Download or read book Economic Feasibility of a Compressed Air Energy Storage System Under Market Uncertainty A Real Options Approach written by Eide Hammann and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Steady State and Time Dependent Compressed Air Energy Storage Model Validated with Huntorf Operational Data and Investigation of Hydrogen Options for a Sustainable Energy Supply written by Friederike Kaiser and published by Cuvillier Verlag. This book was released on 2020-12-17 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wind power and photovoltaic energy play a significant role in sustainable energy systems. However, these two renewable energy sources do not generate electrical energy on demand and are subject to natural fluctuations. Thus, the need for compensatory measures arises. Compressed air energy storage power plants (CAES) are a possible solution to providing negative and positive control energy in the electric grid. However, in contrast to other energy storage devices such as pumped hydro energy storage or batteries, the storage medium compressed air hardly contains any energy (or more precisely: enthalpy). Yet, compressed air storage allows the operation of highly efficient gas turbines, which are not only particularly fast available but also achieve better efficiency than combined cycle power plants used today, as illustrated by the example of the modern gas and steam power plant Irsching with ηtc = 60%from 2011 compared to the 20 years older McIntosh CAES with ηtc = 82.4 %. In this thesis, the calculation methods for the thermodynamics of the CAES process are presented and validated by measured data from the operations of the CAES power plant Huntorf. Both the steady state and the dynamic (time-dependent) analyses of the process take place. The characteristic value efficiency is discussed in detail, since numerous different interpretations for CAES exist in the literature. A new calculation method for the electric energy storage efficiency is presented, and a method for the calculation of an economically equivalent electricity storage efficiency is developed. Consideration is given to the transformation of the CAES process into a hydrogen-driven and, thus, greenhouse gas-free process. Finally, a model CAES system is tested in a 100 % renewable model environment. Consequently, it can be stated that in the steady-state thermodynamic calculation in particular, the consideration of realistic isentropic efficiencies of compressors and turbines is essential to correctly estimate the characteristic values of the process. Furthermore, a steadystate view should always be accompanied by dynamic considerations, since some process characteristics are always time-dependent. The simulation shows that by mapping transient operating conditions, the overall efficiency of the system must be corrected downwards. Nevertheless, in the model environment of a 100 % renewable energy system, it has been shown that a CAES is a useful addition that can provide long-term energy storage.

Download or read book Technical and Economic Feasibility Analysis of the No fuel Compressed Air Energy Storage Concept written by and published by . This book was released on 1976 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The principal goal of this study was to evaluate the technical and economic feasibility of no-fuel compressed air energy storage (CAES) concepts for utility peaking applications. The analysis uncovered no insurmountable problems to preclude the technical feasibility of the no-fuel CAES concept. The results of the economic analysis are sufficiently unfavorable to conclude that no-fuel CAES technology could not compete with conventional CAES or standard gas turbine peaking facilities for conditions foreseeable at this time.

Download or read book Economic and Technical Feasibility Study of Compressed Air Storage written by General Electric Company. Research and Development Center and published by . This book was released on 1976 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Energy Storage in Energy Markets written by Behnam Mohammadi-Ivatloo and published by Academic Press. This book was released on 2021-04-30 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy Storage in Energy Markets reviews the modeling, design, analysis, optimization and impact of energy storage systems in energy markets in a way that is ideal for an audience of researchers and practitioners. The book provides deep insights on potential benefits and revenues, economic evaluation, investment challenges, risk analysis, technical requirements, and the impacts of energy storage integration. Heavily referenced and easily accessible to policymakers, developers, engineer, researchers and students alike, this comprehensive resource aims to fill the gap in the role of energy storage in pool/local energy/ancillary service markets and other multi-market commerce. Chapters elaborate on energy market fundamentals, operations, energy storage fundamentals, components, and the role and impact of storage systems on energy systems from different aspects, such as environmental, technical and economics, the role of storage devices in uncertainty handling in energy systems and their contributions in resiliency and reliability improvement. Provides integrated techno-economic analysis of energy storage systems and the energy markets Reviews impacts of electric vehicles as moving energy storage and loads on the electricity market Analyzes the role and impact of energy storage systems in the energy, ancillary, reserve and regulatory multi-market business Applies advanced methods to the economic integration of large-scale energy storage systems Develops an evaluation framework for energy market storage systems

Download or read book Energy Storage written by Gerard M Crawley and published by World Scientific. This book was released on 2017-06-19 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Anyone wanting to learn quickly about the latest developments in energy storage should read this book. It provides enough technical depth for the reader to understand the advantages and limitations of the various storage methods, and sufficient references to enable the reader to dig more deeply into the technical details.'IEEE Journals & MagazinesThe subject of energy storage is extremely important for the increased utilization of renewable energies such as solar and wind energy in times when their sources (e.g. the sun and wind) are unavailable. The ability to store energy can also level out the demand curve for electricity and thus lead to a decrease in the peak requirements of energy production. A storage system for ground transportation is also important as a potential replacement for fossil fuel powered transportation.Energy Storage offers a comprehensive look at the possible approaches to energy storage, which are relevant to various situations; from smoothing demand in electrical energy production, applications of energy storage, to transportation. The book covers a variety of approaches to the storage of energy. Beginning with a discussion of the critical importance of energy storage, the book discusses various possible storage options including hydro storage, compressed air energy storage, and electrical and chemical storage in batteries, capacitors and fuel cells. There is also a chapter on the mechanical storage of energy with flywheels using advanced materials. The various applications to power production and transportation are also included. The expertise and active involvement of the authors of the various chapters ensures that the information is reliable, current, and forward looking.

Download or read book Economic and Technical Feasibility Study of Compressed Air Storage written by and published by . This book was released on 1976 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The results of a study of the economic and technical feasibility of compressed air energy storage (CAES) are presented. The study, which concentrated primarily on the application of underground air storage with combustion turbines, consisted of two phases. In the first phase a general assessment of the technical alternatives, economic characteristics and the institutional constraints associated with underground storage of compressed air for utility peaking application was carried out. The goal of this assessment was to identify potential barrier problems and to define the incentive for the implementation of compressed air storage. In the second phase, the general conclusions of the assessment were tested by carrying out the conceptual design of a CAES plant at two specific sites, and a program of further work indicated by the assessment study was formulated. The conceptual design of a CAES plant employing storage in an aquifer and that of a plant employing storage in a conventionally excavated cavern employing a water leg to maintain constant pressure are shown. Recommendations for further work, as well as directions of future turbo-machinery development, are made. It is concluded that compressed air storage is technically feasible for off-peak energy storage, and, depending on site conditions, CAES plants may be favored over simple cycle turbine plants to meet peak demands. (LCL).

Download or read book Energy Storage Systems Volume I written by Yalsin Gogus and published by EOLSS Publications. This book was released on 2009-09-30 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy Storage Systems theme is a component of Encyclopedia of Energy Sciences, Engineering and Technology Resources which is part of the global Encyclopedia of Life Support Systems (EOLSS), an integrated compendium of twenty one Encyclopedias. The Theme is organized into six different topics which represent the main scientific areas of the theme: The first topic, Rationale of Energy Storage and Supply/Demand Matching is devoted to the discussion of essential concepts and the most important aspects of the optimization, establishment and operation of energy storage systems based on six cases as examples. The succeeding four topics are Storage of Thermal Energy; Mechanical Energy Storage; Storage of Electrical Energy; Storage of Chemical Energy and Nuclear Materials. Each of these consists of a topic chapter emphasizing the general aspects and various subject articles explaining the back ground, theory and practice of a specific type of energy storage of that topic. The last topic is transport of energy with emphasis on hydrogen as future energy carrier. It contains detailed review of other modes of energy transport and discussion of environmental effects. Fundamentals and applications of characteristic methods are presented in these volumes. These two volumes are aimed at the following five major target audiences: University and College Students, Educators, Professional Practitioners, Research Personnel and Policy Analysts, Managers, and Decision Makers and NGOs.

Download or read book A Grid level Assessment of Compressed Air Energy Storage in ERCOT written by Aaron Keith Townsend and published by . This book was released on 2013 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Electric Reliability Council of Texas (ERCOT) compressed air energy storage (CAES) is currently viewed as the most promising energy storage technology due to Texas having suitable geology for CAES and few locations suitable for pumped-hydro storage. CAES is a proven technology but the economics for new facilities are uncertain. This work quantified the economic prospects for CAES in ERCOT as a function of installed wind capacity, natural gas price, and CAES capital cost. Two types of models were developed and used in this work. The first type of model was a CAES dispatch optimization model, which determined the maximum operating profits a CAES facility could earn given a set of electricity and ancillary services market prices. These models were used to examine several separate research questions relating to the maximum potential for CAES and the impact of uncertainty and other real-world complications. The models determined that the maximum operating profit from 2002-2010 varied widely from year to year and averaged $120-140/kW-year, which is likely below the operating profits required to justify investing in CAES. The models also determined that current price forecasting methods are sufficient to earn approximately 95% of the operating profits achievable with perfect knowledge of all prices in the year. The second type of model was a unit commitment model of ERCOT, which determined the least-cost operation of all the generators in the generation fleet to meet given load. The unit commitment model was used to determine electricity and ancillary service market prices under different assumptions about natural gas price, installed wind capacity, and installed CAES capacity. The CAES dispatch optimization model was then used to determine the operating profits of a CAES facility under these scenarios. CAES operating profits were found to increase with increasing natural gas price and installed wind capacity and to decrease with increasing installed CAES capacity. CAES operating profits were estimated to support installed CAES capacities from zero to more than 6 GW, depending on the natural gas price, installed wind capacity, installed CAES capacity, and the CAES capital costs. The strongest determinant of the maximum CAES capacity that would be profitable is the natural gas price, followed by the CAES capital costs.

Download or read book A Grid level Unit Commitment Assessment of High Wind Penetration and Utilization of Compressed Air Energy Storage in ERCOT written by Jared Brett Garrison and published by . This book was released on 2014 with total page 972 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging integration of renewable energy has prompted a wide range of research on the use of energy storage to compensate for the added uncertainty that accompanies these resources. In the Electric Reliability Council of Texas (ERCOT), compressed air energy storage (CAES) has drawn particular attention because Texas has suitable geology and also lacks appropriate resources and locations for pumped hydroelectric storage (PHS). While there have been studies on incorporation of renewable energy, utilization of energy storage, and dispatch optimization, this is the first body of work to integrate all these subjects along with the proven ability to recreate historical dispatch and price conditions. To quantify the operational behavior, economic feasibility, and environmental impacts of CAES, this work utilized sophisticated unit commitment and dispatch (UC&D) models that determine the least-cost dispatch for meeting a set of grid and generator constraints. This work first addressed the ability of these models to recreate historical dispatch and price conditions through a calibration analysis that incorporated major model improvements such as capacity availability and sophisticated treatment of combined heat and power (CHP) plants. These additions appreciably improved the consistency of the model results when compared to historical ERCOT conditions. An initial UC&D model was used to investigate the impacts on the dispatch of a future high wind generation scenario with the potential to utilize numerous CAES facilities. For all future natural gas prices considered, the addition of CAES led to reduced use of high marginal cost generator types, increased use of base-load generator types, and average reductions in the total operating costs of 3.7 million dollars per week. Additional analyses demonstrated the importance of allowing CAES to participate in all available energy and ancillary services (AS) markets and that a reduction in future thermal capacity would increase the use of CAES. A second UC&D model, which incorporated advanced features like variable marginal heat rates, was used to analyze the influence of future wind generation variability on the dispatch and resulting environmental impacts. This analysis revealed that higher amounts of wind variability led to an increase in the daily net load ramping requirements which resulted in less use of coal and nuclear generators in favor of faster ramping units along with reductions in emissions and water use. The changes to the net load also resulted in increased volatility of the energy and AS prices between daily minimum and maximum levels. These impacts were also found to increase with compounding intensity as higher levels of wind variability were reached. Lastly, the advanced UC&D model was also used to evaluate the operational behavior and potential economic feasibility of a first entrant conventional or adiabatic CAES system. Both storage systems were found to operate in a single mode that enabled very high utilization of their capacity indicating both systems have highly desirable characteristics. The results suggest that there is a positive case for the investment in a first entrant CAES facility in the ERCOT market.

Download or read book Forestland Investment written by Bin Mei and published by Taylor & Francis. This book was released on 2023-07-20 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forestland investment has surged in the past few decades as a result of land ownership change in the forestry industry. Timberland investment and management organizations and real estate investment trusts have bought up land and resources that were divested by vertically integrated forest products companies. This book provides a seminal coverage of this seismic shift in the industry, exploring the philosophy, driving factors, valuation, theory, research, implementation, practice, and effects of forestland investment. Across 15 chapters the book reviews the history of forestland investment; discusses the optimal forest rotation; explains timberland appraisal; examines the return drivers of forestland; analyzes timberland index construction methods and results; prices timberland assets; reviews financial and real options; investigates real option values in forestland management; evaluates timber harvest contracts; examines new opportunities in the emerging woody bioenergy market; and eventually offers prospects on forestland investment in the future. It also discusses how forest carbon can be used as a nature-based climate solution. This book is essential reading for forestry business students and scholars, as well as practitioners and policymakers in the industry.

Download or read book Gas Storage with Compressed Air Energy Storage written by Irina Díaz Llobera and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Installed wind capacity in the European Union is expected to continue to increase due to renewable energy targets and obligations to reduce greenhouse gas emissions. Renewable energy sources such as wind power are variable sources of power. Energy storage technologies are useful to manage the issues associated with variable renewable energy sources and align non-dispatchable renewable energy generation with load demands. Energy storage technologies can play different roles in electric power systems and can be used in each of the steps of the electric power supply chain. Moreover, large scale energy storage systems can act as renewable energy integrators by smoothening the variability of large penetrations of wind power. Compress Air Energy Storage is one such technology. The aim of this report is to examine the technical and economic feasibility of a combined gas storage and compressed air energy storage facility in the all-island Single Electricity Market of Northern Ireland and the Republic of Ireland in order to optimise power generation and wind power integration. This analysis is undertaken using the electricity market software PLEXOS ® for power systems by developing a model of a combined facility in 2020.

Download or read book Optimal Control Investment and Utilization Schemes for Energy Storage Under Uncertainty written by Niloufar Sadat Mirhosseini and published by . This book was released on 2013 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy storage has the potential to offer new means for added flexibility on the electricity systems. This flexibility can be used in a number of ways, including adding value towards asset management, power quality and reliability, integration of renewable resources and energy bill savings for the end users. However, uncertainty about system states and volatility in system dynamics can complicate the question of when to invest in energy storage and how best to manage and utilize it. This work proposes models to address different problems associated with energy storage within a microgrid, including optimal control, investment, and utilization. Electric load, renewable resources output, storage technology cost and electricity day-ahead and spot prices are the factors that bring uncertainty to the problem. A number of analytical methodologies have been adopted to develop the aforementioned models. Model Predictive Control and discretized dynamic programming, along with a new decomposition algorithm are used to develop optimal control schemes for energy storage for two different levels of renewable penetration. Real option theory and Monte Carlo simulation, coupled with an optimal control approach, are used to obtain optimal incremental investment decisions, considering multiple sources of uncertainty. Two stage stochastic programming is used to develop a novel and holistic methodology, including utilization of energy storage within a microgrid, in order to optimally interact with energy market. Energy storage can contribute in terms of value generation and risk reduction for the microgrid. The integration of the models developed here are the basis for a framework which extends from long term investments in storage capacity to short term operational control (charge/discharge) of storage within a microgrid. In particular, the following practical goals are achieved: (i) optimal investment on storage capacity over time to maximize savings during normal and emergency operations; (ii) optimal market strategy of buy and sell over 24-hour periods; (iii) optimal storage charge and discharge in much shorter time intervals.

Download or read book Behind the meter Compressed Air Energy Storage Feasibility and Applications written by Chioma Christiana Anierobi and published by . This book was released on 2019 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many jurisdictions, commercial and industrial (C&I) customers are charged for their energy consumption as well as the power drawn from the grid at peak load hours. In Ontario, the demand-based charge component of the electricity cost has been skyrocketing, and this cost often accounts for a significant portion of the overall operating cost of large customers. The Ontario Government in 2010 launched the Industrial Conservation Initiative (ICI) program which requires large customers (Class A) to pay a Global Adjustment (GA) charge, based on their percentage contribution in load during the top five system peak load hours over a one-year base period. This offers enormous savings opportunity to many industrial customers by using strategies to reduce or offset their load during these system peak load hours. However, managing demand can be challenging when faced with production constraints in areas of high-energy sensitive production lines where short interruptions are not permitted. Energy Storage System (ESS) offers the customer the capability to carry out its usual operations while simultaneously saving on the electricity bill through demand reduction. ESS can provide electricity to the facility during system peak periods to reduce the power drawn from the grid, while during non-peak price periods, the ESS is recharged by harnessing the low-cost power. In this work, a detailed operations model of behind-the-meter Small Scale Compressed Air Energy Storage (SS-CAES) is developed for an industrial customer, with an existing well/cavern that can be re-purposed for air storage. The developed optimization model manages the operation of the CAES facility to minimize electricity costs, determining the storage energy output and the corresponding charging and discharging decisions of the SS-CAES system. Furthermore, a detailed economic analysis is carried out to examine financial viability of a practical behind-the-meter SS-CAES project. Some key parameters such as life cycle, CAES capacity and capital cost, and electricity price are considered for carrying out a sensitivity analysis, and the results suggest that SS-CAES is economically viable in the current Ontario rate structure. It is shown that the cost of an SS-CAES project and GA charges are the key determining factors for economic deployment of SS-CAES in Ontario.

Download or read book The Economic Performance of the Ocean Compressed Air Energy Storage written by Binghui Li and published by . This book was released on 2013 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Characterization and Assessment of Novel Bulk Storage Technologies written by and published by . This book was released on 2011 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports the results of a high-level study to assess the technological readiness and technical and economic feasibility of 17 novel bulk energy storage technologies. The novel technologies assessed were variations of either pumped storage hydropower (PSH) or compressed air energy storage (CAES). The report also identifies major technological gaps and barriers to the commercialization of each technology. Recommendations as to where future R & D efforts for the various technologies are also provided based on each technology's technological readiness and the expected time to commercialization (short, medium, or long term). The U.S. Department of Energy (DOE) commissioned this assessment of novel concepts in large-scale energy storage to aid in future program planning of its Energy Storage Program. The intent of the study is to determine if any new but still unproven bulk energy storage concepts merit government support to investigate their technical and economic feasibility or to speed their commercialization. The study focuses on compressed air energy storage (CAES) and pumped storage hydropower (PSH). It identifies relevant applications for bulk storage, defines the associated technical requirements, characterizes and assesses the feasibility of the proposed new concepts to address these requirements, identifies gaps and barriers, and recommends the type of government support and research and development (R & D) needed to accelerate the commercialization of these technologies.

Download or read book Compressed Air Energy Storage written by Jonathan Chou and published by . This book was released on 2014 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: