“20th PSCC 2018 papers submission and review platform

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Economic, environmental and security of supply benefits of storage

In this session we will focus on the discussion and analysis of two important economic and policy aspects of energy storage. First aspect is the option value of energy storage. Recent studies have shown that energy storage can assist with the interim management of long-term planning uncertainty due its operational flexibility and fast construction times. However, this value is largely ignored in current policy arrangements. We will introduce general planning-under-uncertainty approaches such as stochastic and min-max regret, showcase mathematical formulations as well as cutting-edge methods for their solution and will discuss what these models can tell us about the economic benefit of energy storage. We will also focus upon current regulatory practices around option value. The second aspect of interest is the security contribution of storage. Currently there is little work and a large regulatory gap around how the contribution of storage to security of supply can be quantified and compared to other assets. We will discuss the applicability of capacity credit metrics to storage, and will look at a large number of case studies that show how storage’s contribution depends on network reliability, demand shape and other factors.

Author(s):

Ioannis Konstantelos    
Imperial College London
United Kingdom

 

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