Low-carbon coordinated expansion planning of carbon capture storage and energy storage systems with VCG-based demand response mechanism

Ziyan Wang, Sheng Chen, Xuan Zhang, Yizhou Zhou and Zhinong Wei

Energy, 2024, vol. 291, issue C

Abstract: Recently, the decarbonization of the power industry has gained increasing attention as global warming problem has become more acute. However, the existing system planning models targeting to tackle emission reduction rarely consider to improve the flexibility of power system. In this paper, a co-planning model considering the expansion of carbon capture and storage (CCS) units and energy storage systems (ESSs) is proposed, in which the carbon emission target is embedded in the objective function via setting different carbon emission tax. Here, the system flexibility is improved by Source-Load-Storage (SLS) response, which is achieved via CCS units, ESSs and flexible load. In addition, a subsidy method for cost recovery based on Vickrey-Clark-Groves (VCG) mechanism is proposed to stimulate market members participating in SLS response. Numerical results from a modified IEEE 118-bus power system illustrate the impact on system cost and emission results owing to specific carbon emission tax, investment budget and SLS response. Finally, we display the contribution rate and subsidy of different participants in a typical day.

Keywords: Power system planning; Carbon capture and storage; Energy storage systems; Low-carbon demand response; VCG (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544224002512
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:291:y:2024:i:c:s0360544224002512

DOI: 10.1016/j.energy.2024.130480

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().