Abstract
As renewable energy penetration in power systems grows, adequate energy policies are needed to support the system’s operations with flexible resources and to adopt more sustainable energies. A peak-biased incentive for energy storage systems (ESS) using the Korean renewable portfolio standard could make power system operations more difficult. For the first time in the research, this study evaluates the effect of imposing a renewable energy certificate incentive in off-peak periods on mitigating wind power fluctuations. We design a coordinated model of a wind farm with an ESS to model the behavior of wind farm operators. Optimization problems are formulated as mixed integer linear programming problems to test the implementation of revenue models under Korean policy. These models are designed to consider additional incentives for discharging the ESS during off-peak periods. The effects of imposing the incentives on wind power fluctuations are evaluated using the magnitude of the renewable energy certificate (REC) multiplier.
Highlights
As global energy policies try to reduce the use of conventional fuel-based generators, the rate of renewable energy penetration has increased
While power system operators agree that utilizing energy storage resources is important for stable system operation, no study has focused on the effect of peak-biased incentives on wind power fluctuations
Surplus power can be handled by curtailing wind power generation
Summary
As global energy policies try to reduce the use of conventional fuel-based generators, the rate of renewable energy penetration has increased. During peak periods, wind farm operators can obtain additional REC credits for power discharged from their ESS. With this incentive policy, wind farm operators might recoup their ESS installation investment. The power output of wind farms can fluctuate at all times, the lack of incentive for utilizing the ESS during off-peak periods may increase power variability as wind energy penetration increases. While power system operators agree that utilizing energy storage resources is important for stable system operation, no study has focused on the effect of peak-biased incentives on wind power fluctuations.
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