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A systems approach to quantifying the value of power generation and energy storage technologies in future electricity networks

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Title: A systems approach to quantifying the value of power generation and energy storage technologies in future electricity networks
Authors: Heuberger, C
Staffell, I
Shah, N
Mac Dowell, N
Item Type: Journal Article
Abstract: A new approach is required to determine a technology's value to the power systems of the 21st century. Conventional cost-based metrics are incapable of accounting for the indirect system costs associated with intermittent electricity generation, in addition to environmental and security constraints. In this work, we formalise a new concept for power generation and storage technology valuation which explicitly accounts for system conditions, integration challenges, and the level of technology penetration. The centrepiece of the system value (SV) concept is a whole electricity systems model on a national scale, which simultaneously determines the ideal power system design and unit-wise operational strategy. It brings typical Process Systems Engineering thinking into the analysis of power systems. The model formulation is a mixed-integer linear optimisation and can be understood as hybrid between a generation expansion and a unit commitment model. We present an analysis of the future UK electricity system and investigate the SV of carbon capture and storage equipped power plants (CCS), onshore wind power plants, and grid-level energy storage capacity. We show how the availability of different low-carbon technologies impact the optimal capacity mix and generation patterns. We find that the SV in the year 2035 of grid-level energy storage is an order of magnitude greater than that of CCS and wind power plants. However, CCS and wind capacity provide a more consistent value to the system as their level of deployment increases. Ultimately, the incremental system value of a power technology is a function of the prevalent system design and constraints.
Issue Date: 18-May-2017
Date of Acceptance: 15-May-2017
URI: http://hdl.handle.net/10044/1/48987
DOI: https://dx.doi.org/10.1016/j.compchemeng.2017.05.012
ISSN: 0098-1354
Publisher: Elsevier
Start Page: 247
End Page: 256
Journal / Book Title: Computers & Chemical Engineering
Volume: 107
Copyright Statement: © 2017 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
Sponsor/Funder: Engineering & Physical Science Research Council (EPSRC)
Engineering & Physical Science Research Council (E
Funder's Grant Number: EP/M001369/1
Keywords: Science & Technology
Computer Science, Interdisciplinary Applications
Engineering, Chemical
Computer Science
Power system modeling
Unit commitment
Future electricity system
Technology value
Energy storage
Intermittent renewables
Carbon capture and storage
0904 Chemical Engineering
0913 Mechanical Engineering
Chemical Engineering
Publication Status: Published
Appears in Collections:Faculty of Engineering
Centre for Environmental Policy
Chemical Engineering
Faculty of Natural Sciences

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