected electric energy from the actually operating wind farm production, which is not possible to be absorbed by the grid of Crete due to its stable operation limitations, could be absorbed by the here proposed pump storage plant (PSP) and converted to hydraulic energy. This can be achieved by pumping the water from the lower reservoir, which is the existing reservoir of the site “Potamon” Dam, with a storage capacity of about 22.5 million m3, up to the upper reservoir, which must be constructed accordingly. For the proposed PSP’s optimal size determination, established financial indices are used as an evaluation criterion for an investment life cycle of 25 years. The proposed PSP optimization is based on the dynamic mathematical model of the simulation results of the PSP’s hourly operation when incorporated in the Crete power grid for a whole year, performed in the Matlab 2016b computational environment (The MathWorks, Inc., Natick, MA, USA). The results of this research demonstrate the PSP’s technical feasibility and determine the PSP’s optimal CAPEX and the PSP’s whole life-time financial indicators in order that the whole investment be viable. Furthermore, the appropriate selling prices of the electricity produced from the proposed PSP were determined to achieve the PSP’s financial viability. The results comprise the key elements to prove the necessity for the establishment a.s.a.p. of the appropriate legal framework in order to have authorization to exploit the rejected RES (renewable energy sources) electric energy or the major part of it through PSPs, in priority in both the non-interconnected, as well as the interconnected power systems.
Modeling and Optimal Dimensioning of a Pumped Hydro Energy Storage System for the Exploitation of the Rejected Wind Energy in the Non-Interconnected Electrical Power System of the Crete Island, Greece
