Cost-Efficient Energy Storage Portfolios for Alternative Market Settings

PIs: Omer Karaduman, Stefan Reichelstein (Graduate School of Business)

Clean, abundant, and inexpensive electricity is widely considered the backbone of the clean energy transition. Our primary research question pertains to the choice of energy conversion and storage technologies for integrating renewable energy sources into the overall energy system cost-efficiently. A hybrid power generation and storage system will be feasible if the energy demanded according to a given load profile is met at every point in time, either through power generated by the renewable power sources or power dispatched by the storage component of the HGS. The central question then becomes: Among all feasible hybrid systems, what mix of generation and storage technologies minimize the expected life-cycle cost of meeting the given load profile for a particular electricity market?