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Energy Storage Investment and Operation in Efficient Electric Power Systems

Cristian Junge, Dharik Mallapragada, and Richard Schmalensee

Year: 2022
Volume: Volume 43
Number: Number 6
DOI: 10.5547/01956574.43.6.cjun
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Abstract:
We consider welfare-optimal investment in and operation of electric power systems with constant returns to scale in multiple available generation and storage technologies under perfect foresight. We extend a number of classic results on generation, derive conditions for investment and operations of storage technologies described by seven cost/performance parameters, and develop insights on power systems with multiple storage technologies. Simulation of a deeply decarbonized "Texas-like" power system with two available storage technologies shows both the non-existence of simple "merit-order" rules for storage operation and the value of frequency domain analysis to describe efficient operation. Our analysis points to the critical role of the capital cost of energy storage capacity in influencing efficient storage investment and operation.



Electricity Retail Rate Design in a Decarbonizing Economy: An Analysis of Time-of-use and Critical Peak Pricing

Tim Schittekatte, Dharik Mallapragada, Paul L. Joskow, and Richard Schmalensee

Year: 2024
Volume: Volume 45
Number: Number 3
DOI: 10.5547/01956574.45.3.tsch
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Abstract:
Currently, the main component of most U.S. consumers' electricity bills is based on a constant price per kWh consumed. As intermittent renewable resources and flexible loads that can be shifted within days (such as electric vehicle charging) gain prominence in the electricity system, the efficiency gains to be realized from basing bills instead on wholesale spot prices increase. There is little political support for this change, however. We focus on second-best alternatives: time-of-use (TOU) rates and critical peak pricing (CPP). We introduce alternative assessment criteria that focus on intra-day load shifting. Using historical data, we find that TOU rates can reasonably replicate the intra-day load-shifting incentives provided under spot pricing. Thus, TOU rates, especially when complemented with CPP involving load control during infrequent scarcity price events, can be considerably more socially valuable than previously estimated.





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