Economic Benefit of Combining Wave and Wind Power Productions in Day-Ahead Electricity Markets

Julia Fernandez Chozas, H.C. Sørensen, N.E. Helstrup Jensen

    Research output: Contribution to book/anthology/report/conference proceedingArticle in proceedingResearchpeer-review

    Abstract

    There is usually a cost associated to the integration of non-fully predictable renewables in electricity markets. This cost, named balancing cost, covers the difference between the bid to the day-ahead electricity market and the actual power produced. The objective of the paper is comparing the balancing costs of a diversified system including wind and wave power productions with a system based only on wind power. As a result, the paper estimates the balancing costs of wave converters, which are compared with the current balancing costs of wind turbines. The opportunities of a combined wave and wind scenario compared to the only-wind scenario are examined. The study is based on day-ahead forecasts and on real-time theoretical power productions from wave converters and wind turbines, throughout a 5-month autumn and winter period, at Hanstholm, Denmark. Results show balancing costs of wave converters are 35 to 47% smaller than those brought by wind turbines. When wave converters are combined balancing costs keep low, 45% lower than for wind turbines. Finally, a diversified scenario of wind and wave technologies brings balancing costs 35 to 45% down compared to the only-wind scenario.
    Beyond the technical benefits of diversified scenarios, the paper identifies an economic benefit of combining wind and wave power productions.
    Original languageEnglish
    Title of host publication4th International Conference on Ocean Energy
    Number of pages6
    Publication date2012
    Publication statusPublished - 2012
    Event4th International Conference on Ocean Energy - Dublin, Ireland
    Duration: 17 Oct 201219 Oct 2012
    Conference number: 4

    Conference

    Conference4th International Conference on Ocean Energy
    Number4
    CountryIreland
    CityDublin
    Period17/10/201219/10/2012

    Keywords

    • Balancing Costs
    • Combined Wind and Wave
    • Electricity Markets
    • Forecast
    • Wind Energy
    • Wave Energy

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  • Cite this

    Chozas, J. F., Sørensen, H. C., & Helstrup Jensen, N. E. (2012). Economic Benefit of Combining Wave and Wind Power Productions in Day-Ahead Electricity Markets. In 4th International Conference on Ocean Energy http://www.icoe2012dublin.com/ICOE_2012/papers.html