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ID:
177438
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| Summary/Abstract |
New projects using existing storage technologies such as Pumped Hydro Storage (PHS) face uncertainty due to the lack of clear business models. Market regimes have generally tended to embed storage and generators within the central management of operators with multiple assets such as the French EdF (Electricité de France). By means of back-casting, this study depicts the role of storage in the power market, within the vertical integration in the governance portfolio of EdF. A dynamic algorithm simulates hourly operation under two different storage strategies, daily and weekly, and the results are compared with actual patterns over the period 2015–2019. This reveals missing money for a stand-alone player due to price arbitrage caused by low spread, and missing market opportunities. This suggests that the economics of storage are not driven by spot prices alone, but by other services, such as the energy block provision in support of nuclear power. Differential calculus is used to estimate the value of flows integrating the duration of storage and its seasonality. These findings further support the French regulator to install new PHS despite the lack of profitability, by means of capacity-energy hybrid contracts for new competitors in place of the existing government-industry structure.
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| 2 |
ID:
142008
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| Summary/Abstract |
Solar energy is special: It is vast, ubiquitous, and indefinitely sustainable. The solar resource is much larger than all other available energy resources combined. Solar energy utilizes very common materials; has minimal security and military risks; is available nearly everywhere in vast quantities; and has minimal environmental impact over unlimited time scales. The recent (and continuing) rapid price reduction in photovoltaics and wind energy was not generally foreseen, and is likely to lead to widespread market disruption. New wind and solar photovoltaic (PV) systems are both being deployed around the world in similar scale to new coal, gas, and hydro systems. Renewable energy now constitutes the majority of new generation capacity installed each year. Electricity from wind and PV systems is now cost-competitive with newly built coal, gas, oil, and nuclear generators in many parts of the world. Roof-mounted PV systems successfully compete with conventional gas and electricity for the supply of heat and electricity in cities. Transport and chemical synthesis powered by PV and wind electricity is likely to be competitive in the future.
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