Incorporating short-term operational plant constraints into assessments of future electricity generation portfolios

Peerapat Vithayasrichareon and Iain F. MacGill

Applied Energy, 2014, vol. 128, issue C, 144-155

Abstract: This paper presents a post-processing extension to a Monte-Carlo based generation portfolio planning tool in order to assess the short-term operational implications of different possible future generation portfolios. This extension involves running promising portfolios through a year of economic dispatch at 30-minute intervals whilst considering operational constraints and associated costs including minimum operating levels, ramp rate constraints and generator start-up costs. A case study of a power system with coal, combined cycle gas turbine (CCGT), open cycle gas turbine (OCGT) and wind generation options highlights that incorporating operational criteria into the long-term generation investment and planning analysis can have operating, economic and emissions implications for the different generation portfolios. The extent of the impacts depends on the dispatch strategies; the carbon price; and the mix of technologies within the portfolio. As intermittent generation within power systems increases and carbon pricing begins to change the merit order, such short-term operational considerations will become more significant for long-term generation investment frameworks.

Keywords: Monte Carlo simulation; Generation planning; Portfolio analysis; Generation dispatch; Operational constraints (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:appene:v:128:y:2014:i:c:p:144-155

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DOI: 10.1016/j.apenergy.2014.04.052

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