Strategic Valuation of Smart Grid Technology Options in Distribution Networks

Konstantelos, Ioannis; Giannelos, Spyros; Štrbac, Goran

doi:10.1109/tpwrs.2016.2587999

Cited by 44 publications

(16 citation statements)

References 26 publications

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“…Constraint ( 5) defines the binary nature of conventional investment decisions and, as explained above, is relaxed in all subproblems P S m . The temporal evolution of investments and storage assets decommissioning is described by Equations ( 6)- (20), where, specifically, (11) limits the number of reinforcements of lines across each scenario, (13) decides the amount of capacity to be built, and (17) limits the size of aggregate energy storage investments. Constraints (6)-(10) couple the investment state variables of the current problem in m with those of the parent node p(m), except for the root node in which case y I p(1) = 0.…”

Section: Mathematical Formulationmentioning

confidence: 99%

“…In this context, smart grid technologies, such as energy storage, can constitute an option that can provide the required strategic flexibility, which will enable the network planner to hedge against the risk of stranded conventional assets by allowing the displacement and/or the deferral of large capital commitments on a conditional basis until the realization of a scenario suggests that they would be economically justified. This leads to the definition of the Option Value, which is the value of the total flexibility of energy storage, under the presence of uncertainty, and can be quantified as the net economic benefit accrued from its deployment in the system [11][12][13].…”

Section: Introductionmentioning

confidence: 99%

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Long-Term Expansion Planning of the Transmission Network in India under Multi-Dimensional Uncertainty

et al. 2021

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Considerable investment in India’s electricity system may be required in the coming decades in order to help accommodate the expected increase of renewables capacity as part of the country’s commitment to decarbonize its energy sector. In addition, electricity demand is geared to significantly increase due to the ongoing electrification of the transport sector, the growing population, and the improving economy. However, the multi-dimensional uncertainty surrounding these aspects gives rise to the prospect of stranded investments and underutilized network assets, rendering investment decision making challenging for network planners. In this work, a stochastic optimization model is applied to the transmission network in India to identify the optimal expansion strategy in the period from 2020 until 2060, considering conventional network reinforcements as well as energy storage investments. An advanced Nested Benders decomposition algorithm was used to overcome the complexity of the multistage stochastic optimization problem. The model additionally considers the uncertainty around the future investment cost of energy storage. The case study shows that deployment of energy storage is expected on a wide scale across India as it provides a range of benefits, including strategic investment flexibility and increased output from renewables, thereby reducing total expected system costs; this economic benefit of planning with energy storage under uncertainty is quantified as Option Value and is found to be in excess of GBP 12.9 bn. The key message of this work is that under potential high integration of wind and solar in India, there is significant economic benefit associated with the wide-scale deployment of storage in the system.

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Section: Mathematical Formulationmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Long-Term Expansion Planning of the Transmission Network in India under Multi-Dimensional Uncertainty

et al. 2021

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“…Currently, some IEDs work with the standard for the automation of IEC61850 electrical substations. This standard allows interoperability and good communications capacity ( Figure 5) [28]. The communications network is the backbone of the entire supervisory system in real time.…”

Section: Supervisory Systemmentioning

confidence: 99%

Effectiveness and Comparison of Digital Substations Over Conventional Substations

Waleed¹,

Virk²,

Riaz³

et al. 2019

Adv. sci. technol. eng. syst. j.

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The entire electrical system is changing at an abrupt speed since its beginning. With the rapid advance of renewable energies (which are constantly subject to fluctuations), the electricity generation is distributed to countless locations. The traditional model of the unidirectional flow of electricity is leaning towards multidirectional flows. This situation needs significant changes in the transport infrastructure of the electrical power system and mode of operation. Technological advancements are making a smarter and more organized management system of electricity supply and demand. This development needs to incorporate modern communication, monitoring, and control capabilities, along with the intelligent transport, generation, and storage value chain. Digital substations integrate thousands of sensors by providing greater comfort, self-reliance, availability, and safety while at the same time reducing costs, risks, and environmental damage. Conventional power system lacks digital communication, remote monitoring & control, and consumer participation. Fiber-optic cabling in digital substations will attain not only real-time data transmission but also remote maintenance. The comparison between conventional and digital substations has also been presented in this work along with latest trends in smart protection. Electronic protection and control devices based on a microprocessor, communicating with cloud servers, will enhance the flexibility to control and monitor the digital substations. A significant amount of data generated by components in the electrical substations will allow greater sophistication of the monitoring, diagnostic, protection and optimization capabilities of the facilities. The goal for the review of said advancements is to have a smart electrical system with greater efficiency and better user experience.

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“…In addition, objectives like reliability, power quality and low (negative) environmental impact, system stability, energy efficiency and customer satisfaction can also be considered in SDN problem formulation. The SDN planning problems have been classified as follows [15,17,24,25].…”

Section: Futuristic Sdn Planning: Aim and Scope Of Workmentioning

confidence: 99%

Smart Distribution Networks: A Review of Modern Distribution Concepts from a Planning Perspective

et al. 2017

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Smart grids (SGs), as an emerging grid modernization concept, is spreading across diverse research areas for revolutionizing power systems. SGs realize new key concepts with intelligent technologies, maximizing achieved objectives and addressing critical issues that are limited in conventional grids. The SG modernization is more noticeable at the distribution grid level. Thus, the transformation of the traditional distribution network (DN) into an intelligent one, is a vital dimension of SG research. Since future DNs are expected to be interconnected in nature and operation, hence traditional planning methods and tools may no longer be applicable. In this paper, the smart distribution network (SDN) concept under the SG paradigm, has presented and reviewed from the planning perspective. Also, developments in the SDN planning process have been surveyed on the basis of SG package (SGP). The package presents a SDN planning foundation via major SG-enabling technologies (SGTF), anticipated functionalities (SGAF), new consumption models (MDC) as potential SDN candidates, associated policies and pilot projects and multi-objective planning (MOP) as a real-world optimization problem. In addition, the need for an aggregated SDN planning model has also been highlighted. The paper discusses recent notable related works, implementation activities, various issues/challenges and potential future research directions; all aiming at SDN planning.

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Strategic Valuation of Smart Grid Technology Options in Distribution Networks

Cited by 44 publications

References 26 publications

Long-Term Expansion Planning of the Transmission Network in India under Multi-Dimensional Uncertainty

Long-Term Expansion Planning of the Transmission Network in India under Multi-Dimensional Uncertainty

Effectiveness and Comparison of Digital Substations Over Conventional Substations

Smart Distribution Networks: A Review of Modern Distribution Concepts from a Planning Perspective

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