How do demand response and electrical energy storage affect (the need for) a capacity market?
Agha Salman M. Khan,
Remco A. Verzijlbergh,
Ozgur Can Sakinci and
Laurens J. De Vries
Applied Energy, 2018, vol. 214, issue C, 39-62
To ensure security of supply and incentivize reliable investment in generation capacity, capacity markets (CMs) have been implemented or are being considered. However, demand response (DR) and electrical energy storage (EES) also contribute to system adequacy. In this paper, we analyse the change in the need for a CM if DR and EES are available, in the presence of a growing portfolio share of intermittent renewable energy sources electricity (RES-E). We present a novel hybrid electricity market model of the transition to a low-carbon electricity system which uses optimization for short-term market operations and agent-based simulation of long-term decisions.
Keywords: Capacity market; Demand response; Electrical energy storage; Agent-based modelling; Optimization; System adequacy (search for similar items in EconPapers)
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