On the Value of Emerging, Day-Ahead Market Related Wind-Storage Narratives in Greece: An Early Empirical Analysis

Stefanos Tampakakis and Dimitrios Zafirakis ()
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Stefanos Tampakakis: Soft Energy Applications & Environmental Protection Lab, Mechanical Engineering Department, University of West Attica, 122 43 Egaleo, Greece
Dimitrios Zafirakis: Soft Energy Applications & Environmental Protection Lab, Mechanical Engineering Department, University of West Attica, 122 43 Egaleo, Greece

Energies, 2023, vol. 16, issue 8, 1-19

Abstract: Large-scale integration of renewable energy sources introduces high levels of uncertainty in power systems. In addressing the inherent uncertainty of renewables, coupling with energy storage systems allows for improved dispatchability, not only in terms of power system integration but also in terms of market participation. To that end, we currently look into the coupling of wind energy and energy storage and assess the ex-post value of different, day-ahead market related wind–storage narratives. In doing so, we apply practical dispatch strategies using empirical market signals, vary the size of storage, and adopt different cycling patterns, treating the configurations examined as price-taker units. In addition, by integrating different wind regimes and several years of spot price series, we argue that our approach captures different spatial and temporal characteristics; thus, offering a broad, representative view of the value and associated risk of similar market scenarios in the study area of Greece.

Keywords: energy storage; wind energy; day-ahead markets; arbitrage; bidding strategies; wholesale electricity prices; target model; empirical analysis (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
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