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At least 127 records · Page 7

Assigning value to energy storage systems at multiple points in an electrical grid

The ability to define the potential value that energy storage systems (ESS) could generate through various applications in electric power systems, and an understanding of how these values change due to variations in locations, ESS performance and parameters, market structure, utility structures, and valuation methodologies is highly important in advancing ESS deployment. This paper presents the outcome of an effort to assign benefits values, or more precisely ranges of values, to major ESS applications, and summarize and evaluate the capabilities of several available tools currently used to estimate value for specific ESS deployments.

energy storage valuation, balducci, energy storage↗

FY 2021 Isolated Grids and Grid-Connected Turbine Reference Systems; Microgrids, Infrastructure Resilience, and Advanced Controls Launchpad (MIRACL)

For individuals, businesses, and communities focused on building resilient electrical grid infrastructure, wind energy can provide an affordable, accessible, and compatible distributed energy resource option that also enhances the capabilities of local grid operations. The Microgrids, Infrastructure Resilience, and Advanced Controls Launchpad (MIRACL) project is a multi-year distributed wind research effort, driven through a partnership between four Department of Energy National Laboratories and industry to develop and improve the planning, design, and operation of wind-centered microgrids to complement solar, energy storage, and other distributed energy resources for grid-tied and isolated operation (U.S. Department of Energy, 2021). This report documents the application of methods developed through the initial three years of the MIRACL project to two real-world distributed wind reference systems. Specifically, the methods demonstrated in this report include 1) a market valuation framework to comprehensively value the services distributed wind can provide and 2) a resilience framework that enables stakeholders to characterize distribution system resilience and compare grid investment decisions from a resilience perspective. Additional methods mentioned in this report include distributed hybrid system design methods for grid resilience, advanced control co-simulation platforms, and power hardware-in-the-loop (PHIL) models. Preliminary results from these additional methods are presented in this report and will be demonstrated and/or applied to the reference systems in the coming year. The purpose of applying these methods to reference systems is to drive technology transfer of the theories, methodologies, and technologies developed under the MIRACL project and increase the number of referenceable case studies available to stakeholders interested in additional value-added capabilities of wind systems beyond bulk energy supply (i.e. kilowatt-hours).

17 WIND ENERGY↗

Applications of Measuring and Valuing Resilience in Energy Systems

The electricity sector is vulnerable to numerous hazards that are being exacerbated by climate change, which can cause an increase in the hazards' frequency and intensity. Consumers, system regulators, system operators, and communities are now preparing to mitigate the increased risks posed by climate change. New York State's energy infrastructure resilience can be increased with targeted investments including but not limited to installing emergency backup systems, integrating microgrid solutions, weatherizing buildings, increasing energy efficiency, adding redundancy, investing in restoration and recovery, and hardening critical components. Such investments can reduce the likelihood, impact, and consequences of disruptive events but can also increase capital and operating costs. A barrier to prioritizing investments in resilience is that there is no widely established method for quantifying and assigning the benefits of resilience investments across various stakeholders. Decision-makers need better information detailing the value of resilience improvements. Developing methods to quantify, value, and price resilience helps meet resilience needs in an effective manner that also supports broader societal welfare. This report lays out considerations for quantifying and valuing resilience, discusses the current state of resilience valuation tools, and provides case studies of resilience projects that demonstrate how resilience attributes could be measured while highlighting broader, project-specific challenges to increasing resilience. Further, we present insights into methods and challenges to measuring, valuing, and enacting resilience investments.

24 POWER TRANSMISSION AND DISTRIBUTION↗

Building the Case for Hybrid Energy Developments: Webinar Recording Day 1

INL, PNNL, and NREL, with support from our academic and industry partners, hosted a 2-day webinar to learn more about the benefits of hybrid energy systems, considerations for designing the right system for communities, and practical tools that can help with the design and development process. In Day 1 of this webinar, the focus was on why users might want to consider hybrid energy systems, and frameworks that could help inform design decisions for hybrid systems, including a valuation framework, resilience framework, and hybrid system design optimization framework.

14 SOLAR ENERGY↗

Building the Case for Hybrid Energy Developments: Webinar Recording Day 2

INL, PNNL, and NREL, with support from our academic and industry partners, hosted a 2-day webinar to learn more about the benefits of hybrid energy systems, considerations for designing the right system for communities, and practical tools that can help with the design and development process. In Day 2 of this webinar, the focus was on tools that can be used to help inform design decisions for hybrid systems, including resource analysis, siting, resilience, valuation, and resource optimization. Day 2 also highlighted funding opportunities for hybrid systems.

14 SOLAR ENERGY↗

Building the Case for Hybrid Energy Developments: Webinar Recording Day 2

INL, PNNL, and NREL, with support from our academic and industry partners, hosted a 2-day webinar to learn more about the benefits of hybrid energy systems, considerations for designing the right system for communities, and practical tools that can help with the design and development process. In Day 2 of this webinar, the focus was on tools that can be used to help inform design decisions for hybrid systems, including resource analysis, siting, resilience, valuation, and resource optimization. Day 2 also highlighted funding opportunities for hybrid systems.

14 SOLAR ENERGY↗

Framework for Quantitative Evaluation of Resilience Solutions: An Approach to Determine the Value of Resilience for a Particular Site

This paper describes an approach to obtaining a dollar value for the improvement in the resilience of projects for a particular site. The paper provides an approach to valuing resilience to provide justification for hardening cyber facilities that can be used by expert users/economists in undertaking investment-grade valuations to validate the appropriateness of funding for resilience mitigation projects.

resilience, valuation, cyber security↗

Supply analysis of preferential market incentive for energy crops

This analysis explores the valuation of feedstock quality attributes of switchgrass and miscanthus – two energy crops poised for future expansion – and compares the relative economic availability of these two crops under two scenarios: (i) uniform price assumptions (i.e., no incentive for quality), and (ii) a scenario of a price premium based on convertibility (i.e., an incentive for quality). Given data on cellulose content, hemicellulose content, and their relative convertibility, miscanthus is expected to be 11% more efficient at conversion to biofuels than switchgrass under the biochemical conversion route. Based on this scenario of improved conversion efficiency and associated profit, we simulate an 11% price premium for miscanthus over other feedstocks in a base-case scenario. By adding this price premium, supplies of miscanthus increase over the base case by about 4 million (44%), 94 million (64%), and 166 million (94%) tons in year 0, 10, and 20 after simulated contracts for production are initiated respectively. These results emphasize that custom simulations are needed to quantify feedstock availability if supplies are intended to reflect grower response to industry demands for feedstock quality specifications. Farmers can grow ‘peas or carrots’, and price signals from biorefineries will influence what energy crops they produce. Recognizing that the energy crop mix is tractable according to quality characteristics is relevant both for near-term and long-term biofuels research and development. Here, we recommend accounting for market preferences for quality attributes when estimating potential future supplies of energy crops.

09 BIOMASS FUELS↗

Orders of vanishing and U(1) charges in F-theory

Many interesting questions about F-theory models, including several concerning the F-theory swampland, involve massless matter charged under U(1) gauge symmetries. It is therefore important to better understand the geometric properties of F-theory models realizing various U(1) charges. We propose that, for F-theory models described by elliptic fibrations in Weierstrass form, the U(1) charge of light matter is encoded in the orders of vanishing of the section components corresponding to the U(1) gauge symmetry. We give specific equations relating the U(1) charges to the orders of vanishing that seem to hold for both U(1)-charged singlets and for matter additionally charged under a simply-laced nonabelian gauge algebra. Our formulas correctly describe properties of F-theory models in the prior literature, and we give an argument that they should describe the orders of vanishing for arbitrarily high U(1) charges. They also resemble formulas for the p-adic valuations of elliptic divisibility sequences developed by Stange. These proposals could serve as a U(1) analogue of the Katz-Vafa method, allowing one to determine U(1) charges without resolution. Additionally, they predict geometric information about F-theory models with general U(1) charges, which may be useful for exploring the F-theory landscape and swampland.

71 CLASSICAL AND QUANTUM MECHANICS, GENERAL PHYSIC↗

The Atomic Theory of Division and Intersection of Semiring Ideals

We consider two-sided ideals of semirings. More precisely, we study the theory of two-sided ideals in the signature consisting of the predicate symbol ⊆ and three function symbols that denote the intersection, right division, and left division of ideals. We prove the decidability of the set of those atomic formulas in this signature that are valid for all semirings and all valuations.

97 MATHEMATICS AND COMPUTING↗

Construction of a Cyclic Extension of Degree p{sup 2} for a Complete Field

The aim of the paper is to construct an embedding of a given cyclic extension of degree p of a complete discrete valuation field of characteristic 0 with an arbitrary residue field of characteristic p > 0 into a cyclic extension of degree p{sup 2}. The result extends the construction obtained by S. V. Vostokov and I. B. Zhukov in terms of Witt vectors, to a wider interval of values for the ramification jump of the original field extension.

97 MATHEMATICS AND COMPUTING↗

Valuing catastrophe bonds involving correlation and CIR interest rate model

Natural catastrophes lead to problems of insurance and reinsurance industry. Classic insurance mechanisms are often inadequate for dealing with consequences of catastrophic events. Therefore, new financial instruments, including catastrophe bonds (cat bonds), were developed. In this paper we price the catastrophe bonds with a generalized payoff structure, assuming that the bondholder’s payoff depends on an underlying asset driven by a stochastic jump-diffusion process. Simultaneously, the risk-free spot interest rate has also a stochastic form and is described by the multi-factor Cox–Ingersoll–Ross model. We assume the possibility of correlation between the Brownian part of the underlying asset and the components of the interest rate model. Using stochastic methods, we prove the valuation formula, which can be applied to the cat bonds with various payoff functions. We use adaptive Monte Carlo simulations to analyze the numerical properties of the obtained pricing formula for various settings, including some similar to the practical cases.

97 MATHEMATICS AND COMPUTING↗

Economic viability of multiple algal biorefining pathways and the impact of public policies

This study presents an extensive systems-level multi-pathway sustainability assessment of algae biofuel production that demonstrates the necessity of high-value co-products, examines the impact of public policy scenarios, and identifies improvements and pathway directions required for economic viability. Engineering process models for several fuel and co-product pathways were leveraged to perform high fidelity techno-economic analysis. These pathways included: baseline hydrothermal liquefaction; protein extraction followed by hydro-thermal liquefaction; fractionation into high-value chemicals with fermentation followed by hydrothermal liquefaction for fuels; and a small-scale first-of-a-kind plant coupled with a wastewater treatment facility. From these models, it was shown that hydrothermal liquefaction as a fuel-only pathway is not economically viable. Likewise, the benefits of coupling with wastewater water treatment are insignificant compared to the impact ofreduced facility size resulting in increased capital costs. These models were also used to examine public policy scenarios, uniquely presenting their impact on the breakeven cost of fuel production and sensitivity to scenario assumptions. Specifically, depreciation type was shown to be irrelevant for write offs faster than 10 years. Due to discounting, short-term subsidies were found to capture 50% of the subsidy value in 6 years with an additional24 years required for full subsidy valuation. Integration of a carbon economy was shown to decrease biofuel production costs, particularly for the protein pathway due to the co-product accounting. Finally, a metric of normalized costs was used to compare algal biorefineries to corn and cellulosic ethanol production, showing that algal systems are uniquely different due to significantly higher capital costs, though operational costs are comparable. Overall, this work demonstrates that, to reach economic viability, algal biofuel production must either utilize higher value non-fuel co-products or achieve drastic reductions in capital costs.

09 BIOMASS FUELS↗

Estimating the economic value of hydropeaking externalities in regulated rivers

Hydropower is a flexible form of electricity generation providing both baseload and balancing power to accommodate intermittent renewables in the energy mix. However, hydropower also generates various externalities. This study investigates individuals' preferences for policies aiming to reduce short-term regulations (i.e., hydropeaking in regulated rivers) while accounting for associated externalities with a discrete choice experiment. This is the first valuation study focusing on hydropeaking that considers both negative and positive externalities. The results imply that most individuals prefer stronger restrictions on short-term regulations to mitigate local environmental impacts. Individuals especially value improvements in recreational use, fish stocks, and the ecological state. On the other hand, potential increases in CO 2 emissions are linked with a clear disutility. The estimated benefits obtained from an improved state of the river environment due to such restrictions exceed the disutility caused by increased CO 2 emissions. Furthermore, the results also reveal unobserved preference heterogeneity among individuals, which should be accounted for in the willingness-to-pay (WTP) estimation using a model specification with correlated utility coefficients. Overall, the findings can inform policy-makers and environmental managers on the economic value of hydropeaking externalities and further guide the sustainable management of rivers regulated for hydropower generation.

13 HYDRO ENERGY↗

Agent-based modeling to evaluate the effects of harvesting biomass and hunting on ring-necked pheasant ( Phasianus colchicus ) populations

As the US strives to divest from fossil fuels, dedicated energy crops have increased in popularity because of their potential to serve as a renewable source of transportation fuel and biomass-generated electricity. Whereas the impacts of crop agriculture on biodiversity have been well-documented, less is known about the potential impacts that growing bioenergy crops could have on wildlife. Here we look specifically at the ring-necked pheasant (Phasianus colchicus) and how pheasant populations may be influenced by growing and harvesting bioenergy crops. We explored effects of temporal harvest strategies at the field scale on biomass yield and pheasant population size. To investigate, we developed an agent-based model (ABM) that simulates ring-necked pheasants, tractors, hunters, and vegetation classes. One such vegetation class is land that is enrolled in a Conservation Reserve Program (CRP) plan specifically targeting pheasant conservation. Using this ABM, we assessed four different landscapes—corn-dominated, CRP-dominated, grassland-dominated, and mixed landscape—under strategies that varied the time of harvest. We also used ecological valuation to compare scenario outcomes from an economic perspective. We determined that biomass yield and pheasant population size were sensitive to harvesting times. Our scenarios totaled between ~$931,000 (minimum) and $3.8 million (maximum) over all landscapes, though on average harvesting in late spring generated the most value ($2.45 million) and harvesting in fall was a close second in terms of profitability ($2.39 million).

59 BASIC BIOLOGICAL SCIENCES↗

Leveraging concentrating solar power plant dispatchability: A review of the impacts of global market structures and policy

Concentrating solar power (CSP) integrated with thermal energy storage delivers flexible and dispatchable power, which is an increasingly valuable quality as electricity systems integrate growing penetrations of variable renewable energy. Valuing and compensating CSP's dispatchability and flexibility requires electricity market structures and policies that appropriately remunerate generation during high-value portions of the day. In this paper, we review previous analyses of CSP economics and deployment, and we find that continued CSP growth will require valuation mechanisms that appropriately compensate for CSP's flexibility during both plant design and plant operation. We then review market structures that drive CSP operations and dispatch in jurisdictions where CSP is being developed, with perspectives from Spain, Chile, Australia, Morocco, South Africa, the United States, China, and the United Arab Emirates (Dubai). Despite broad agreement that CSP's dispatchability provides value to electricity grids, countries' policies for remunerating and leveraging such dispatchability varies widely. As deployment of CSP and variable renewable energy grows, it will be increasingly important to redesign current integration policies to signal the delivery of CSP's grid services more appropriately.

14 SOLAR ENERGY↗

A tri-level distribution locational marginal price-based demand response framework

Here, in this paper, we propose a tri-level, nested, two-stage price-based demand response (PBDR) framework that considers distribution locational marginal price (DLMP) as DR enabler between load-serving entities (LSE), demand response providers (DRPs), and customers in the day-ahead distribution market. It enables LSE and customer interactions by using multiple DRPs, positioned in-between, and independently optimizes their objectives. The problem is formulated using linear power flow with approximated power losses and its application in DLMP as DR pricing. The tri-level problem is solved using a nested reformulation & decomposition (R&D) method and tested on the real Indian-108 bus distribution system under various dynamic pricings. Further, the temporal–spatial variations in DLMPs are assessed using fairness criteria. Numerical analyses demonstrate that DLMP applications can effectively improve economic efficiency, and transparency in DR programs valuation with a favorable fairness margin. The results show that DLMP as DR pricing signal induces (0-2) % variation in DLMP for DR participation up to 10 %. Further, it gives over 90 % fairness over temporal–spatial variation for all the customers.

24 POWER TRANSMISSION AND DISTRIBUTION↗