How Does Energy Storage Increase the Efficiency of an Electricity Market with Integrated Wind and Solar Power Generation?—A Case Study of Korea

Abstract

Abstract:In recent years, increasing requests to reduce greenhouse gas emissions have led to renewable resources rapidly replacing conventional power sources. However, the inherent variability of renewable sources reduces the reliability of power systems. Energy storage has been proposed as a viable alternative, as it can mitigate the variability of renewable energy sources and increase the efficiency of power systems by lowering peak electricity demand. In this study, we evaluate the benefits of integrating energy storage with combined wind and solar power generation in the Korean power system through using the dynamic optimization method. Realistic wind and photovoltaic solar power generation scenarios were estimated for actual sites. The results show that the wind power-based system benefitted more from energy storage than the combined wind and solar photovoltaic power-based system. This is because the high variability of wind power was reduced when it was combined with solar power. Co-optimization for energy and reserve costs was more beneficial than optimization for energy costs alone, which suggests that the reliability offered by storage is an important cost-saving factor, in addition to the reduction of energy costs by price arbitrage. Finally, the analysis was conducted under various scenarios to determine the validity of energy storage cost effectiveness.

Benefits of demands control in a smart-grid to compensate the volatility of non-conventional energies

“…Using batteries is another instrument to mitigate costs from ramping services. In [10], the authors simulate savings coming from having storage units in the Korean system as it is expected to be by 2029. Currently, most Korean electricity comes from coal and atomic sources.…”

A review on China's Energy Storage Industry under the “Internet Plus” initiative

“…Wind and solar power generation with energy storage technology is believed to play a really important role in the future . Just as the application of hydraulic fracturing method to oil industry, energy storage technology will develop by leaps and bounds when applied to power grid system.…”

“…Wind and solar power generation with energy storage technology is believed to play a really important role in the future. 1,2 Just as the application of hydraulic fracturing method to oil industry, energy storage technology will develop by leaps and bounds when applied to power grid system. Hence, a device with large capacity and high efficiency, equipped for peak load adjustment, is of great importance for the stable operation of power plants and energy conservation.…”

Energy Storage Coordination in Energy Internet Based on Multi-Agent Particle Swarm Optimization

“…As for the planning of ESs, most studies concentrated on the integration of ES and renewable energies [33][34][35][36], ES and flexible demand [37,38], or the cooperation of a variety of ESs in a certain power system [19,22], and few researchers studied the coordination of multiple ESs in EI [24]. Therefore, in the context of EI, this paper optimizes energy storage coordination (ESC) from the perspective of EE and EUE.…”