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ID: 166924

Optimal pooling of renewable energy sources with a risk-averse approach: implications for US energy portfolio / Vinel, Alexanderx

Vinel, Alexanderx	Journal Article
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Summary/Abstract

Tapping into a large amount of renewable generation considering the inherent variability of renewable energy sources (RES) can greatly increase the risk of supply and demand imbalances in electric power delivery. One of the major components of this risk is the intermittency of both wind and solar power generation. In this paper, we show that by strategically planning for geographical and technological diversification of renewable generation capacity it is possible to reduce such risk in a RES-only US energy portfolio. We consider wind and solar as the sole sources of generation and use risk-averse stochastic optimization with Conditional Value-at-Risk (CVaR) to optimize energy generation locations and capacities in an idealized case study. The optimal RES portfolios demonstrate a significant improvement in generation profile compared to non-pooled or non-optimized alternatives. This confirms that with smart policy planning one can push the limits of the risk of imbalances in RES-only portfolios within continental United States, and highlights the need for system-wide thinking when designing a large-scale energy portfolio.

Key Words

Renewable Energy ; Intermittency ; Energy Portfolio ; Risk-Aware Optimization ; Conditional Value-at-Risk

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ID: 150033

Wind, hydro or mixed renewable energy source: preference for electricity products when the share of renewable energy increases / Yang, Yingkui; Solgaard, Hans Stubbe ; Haider, Wolfgang

Yang, Yingkui	Journal Article
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Summary/Abstract

While the share of renewable energy, especially wind power, increases in the energy mix, the risk of temporary energy shortage increases as well. Thus, it is important to understand consumers' preference for the renewable energy towards the continuous growing renewable energy society. We use a discrete choice experiment to infer consumers' preferences when the share of renewable energy increases. The study results indicate that consumers are generally willing to pay extra for an increasing share of renewable energy, but the renewable energy should come from a mixture of renewable energy sources. We also found that consumers prefer to trade with their current supplier rather than another well-known supplier. This study contributes to the energy portfolio theories and the theory of energy diversification in a consumer perspective. The managerial implications of this study are also discussed.

Key Words

Denmark ; Renewable Energy Expansion ; Energy Portfolio ; Energy Mix Diversification ; Residential Energy Market ; Preference

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