Are coupled renewable-battery power plants more valuable than independently sited installations?

Gorman, Will; Montañés, Cristina Crespo; Mills, Andrew; Kim, James Hyungkwan; Millstein, Dev; Wiser, Ryan

doi:10.2172/1827933

Cited by 4 publications

(2 citation statements)

References 57 publications

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“…The upper bound of the hybrid solar + storage dispatch assumes perfect foresight of real-time market energy prices and solar production. The lower bound of the hybrid dispatch is from a naive scheduling approach that schedules storage based on day-ahead prices and the previous day's actual solar production [39]. The lower-bound results are an implementable method that requires no proprietary forecasting skill.…”

Section: Valuementioning

confidence: 99%

Enhancing the Value of Solar Electricity as Solar and Storage Penetrations

Kim

Mills

Wiser

et al. 2021

2021 IEEE 48th Photovoltaic Specialists Conference (PVSC)

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Increasing the penetration of photovoltaics (PV) reduces the marginal grid value of PV electricity. The declining grid value of PV with higher penetration could limit the technology's economic attractiveness and future demand. Various strategies have been proposed for preserving this value. Using a consistent framework, we analyze the net value (accounting for both cost and grid value) of more than ten strategies in the United States. Here, grid value is estimated from coincident wholesale power market prices and PV generation using observed historical prices or modeled future prices with up to 30% PV penetration. We find that established and emerging strategies designed to shift the timing of standalone PV generation at the expense of total generation-including orienting monofacial PV modules west or bifacial modules vertically-result in minor net-value benefits or penalties. Adding energy storage to such systems magnifies the net-value loss, because configurations that change the timing of PV production become redundant when the energy-shifting capabilities of storage are added. The largest net-value gains come from strategies that maximize generation (solar tracking plus oversized PV arrays) in conjunction with storage, especially at high PV penetrations. PV systems are long-lived assets. Our results suggest that efforts to promote generation-maximizing strategies today may yield increasing net-value benefits as PV and storage deployments continue to accelerate in the United States over the coming decades.

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Section: Valuementioning

confidence: 99%

Enhancing the Value of Solar Electricity as Solar and Storage Penetrations

Kim

Mills

Wiser

et al. 2021

2021 IEEE 48th Photovoltaic Specialists Conference (PVSC)

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“…Li et al performed a technoeconomic analysis of the addition of an electrolyzer to a single PV-wind-battery configuration for selling both electricity and hydrogen, but the value of electricity was based on a static feed-in tariff, and the analysis was performed for one low-complementarity location (Li et al, 2023). Others have analyzed PV-battery, windbattery, and PV-wind-battery systems using a price-taker approach, but they used historic prices to estimate the potential revenue of hybrids operating in different markets (Montañés et al, 2022a;Gorman et al, 2022;Cox et al, 2023;Prasad et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

Hybrid renewable energy systems: the value of storage as a function of PV-wind variability

Schleifer,

Harrison-Atlas,

Cole

et al. 2023

Front. Energy Res.

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As shares of variable renewable energy (VRE) on the electric grid increase, sources of grid flexibility will become increasingly important for maintaining the reliability and affordability of electricity supply. Lithium-ion battery energy storage has been identified as an important and cost-effective source of flexibility, both by itself and when coupled with VRE technologies like solar photovoltaics (PV) and wind. In this study, we explored the current and future value of utility-scale hybrid energy systems comprising PV, wind, and lithium-ion battery technologies (PV-wind-battery systems). Using a price-taker model with simulated hourly energy and capacity prices, we simulated the revenue-maximizing dispatch of a range of PV-wind-battery configurations across Texas, from the present through 2050. Holding PV capacity and point-of-interconnection capacity constant, we modeled configurations with varying wind-to-PV capacity ratios and battery-to-PV capacity ratios. We found that coupling PV, wind, and battery technologies allows for more effective utilization of interconnection capacity by increasing capacity factors to 60%–80%+ and capacity credits to close to 100%, depending on battery capacity. We also compared the energy and capacity values of PV-wind and PV-wind-battery systems to the corresponding stability coefficient metric, which describes the location-and configuration-specific complementarity of PV and wind resources. Our results show that the stability coefficient effectively predicts the configuration-location combinations in which a smaller battery component can provide comparable economic performance in a PV-wind-battery system (compared to a PV-battery system). These PV-wind-battery hybrids can help integrate more VRE by providing smoother, more predictable generation and greater flexibility.

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