Improving wind power market value with various aspects of diversification

Til Kristian Vrana, Harald G. Svendsen, Magnus Korpas, Antonio Couto, Ana Estanqueiro, Damian Flynn, Hannele Holttinen, Philipp Hartel, Matti Koivisto, Eric Lantz, Bethany Frew

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-review

Abstract

The wind generation share in many European bidding zones is now large enough to affect the market value of wind power, and wind energy is getting less-than-average market price in day-ahead markets. As alternatives to investing in dedicated energy storage, there are two main ways to mitigate the decreasing market value trend. The first is employing different diversification measures (geographical spread, alternative wind turbine technologies, integration with solar). The second is implementing demand flexibility measures. Examples of these measures from some European and USA studies are given in this article, which stems from the international collaboration under IEA Wind TCP Tasks 25 and 53.
Original languageEnglish
Title of host publicationProceedings of 2023 19th International Conference on the European Energy Market (EEM)
Number of pages6
PublisherIEEE
Publication date2023
ISBN (Electronic)979-8-3503-1258-4
DOIs
Publication statusPublished - 2023
Event19th International Conference on the European Energy Market - Lappeenranta, Finland
Duration: 6 Jun 20238 Jun 2023
Conference number: 19

Conference

Conference19th International Conference on the European Energy Market
Number19
Country/TerritoryFinland
CityLappeenranta
Period06/06/202308/06/2023
Series2022 18th International Conference on the European Energy Market (eem)
ISSN2165-4093

Keywords

  • Generation mix diversification
  • Power system economics
  • Power system planning
  • Variable renewable energy sources
  • Wind energy integration

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