Risk aversion and flexibility options in electricity markets
In: Energy economics, Band 126, S. 106767
ISSN: 1873-6181
6 Ergebnisse
Sortierung:
In: Energy economics, Band 126, S. 106767
ISSN: 1873-6181
SSRN
Working paper
In: Carbon neutrality, Band 1, Heft 1
ISSN: 2731-3948
AbstractFrom a macro-energy system perspective, an energy storage is valuable if it contributes to meeting system objectives, including increasing economic value, reliability and sustainability. In most energy systems models, reliability and sustainability are forced by constraints, and if energy demand is exogenous, this leaves cost as the main metric for economic value. Traditional ways to improve storage technologies are to reduce their costs; however, the cheapest energy storage is not always the most valuable in energy systems. Modern techno-economical evaluation methods try to address the cost and value situation but do not judge the competitiveness of multiple technologies simultaneously. This paper introduces the 'market potential method' as a new complementary valuation method guiding innovation of multiple energy storage. The market potential method derives the value of technologies by examining common deployment signals from energy system model outputs in a structured way. We apply and compare this method to cost evaluation approaches in a renewables-based European power system model, covering diverse energy storage technologies. We find that characteristics of high-cost hydrogen storage can be more valuable than low-cost hydrogen storage. Additionally, we show that modifying the freedom of storage sizing and component interactions can make the energy system 10% cheaper and impact the value of technologies. The results suggest looking beyond the pure cost reduction paradigm and focus on developing technologies with suitable value approaches that can lead to cheaper electricity systems in future.
Graphical Abstract
Tidal lagoons are presented as an environmentally friendly alternative to tidal barrages. This does not mean that their environmental impacts can be overlooked. A UK government review recommended a pilot scheme lagoon go ahead, with careful environmental monitoring. Despite recent government rejection of a lagoon scheme, it is still more important than ever to consider environmental solution options for any future lagoon developments. There are no operating lagoons in the world and so their environmental impacts are not fully understood. However, there is a vast quantity of literature available from other industries addressing similar impacts in the coastal, ocean and river environments. This systematic review follows the PRISMA and CEE guidance. Using this methodology the available literature covering relevant solution options from other industries that could be applied to future lagoon developments was quantified. This presents an investigation into solution options only, giving a quantitative analysis of what resources are available, how this compares to industry understanding, where the expertise lies globally, what impacts are being addressed and how applicable the solutions are for lagoon application. This paper analyses the extent and relevance of this available research on solutions as a resource for the nascent lagoon industry. Over half of the solutions found in this review require only small shifts in development for them to be realistic solution options for the lagoon industry in the future. This review opens the door on a vast and valuable resource and justifies the need for further investigation into solutions for the lagoon industry.
BASE
In: Marine policy, Band 99, S. 190-200
ISSN: 0308-597X
Tidal lagoons are an attractive renewable energy option that could aid the UK in meeting its ambitious renewable energy targets. One of the main barriers to tidal range development in the UK to date has been regulatory environmental concern. In order for the nascent lagoon industry to move forward into development, the views of the developers and other influential stakeholders such as government bodies, regulators, conservationists and practitioners (herein referred to as 'influencing stakeholders' or 'influencers') need to be aligned. This study is the first of its kind using online questionnaires and semi-structured interviews to present and compare the views of both developers and influencing stakeholders on the environmental interactions of tidal lagoons. We find that, whilst both influencers and developers are working towards the common goal of a good environmental outcome for tidal lagoons, there are mismatches in their views in terms of the priorities given to the key environmental impacts, benefits and potential solution options. The work provides insight into what is at the forefront of developers' and influencers' minds, highlighting the key themes within their views and transforming this information into policy recommendations that will help the industry's development move forward.
BASE