New Tool Evaluates the Financial Viability of Pumped Storage Hydropower

Patrick Balducci; Mark Weimar; Xu Ma; Di Wu; Jonghwan Kwon; Anna Schleifer; Vladimir Koritarov; Sang-il Kim; Bruce Hamilton

doi:10.1109/MPE.2023.3308240

New Tool Evaluates the Financial Viability of Pumped Storage Hydropower

Patrick Balducci, Mark Weimar, Xu Ma, Di Wu, Jonghwan Kwon, Anna Schleifer, Vladimir Koritarov, Sang-il Kim, Bruce Hamilton

Grid Planning and Analysis Center

Research output: Contribution to journal › Article › peer-review

1 Scopus Citations

Abstract

The rapidly evolving electricity system with increasing variable renewable energy (VRE) resources provides both opportunities and challenges for the power sector. With the significant ramps and intermittency associated with VRE resources, the requirements and need for additional flexible resources increase. Pumped storage hydropower (PSH) provides flexibility to the electricity grid to replace fossil fuel plants, which are responsible for 25% of U.S. emissions. PSH projects support various aspects of power system operations, including flexibility, ramping capability, energy, ancillary service, black start, and others. The significant potential of hydropower requires understanding the different value drivers to the electricity system specific to the location of a project and then optimizing the plant for the different system values. Thus, determining the value of PSH projects and their many services and contributions to the electricity system can be a challenge for potential developers, system owners, regulators, policy makers, and consultants.

Original language	American English
Pages (from-to)	98-109
Number of pages	12
Journal	IEEE Power and Energy Magazine
Volume	21
Issue number	6
DOIs	https://doi.org/10.1109/MPE.2023.3308240
State	Published - 2023

NREL Publication Number

NREL/JA-6A40-88275

Keywords

hydroelectric power
power generation economics
power grids
pumped-storage power stations

Access to Document

10.1109/MPE.2023.3308240

Cite this

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title = "New Tool Evaluates the Financial Viability of Pumped Storage Hydropower",

abstract = "The rapidly evolving electricity system with increasing variable renewable energy (VRE) resources provides both opportunities and challenges for the power sector. With the significant ramps and intermittency associated with VRE resources, the requirements and need for additional flexible resources increase. Pumped storage hydropower (PSH) provides flexibility to the electricity grid to replace fossil fuel plants, which are responsible for 25% of U.S. emissions. PSH projects support various aspects of power system operations, including flexibility, ramping capability, energy, ancillary service, black start, and others. The significant potential of hydropower requires understanding the different value drivers to the electricity system specific to the location of a project and then optimizing the plant for the different system values. Thus, determining the value of PSH projects and their many services and contributions to the electricity system can be a challenge for potential developers, system owners, regulators, policy makers, and consultants.",

keywords = "hydroelectric power, power generation economics, power grids, pumped-storage power stations",

author = "Patrick Balducci and Mark Weimar and Xu Ma and Di Wu and Jonghwan Kwon and Anna Schleifer and Vladimir Koritarov and Sang-il Kim and Bruce Hamilton",

year = "2023",

doi = "10.1109/MPE.2023.3308240",

language = "American English",

volume = "21",

pages = "98--109",

journal = "IEEE Power and Energy Magazine",

issn = "1540-7977",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

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TY - JOUR

T1 - New Tool Evaluates the Financial Viability of Pumped Storage Hydropower

AU - Balducci, Patrick

AU - Weimar, Mark

AU - Ma, Xu

AU - Wu, Di

AU - Kwon, Jonghwan

AU - Schleifer, Anna

AU - Koritarov, Vladimir

AU - Kim, Sang-il

AU - Hamilton, Bruce

PY - 2023

Y1 - 2023

N2 - The rapidly evolving electricity system with increasing variable renewable energy (VRE) resources provides both opportunities and challenges for the power sector. With the significant ramps and intermittency associated with VRE resources, the requirements and need for additional flexible resources increase. Pumped storage hydropower (PSH) provides flexibility to the electricity grid to replace fossil fuel plants, which are responsible for 25% of U.S. emissions. PSH projects support various aspects of power system operations, including flexibility, ramping capability, energy, ancillary service, black start, and others. The significant potential of hydropower requires understanding the different value drivers to the electricity system specific to the location of a project and then optimizing the plant for the different system values. Thus, determining the value of PSH projects and their many services and contributions to the electricity system can be a challenge for potential developers, system owners, regulators, policy makers, and consultants.

AB - The rapidly evolving electricity system with increasing variable renewable energy (VRE) resources provides both opportunities and challenges for the power sector. With the significant ramps and intermittency associated with VRE resources, the requirements and need for additional flexible resources increase. Pumped storage hydropower (PSH) provides flexibility to the electricity grid to replace fossil fuel plants, which are responsible for 25% of U.S. emissions. PSH projects support various aspects of power system operations, including flexibility, ramping capability, energy, ancillary service, black start, and others. The significant potential of hydropower requires understanding the different value drivers to the electricity system specific to the location of a project and then optimizing the plant for the different system values. Thus, determining the value of PSH projects and their many services and contributions to the electricity system can be a challenge for potential developers, system owners, regulators, policy makers, and consultants.

KW - hydroelectric power

KW - power generation economics

KW - power grids

KW - pumped-storage power stations

U2 - 10.1109/MPE.2023.3308240

DO - 10.1109/MPE.2023.3308240

M3 - Article

SN - 1540-7977

VL - 21

SP - 98

EP - 109

JO - IEEE Power and Energy Magazine

JF - IEEE Power and Energy Magazine

IS - 6

ER -

New Tool Evaluates the Financial Viability of Pumped Storage Hydropower

Abstract

NREL Publication Number

Keywords

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