ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10174/34446 |
Resumo: | New challenges arise with the increasing integration of renewable energies into the energy grid. One of the possible solutions for challenges such as balancing supply and demand, or the adequacy of power, may be energy storage, which can perform a vital role in future grids. Compressed air energy storage (CAES) is a large-scale energy storage system with long-term capacity for utility applications. This study evaluates the economic feasibility of CAES pre-selected reservoirs case studies for the Portuguese electricity system. It analyzes several scenarios for each case study and assesses two business models: one for the storage of excess renewables and another for energy arbitrage. The novelty of this work is the investment assessment approach using a Monte Carlo Simulation (MCS) methodology applied to CAES, taking into account several uncertainties associated with a CAES project. The financial indicators assessed include Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback period, and Levelized Cost of Energy (LCOE). The results suggest a better performance from the CAES RES business model than the CAES arbitrage business model. Furthermore, the diabatic CAES assessed scenarios seem to have more attractive results than their equivalent adiabatic CAES systems in the CAES RES business model. |
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ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIESCompressed Air Energy StorageMonte Carlo SimulationsEconomic AnalysisNew challenges arise with the increasing integration of renewable energies into the energy grid. One of the possible solutions for challenges such as balancing supply and demand, or the adequacy of power, may be energy storage, which can perform a vital role in future grids. Compressed air energy storage (CAES) is a large-scale energy storage system with long-term capacity for utility applications. This study evaluates the economic feasibility of CAES pre-selected reservoirs case studies for the Portuguese electricity system. It analyzes several scenarios for each case study and assesses two business models: one for the storage of excess renewables and another for energy arbitrage. The novelty of this work is the investment assessment approach using a Monte Carlo Simulation (MCS) methodology applied to CAES, taking into account several uncertainties associated with a CAES project. The financial indicators assessed include Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback period, and Levelized Cost of Energy (LCOE). The results suggest a better performance from the CAES RES business model than the CAES arbitrage business model. Furthermore, the diabatic CAES assessed scenarios seem to have more attractive results than their equivalent adiabatic CAES systems in the CAES RES business model.ICEE2023-02-15T12:21:27Z2023-02-152022-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/34446http://hdl.handle.net/10174/34446porMatos, C., Silva, P. P., & Carneiro, J. (2022). ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES. Paper presented at the 5th International Conference on Energy and Environment: bringing together Engineering and Economics, Porto.ndndjcarneiro@uevora.ptMatos, CristinaSilva, Patricia PereiraCarneiro, Júlioinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-03T19:37:07Zoai:dspace.uevora.pt:10174/34446Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:23:03.650090Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
title |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
spellingShingle |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES Matos, Cristina Compressed Air Energy Storage Monte Carlo Simulations Economic Analysis |
title_short |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
title_full |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
title_fullStr |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
title_full_unstemmed |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
title_sort |
ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES |
author |
Matos, Cristina |
author_facet |
Matos, Cristina Silva, Patricia Pereira Carneiro, Júlio |
author_role |
author |
author2 |
Silva, Patricia Pereira Carneiro, Júlio |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Matos, Cristina Silva, Patricia Pereira Carneiro, Júlio |
dc.subject.por.fl_str_mv |
Compressed Air Energy Storage Monte Carlo Simulations Economic Analysis |
topic |
Compressed Air Energy Storage Monte Carlo Simulations Economic Analysis |
description |
New challenges arise with the increasing integration of renewable energies into the energy grid. One of the possible solutions for challenges such as balancing supply and demand, or the adequacy of power, may be energy storage, which can perform a vital role in future grids. Compressed air energy storage (CAES) is a large-scale energy storage system with long-term capacity for utility applications. This study evaluates the economic feasibility of CAES pre-selected reservoirs case studies for the Portuguese electricity system. It analyzes several scenarios for each case study and assesses two business models: one for the storage of excess renewables and another for energy arbitrage. The novelty of this work is the investment assessment approach using a Monte Carlo Simulation (MCS) methodology applied to CAES, taking into account several uncertainties associated with a CAES project. The financial indicators assessed include Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback period, and Levelized Cost of Energy (LCOE). The results suggest a better performance from the CAES RES business model than the CAES arbitrage business model. Furthermore, the diabatic CAES assessed scenarios seem to have more attractive results than their equivalent adiabatic CAES systems in the CAES RES business model. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-06-01T00:00:00Z 2023-02-15T12:21:27Z 2023-02-15 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10174/34446 http://hdl.handle.net/10174/34446 |
url |
http://hdl.handle.net/10174/34446 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
Matos, C., Silva, P. P., & Carneiro, J. (2022). ECONOMIC FEASIBILITY OF COMPRESSED AIR ENERGY STORAGE: PORTUGUESE PRE-SELECTED CASE STUDIES. Paper presented at the 5th International Conference on Energy and Environment: bringing together Engineering and Economics, Porto. nd nd jcarneiro@uevora.pt |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
ICEE |
publisher.none.fl_str_mv |
ICEE |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799136713073754112 |