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arXiv · 2307.11076

Quantifying the multi-scale and multi-resource impacts of large-scale adoption of renewable energy sources

Elnaz Kabir·Vivek Srikrishnan·M. Vivienne Liu·Scott Steinschneider·C. Lindsay Anderson
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Abstract

The variability and intermittency of renewable energy sources pose several challenges for power systems operations, including energy curtailment and price volatility. In power systems with considerable renewable sources, co-variability in renewable energy supply and electricity load can intensify these outcomes. In this study, we examine the impacts of renewable co-variability across multiple spatial and temporal scales on the New York State power system, which is undergoing a major transition toward increased renewable generation. We characterize the spatiotemporal co-variability of renewable energy-generating resources and electricity load and investigate the impact of climatic variability on electricity price volatility. We use an accurate, reduced-form representation of the New York power system, which integrates additional wind and solar power resources to meet the state's energy targets through 2030. Our results demonstrate that renewable energy resources can vary up to 17% from the annual average, though combining different resources reduces the overall variation to about 8%. On an hourly basis, renewable volatility is substantially greater and may vary up to 100% above and below average. This results in a 9% variation in annual average electricity prices and up to a 56% variation in the frequency of price spikes. While yearly average price volatility is influenced mainly by hydropower availability, daily and hourly price volatility is influenced by solar and wind availability.

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BibTeXRIS

Elnaz Kabir, Vivek Srikrishnan, M. Vivienne Liu, Scott Steinschneider, C. Lindsay Anderson. 2023-07-20. Quantifying the multi-scale and multi-resource impacts of large-scale adoption of renewable energy sources. https://arxiv.org/abs/2307.11076

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