IDEAS home Printed from https://ideas.repec.org/a/eee/energy/v301y2024ics0360544224013318.html
   My bibliography  Save this article

Multi-objective capacity configuration optimization of the combined wind - Storage system considering ELCC and LCOE

Author

Listed:
  • Song, Qianqian
  • Wang, Bo
  • Wang, Zhaohua
  • Wen, Lei

Abstract

The optimal capacity configuration of combined wind-storage systems (CWSSs) serves as a foundation and premise for building new electricity system. This paper proposes a novel capacity configuration model of CWSS. The model simultaneously considers economy, stability and low carbon by respectively minimizing Levelized cost of electricity (LCOE) and maximizing effective load carrying capacity (ELCC). The multi-objective optimization model is solved by Non-dominated Sorting Genetic Algorithm II (NSGA-II). And Multi-Attributive Border Approximation Area Comparison (MABAC) method is used to score the alternative solutions on the Pareto front and make decisions under different scenarios. The results of the case study show that: (1) The evaluation of the ELCC for CWSS can quantify its ability to replace the installed capacity of thermal power, thus greatly reducing the uncertainty of wind power output. (2) Under low-carbon scenario, economic scenario and standard scenario, the results of optimal capacity configuration for the CWSS show that LCOE and ELCC are negatively correlated. When the weights of ELCC and LCOE are equal, the three goals of economy, low carbon and safety and stability are achieved. (3) The results of a single sensitivity analysis on LCOE show that the sensitivity coefficient of electricity generation is the highest, exerting the greatest impact on the capacity configuration decision of the CWSS. A 20 % increase in power generation can reduce LCOE by 0.1203RMB/kWh. This paper provides energy planning recommendations for decision-makers in CWSSs, contributing to the development of a reliable new electricity system.

Suggested Citation

  • Song, Qianqian & Wang, Bo & Wang, Zhaohua & Wen, Lei, 2024. "Multi-objective capacity configuration optimization of the combined wind - Storage system considering ELCC and LCOE," Energy, Elsevier, vol. 301(C).
    • Handle: RePEc:eee:energy:v:301:y:2024:i:c:s0360544224013318
    DOI: 10.1016/j.energy.2024.131558
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0360544224013318
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.energy.2024.131558?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Steckel, Tobiah & Kendall, Alissa & Ambrose, Hanjiro, 2021. "Applying levelized cost of storage methodology to utility-scale second-life lithium-ion battery energy storage systems," Applied Energy, Elsevier, vol. 300(C).
    2. Zhaohua Wang & Hao Li & Bin Zhang & Bo Wang & Hao Li & Xin Tian & Jiang Lin & Wei Feng, 2023. "Unequal residential heating burden caused by combined heat and power phase-out under climate goals," Nature Energy, Nature, vol. 8(8), pages 881-890, August.
    3. Mills, Andrew D. & Rodriguez, Pía, 2020. "A simple and fast algorithm for estimating the capacity credit of solar and storage," Energy, Elsevier, vol. 210(C).
    4. Grimsrud, Kristine & Hagem, Cathrine & Lind, Arne & Lindhjem, Henrik, 2021. "Efficient spatial distribution of wind power plants given environmental externalities due to turbines and grids," Energy Economics, Elsevier, vol. 102(C).
    5. Lai, Chun Sing & McCulloch, Malcolm D., 2017. "Levelized cost of electricity for solar photovoltaic and electrical energy storage," Applied Energy, Elsevier, vol. 190(C), pages 191-203.
    6. Du, Mengbing & Zhang, Xiaoling & Xia, Lang & Cao, Libin & Zhang, Zhe & Zhang, Li & Zheng, Heran & Cai, Bofeng, 2022. "The China Carbon Watch (CCW) system: A rapid accounting of household carbon emissions in China at the provincial level," Renewable and Sustainable Energy Reviews, Elsevier, vol. 155(C).
    7. Paik, Chunhyun & Chung, Yongjoo & Kim, Young Jin, 2021. "ELCC-based capacity credit estimation accounting for uncertainties in capacity factors and its application to solar power in Korea," Renewable Energy, Elsevier, vol. 164(C), pages 833-841.
    8. Steckel, Tobiah & Kendall, Alissa & Ambrose, Hanjiro, 2021. "Applying levelized cost of storage methodology to utility-scale second-life lithium-ion battery energy storage systems," Institute of Transportation Studies, Working Paper Series qt2ws2c6jw, Institute of Transportation Studies, UC Davis.
    9. Tu, Qiang & Betz, Regina & Mo, Jianlei & Fan, Ying & Liu, Yu, 2019. "Achieving grid parity of wind power in China – Present levelized cost of electricity and future evolution," Applied Energy, Elsevier, vol. 250(C), pages 1053-1064.
    10. Shen, Wei & Chen, Xi & Qiu, Jing & Hayward, Jennifier A & Sayeef, Saad & Osman, Peter & Meng, Ke & Dong, Zhao Yang, 2020. "A comprehensive review of variable renewable energy levelized cost of electricity," Renewable and Sustainable Energy Reviews, Elsevier, vol. 133(C).
    11. Zhang, Yusheng & Ma, Chao & Yang, Yang & Pang, Xiulan & Lian, Jijian & Wang, Xin, 2022. "Capacity configuration and economic evaluation of a power system integrating hydropower, solar, and wind," Energy, Elsevier, vol. 259(C).
    12. Shittu, Abdulhakim Adeoye & Mehmanparast, Ali & Hart, Phil & Kolios, Athanasios, 2021. "Comparative study between S-N and fracture mechanics approach on reliability assessment of offshore wind turbine jacket foundations," Reliability Engineering and System Safety, Elsevier, vol. 215(C).
    13. Son, In Woo & Jeong, Yongju & Son, Seongmin & Park, Jung Hwan & Lee, Jeong Ik, 2022. "Techno-economic evaluation of solar-nuclear hybrid system for isolated grid," Applied Energy, Elsevier, vol. 306(PA).
    14. Tang, Bao-Jun & Guo, Yang-Yang & Yu, Biying & Harvey, L.D. Danny, 2021. "Pathways for decarbonizing China’s building sector under global warming thresholds," Applied Energy, Elsevier, vol. 298(C).
    15. Soini, Vesa, 2021. "Wind power intermittency and the balancing power market: Evidence from Denmark," Energy Economics, Elsevier, vol. 100(C).
    16. Cong, L. & Zou, B. & Palacios, A. & Navarro, M.E. & Qiao, G. & Ding, Y., 2022. "Thickening and gelling agents for formulation of thermal energy storage materials – A critical review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 155(C).
    17. Geissmann, Thomas, 2017. "A probabilistic approach to the computation of the levelized cost of electricity," Energy, Elsevier, vol. 124(C), pages 372-381.
    18. Cesaro, Zac & Ives, Matthew & Nayak-Luke, Richard & Mason, Mike & Bañares-Alcántara, René, 2021. "Ammonia to power: Forecasting the levelized cost of electricity from green ammonia in large-scale power plants," Applied Energy, Elsevier, vol. 282(PA).
    19. Ahmadisedigh, Hossein & Gosselin, Louis, 2022. "How can combined heating and cooling networks benefit from thermal energy storage? Minimizing lifetime cost for different scenarios," Energy, Elsevier, vol. 243(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chenglong Guo & Wanan Sheng & Dakshina G. De Silva & George Aggidis, 2023. "A Review of the Levelized Cost of Wave Energy Based on a Techno-Economic Model," Energies, MDPI, vol. 16(5), pages 1-30, February.
    2. Chen, Jiahao & Sun, Bing & Li, Yunfei & Jing, Ruipeng & Zeng, Yuan & Li, Minghao, 2022. "Credible capacity calculation method of distributed generation based on equal power supply reliability criterion," Renewable Energy, Elsevier, vol. 201(P1), pages 534-547.
    3. Xia, Z.H. & Jia, G.S. & Ma, Z.D. & Wang, J.W. & Zhang, Y.P. & Jin, L.W., 2021. "Analysis of economy, thermal efficiency and environmental impact of geothermal heating system based on life cycle assessments," Applied Energy, Elsevier, vol. 303(C).
    4. Sanghyun Sung & Wooyong Jung, 2019. "Economic Competitiveness Evaluation of the Energy Sources: Comparison between a Financial Model and Levelized Cost of Electricity Analysis," Energies, MDPI, vol. 12(21), pages 1-21, October.
    5. Armin Razmjoo & Arezoo Ghazanfari & Poul Alberg Østergaard & Mehdi Jahangiri & Andreas Sumper & Sahar Ahmadzadeh & Reza Eslamipoor, 2024. "Moving Toward the Expansion of Energy Storage Systems in Renewable Energy Systems—A Techno-Institutional Investigation with Artificial Intelligence Consideration," Sustainability, MDPI, vol. 16(22), pages 1-25, November.
    6. Wen, Lei & Song, Qianqian, 2023. "ELCC-based capacity value estimation of combined wind - storage system using IPSO algorithm," Energy, Elsevier, vol. 263(PB).
    7. Wang, Renshun & Wang, Shilong & Geng, Guangchao & Jiang, Quanyuan, 2024. "Multi-time-scale capacity credit assessment of renewable and energy storage considering complex operational time series," Applied Energy, Elsevier, vol. 355(C).
    8. Shen, Wei & Chen, Xi & Qiu, Jing & Hayward, Jennifier A & Sayeef, Saad & Osman, Peter & Meng, Ke & Dong, Zhao Yang, 2020. "A comprehensive review of variable renewable energy levelized cost of electricity," Renewable and Sustainable Energy Reviews, Elsevier, vol. 133(C).
    9. Lynch, Muireann & Devine, Mel T. & Bertsch, Valentin, 2019. "The role of power-to-gas in the future energy system: Market and portfolio effects," Energy, Elsevier, vol. 185(C), pages 1197-1209.
    10. Lynch, Muireann Á & Devine, Mel & Bertsch, Valentin, 2018. "The role of power-to-gas in the future energy system: how much is needed and who wants to invest?," Papers WP590, Economic and Social Research Institute (ESRI).
    11. Clinton Thai & Jack Brouwer, 2023. "Comparative Levelized Cost Analysis of Transmitting Renewable Solar Energy," Energies, MDPI, vol. 16(4), pages 1-21, February.
    12. Gunther Friedl & Stefan Reichelstein & Amadeus Bach & Maximilian Blaschke & Lukas Kemmer, 2023. "Applications of the levelized cost concept," Journal of Business Economics, Springer, vol. 93(6), pages 1125-1148, August.
    13. Koecklin, Manuel Tong & Longoria, Genaro & Fitiwi, Desta Z. & DeCarolis, Joseph F. & Curtis, John, 2021. "Public acceptance of renewable electricity generation and transmission network developments: Insights from Ireland," Energy Policy, Elsevier, vol. 151(C).
    14. Zhang, Chenxi & Yang, Yi & Wang, Yunqi & Qiu, Jing & Zhao, Junhua, 2024. "Auction-based peer-to-peer energy trading considering echelon utilization of retired electric vehicle second-life batteries," Applied Energy, Elsevier, vol. 358(C).
    15. Fu, Yijun & Xu, Wei & Wang, Zhichao & Zhang, Shicong & Chen, Xi & Zhang, Xinyu, 2023. "Experimental study on thermoelectric effect pattern analysis and novel thermoelectric coupling model of BIPV facade system," Renewable Energy, Elsevier, vol. 217(C).
    16. Ives, Matthew & Cesaro, Zac & Bramstoft, Rasmus & Bañares-Alcántara, René, 2023. "Facilitating deep decarbonization via sector coupling of green hydrogen and ammonia," INET Oxford Working Papers 2023-04, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    17. Xiang Huang & Yapan Qu & Zhentao Zhu & Qiuchi Wu, 2023. "Techno-Economic Analysis of Photovoltaic Hydrogen Production Considering Technological Progress Uncertainty," Sustainability, MDPI, vol. 15(4), pages 1-29, February.
    18. Tong Koecklin, Manuel & Fitiwi, Desta & de Carolis, Joseph F. & Curtis, John, 2020. "Renewable electricity generation and transmission network developments in light of public opposition: Insights from Ireland," Papers WP653, Economic and Social Research Institute (ESRI).
    19. Li, Xiang & Yilmaz, Selin & Patel, Martin K. & Chambers, Jonathan, 2023. "Techno-economic analysis of fifth-generation district heating and cooling combined with seasonal borehole thermal energy storage," Energy, Elsevier, vol. 285(C).
    20. Fuquan Zhao & Feiqi Liu & Han Hao & Zongwei Liu, 2020. "Carbon Emission Reduction Strategy for Energy Users in China," Sustainability, MDPI, vol. 12(16), pages 1-19, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:energy:v:301:y:2024:i:c:s0360544224013318. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.