Influence of accuracy in energy system modeling to profitability analysis of pumped-storage power plants

Author

Ritter, Sabine ; Naumann, Sascha ; Klaiber, Stefan ; Warweg, Oliver ; Bretschneider, Peter

Author_Institution

Dept. Energy, Adv. Syst. Technol. Branch of Fraunhofer IOSB, Ilmenau, Germany

fYear

2014

fDate

28-30 May 2014

Firstpage

1

Lastpage

5

Abstract

In this paper, a fundamental optimization model containing the German generation and energy storage system has been used to analyze the profitability of pumped-storage power plants within the German energy market. As a result of the optimization, energy prices are calculated based on the power plants´ marginal costs according to the merit order principle. This paper demonstrates the influence of increasing model accuracy in the underlying optimization model on the optimization results, particularly regarding the profitability of pumped-storage power plants.

Keywords

optimisation; power markets; profitability; pumped-storage power stations; German energy market; energy prices; energy storage system; energy system modeling; optimization model; power plant marginal costs; profitability analysis; pumped-storage power plants; Accuracy; Cogeneration; Electricity; Europe; Fluctuations; Optimization; electricity market modeling; energy storage; merit order principle; optimization;

fLanguage

English

Publisher

ieee

Conference_Titel

European Energy Market (EEM), 2014 11th International Conference on the

Conference_Location

Krakow

Type

conf

DOI

10.1109/EEM.2014.6861287

Filename

6861287