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Integration of Hybrids into Wholesale Power Markets

Publication Type

Report

Date Published

08/2023

Authors

Singhal, Nikita G., Rajni Kant Bansal, Julie Mulvaney Kemp, Erik Ela, Miguel Heleno

Abstract

With growing commercial activity around utility-scale hybrid storage projects in the Unites States, independent system operators (ISOs) and regional transmission organizations (RTOs) are faced with making decisions on how to represent such emerging technology resources in the market clearing software through the definition of hybrid resource participation models. System operators are facing increasing uncertainties around efficient and reliable ways to operate these resources given the ambiguity around their impacts, particularly when high levels of hybrid resources are present.

This study aimed to evaluate and compare the performance implications of different hybrid resource participation models in a realistic wholesale electricity market setting with significant deployment of hybrid resources, and to provide the industry with metrics that quantify the advantages and disadvantages of different participation options using realistic electricity market simulations. The different participation models are compared in terms of the impact to reliability of the overall system, the ability of the market to access the full capabilities of hybrid resources as measured by the economic efficiency, and asset profitability.

Year of Publication

2023

Notes

A brief overview of this study can be found here.