The value of flexibility in power markets

Goutte, Stéphane; Vassilopoulos, Philippe

doi:10.1016/j.enpol.2018.10.024

Cited by 45 publications

(17 citation statements)

References 9 publications

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“…In the same way, knowledge about flexibility can be used for efficient network operation and can help to minimize network expansion [7,30]. Furthermore, the data model enables flexibility providers to optimize the use of flexibility with regard to financial aspects [6]. Therefore, we are convinced that the presented data model provides an essential basis for the automated use of flexibility.…”

Section: Discussionmentioning

confidence: 94%

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A Generic Data Model for Describing Flexibility in Power Markets

et al. 2019

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In this article, we present a new descriptive model for industrial flexibility with respect to power consumption. The advancing digitization in the energy sector opens up new possibilities for utilizing and automatizing the marketing of flexibility potentials and therefore facilitates a more advanced energy management. This requires a standardized description and modeling of power-related flexibility. The data model in this work has been developed in close collaboration with several partners from different industries in the context of a major German research project. A suitable set of key figures allows for also describing complex production processes that exhibit interdependencies and storage-like properties. The data model can be applied to other areas as well, e.g., power plants, plug-in electric vehicles, or power-related flexibility of households.

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Section: Discussionmentioning

confidence: 94%

“…This is called the flexibility gap [5]. In particular, flexibility can address the challenges caused by both foreseeable and unforeseeable fluctuations of renewable energy sources and therefore help to establish an environmentally friendly, decarbonized electricity system [5][6][7].…”

Section: Introductionmentioning

confidence: 99%

A Generic Data Model for Describing Flexibility in Power Markets

et al. 2019

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“…Variable, non-dispatchable electricity generation makes the complex task of preserving grid stability even more challenging (Strbac et al, 2012) and its impact on wholesale energy markets could cause several technical issues, including unstable frequency (Merten et al, 2020). This could ultimately increase the integration cost of VRE and as such increased electricity prices to consumers (de Sisternes, Jenkins and Botterud, 2016;Goutte and Vassilopoulos, 2019).…”

Section: Introductionmentioning

confidence: 99%

Synergies between energy arbitrage and fast frequency response for battery energy storage systems

2021

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Energy storage can make key contributions to balancing future low-carbon energy systems by providing a variety of energy system services, with batteries expected to be widely deployed as costs fall with innovation. This paper assesses whether synergies exist between two of the most significant of these services, fast frequency response and energy arbitrage, if a battery energy storage system (BESS) is used to deliver both. A techno-economic model is developed to simulate 600 possible fast frequency response availability windows. Results show that two distinct synergies exist between the two services. The first synergy accounts for the possibility of charging outside the deadband for delivering fast frequency response. We propose an innovative state-of-charge management strategy to exploit this synergy. The second synergy results from energy arbitrage revenues being highly concentrated around peak times, which can enable a battery system to capture most of the arbitrage revenues without an excessive reduction in revenues from capacity provision with enhanced frequency response. The combination of these two synergies means that a battery system could increase its operating profits by 25% by delivering arbitrage and frequency response alternately. This result is shown to be statistically robust using historical data. A battery system able to discharge for 1.5-2 h at its full power rating will most most likely optimise these synergies.

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“…For example, this is a key factor fostering electricity market. This market needs flexibility in order to cope with the uncertainty associated with large-scale intermittent resource penetration [Goutte and Vassilopoulos 2019]. Flexibility is applied in construction as well.…”

Section: Introductionmentioning

confidence: 99%

Labour Market Flexibility in the Context of the Shadow Economy for the Construction Industry

Buszko

2020

aspe

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The article analyses labour market flexibility in the context of the shadow economy. The main research problem is devoted to the flexibility of the construction labour market in relation to the level of labourers who work in a country's shadow economy. The following hypothesis was adopted: Flexibility of the labour market for the construction industry decreases with an increase in the level of the shadow economy. The MIMIC approach was used to calculate the level of the shadow economy in a group of selected countries, divided into three categories. The first category includes countries with a relatively low level of shadow economy (less than 15% of their GDP). The second group contains a level starting from 15 to 25% of their GDP, while the third group has a shadow economy that exceeds 25% of GDP. The Pearson correlation index was applied in order to measure the coefficient level between market flexibility and the size of the shadow economy. The flexibility of the labour market was calculated as the change of unemployment caused by the change of construction industry output. The research proved that the correlation between market flexibility and the shadow economy is significant. This is due to the fact that the Pearson index reached the level of 0.866, which means that whenever the shadow economy increases, the labour market flexibility of the construction industry decreases. (original abstract)

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The value of flexibility in power markets

Cited by 45 publications

References 9 publications

A Generic Data Model for Describing Flexibility in Power Markets

A Generic Data Model for Describing Flexibility in Power Markets

Synergies between energy arbitrage and fast frequency response for battery energy storage systems

Labour Market Flexibility in the Context of the Shadow Economy for the Construction Industry

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