New tool for power system models with storage
Creating and validating business cases for energy storage
3E has developed a toolbox for modelling complete power systems containing significant amounts of storage and now brings it to the market to optimize your energy storage application. This tool is the main outcome of the NEWTON-project, and allows to evaluate technically and economically a broad variety of business cases, such as:
• Reducing the levelized cost of electricity by increasing the penetration of renewables
• Increasing the usage of existing plants and avoiding investments additional generation capacity
• Storing energy at low prices and discharging at high prices (market arbitrage)
• Balancing renewable production portfolios and avoiding imbalance fees
The tool is flexible compared to available commercial tools as it allows for the optimization of both storage, sizing and control. Also, the simulation results are more realistic than most comparable tools taking into account crucial technical constraints such as complex efficiencies and ramp rates.
This allows answering questions towards the economic feasibility of storage in various use cases. For new storage developments, either batteries in small-to-medium isolated power systems or pumped storage in large synchronous power systems, this tool allows building a storage business case for investors.