Quantifying Risk in an Uncertain Future: The Evolution of Resource Adequacy

Modeling nuclear energy’s future role in decarbonized energy systems

“…Although nuclear energy competes directly with other “flexible base” generation technologies, recent modeling indicates that there is value for a portfolio of low-emitting firm options, 20 though their role depends on the availability and costs of substitutes such as long-duration energy storage. 21 Adequate representations of firm capacity require appropriate temporal resolution 22 (as discussed in detail in a later section), endogenous capacity contributions, 23 and operating reserves. 24 Operational flexibility: Flexibility to quickly change power output, up or down, can be an important operating characteristic.…”

The effect of short term storage operation on resource adequacy

“…The indicators used in this paper are summarised in Table 3. The EENS and LOLE are widely used throughout industry and academia [2,32] and are the expected amount of energy not served and the expected number of hours in which load shedding occurs respectively, both per year. The Loss of Load Duration (LOLD) is the number of consecutive hours for which load shedding occurs, i.e.…”

“…The potential contribution of flexible assets such as demand response and storage to resource adequacy is widely recognised [2,5,6]. However, as this paper will extensively discuss, how short term storage is operated impacts the adequacy indicators 2 of the system, even if the amount of load shed is the same.…”

“…Modern power systems across the world should be shaped by three forces: competitiveness, sustainability and security of supply [1]. The concept of security of supply has many dimensions, one of them being resource adequacy which is defined as the ability of the bulk power system to meet load at steady state under many different conditions [1], preferably so that the marginal costs of shedding additional load are equal to the marginal costs of additional resource [2].…”

Capacity Value of Interconnectors for Resource Adequacy Assessment in Multi-Region Systems

“…The rapid increase in renewable technologies necessitates systemic change to principles by which power system resource adequacy is assessed [1], [2]. This assessment is usually undertaken with simplified assumptions about the nature of interconnection, potentially failing to understand likely flows that occur during power system extremes which ultimately give rise to possible shortfalls.…”