Publication: Renewables and Advanced Storage in Power Systems: The Iberian Case
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2022-04-01
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MDPI AG
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Abstract
Storage has many benefits for power systems with a high share of renewable energy.
It reduces renewable curtailment, can participate in ancillary services and contributes to system
adequacy. However, its business model is far from clear since most of its revenues come from
arbitrage in energy markets, and this is usually not enough to recover the investment. Advanced
storage can facilitate the profitability of storage and ease the integration of renewables in power
systems by reducing costs and allowing an enhanced performance. The profitability requirements of
future advanced storage systems (batteries) are assessed in this paper by means of an optimization
method and an uncertainty analysis for an optimal Iberian (Spain and Portugal) power system that
meets the targets of their National Energy and Climate Plans. Results show that needed storage
capacity is only a small part of the demanded energy, but technical advances are required for optimal
performance. High prospective storage cost leads to a wind-dominated renewable mix, while low
storage cost favours photovoltaics. Arbitrage with storage may cover its investment costs under
carbon prices close to the actual Social Cost of Carbon.
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Power system planning, Storage, Renewable targets
Bibliographic citation
Usaola, J. (2022). Renewables and Advanced Storage in Power Systems: The Iberian Case. In Applied Sciences, 12(7), 3373-3390