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Economic Benefit of Combining Wave and Wind Power Productions in Day-Ahead Electricity Markets

Date: November 07, 2013 at 10:23 GMT

There is usually a cost associated to the integration of non-fully predictable renewables in electricity markets. This cost, named balancing cost, covers the difference between the bid to the day-ahead electricity market and the actual power produced.
The objective of the paper is comparing the balancing costs of a diversified system including wind and wave power productions with a system based only on wind power. As a result, the paper estimates the balancing costs of wave converters, which are compared with the current balancing costs of wind turbines. The opportunities of a combined wave and wind scenario compared to the only-wind scenario are examined.
The study is based on day-ahead forecasts and on real-time theoretical power productions from wave converters and wind turbines, throughout a 5-month autumn and winter period, at Hanstholm, Denmark.
Results show balancing costs of wave converters are 35 to 47% smaller than those brought by wind turbines. When wave converters are combined balancing costs keep low, 45% lower than for wind turbines. Finally, a diversified scenario of wind and wave technologies brings balancing costs 35 to 45% down compared to the only-wind scenario.
Beyond the technical benefits of diversified scenarios, the paper identifies an economic benefit of combining wind and wave power productions. 

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