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$180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Cost of Compression (purchased power) Generation Revenue (5pm to 9pm) Optimized Revenue (non-fixed operations) Figure 6.1. Compression and Generation Scenarios While these two endmember cases illuminate the potential to optimize revenues on the arbitrage market, from an operations standpoint, this would inherently require a high degree of system flexibility. For example, though the unit would still optimize compression during off-peak hours, power generation operations would have to coordinate to ensure there was always adequate stored compressed air energy available for power production to capitalize on the pricing differential. Additionally, if the unit was being used to serve other purposes, such as spinning reserve or for grid stability by backing up intermittent renewable resources, plant operators would need to prioritize among multiple services based on market demand and associated pricing. The analysis also suggests that the facility as evaluated here, even when capturing the maximum value associated with arbitrage, would be unable to demonstrate a sufficient rate of return if aligned only with that value stream. With calculated sLCOEs ranging from $0.091/kWh to $0.112/kWh, the economic viability of the GT-CAES plant must include a broader value proposition in order to meet the breakeven test for delivered cost of electricity. This would include value streams associated with operating to provide grid stability through ancillary services, the storage and utilization of excess grid-supplied renewable energy resources, and incentives associated with the production of renewable and/or low- carbon power. As policies, markets and technologies mature to address the growing need for low-carbon energy delivered to a secure, stable transmission grid, a clearer picture will emerge regarding economic incentives and market structures that will be crucial to economic viability of technologies such as this one. Similarly, as markets respond to internal and external drivers associated with broader energy policy, increases in the market price spread could make arbitrage economics increasingly attractive. However, pricing structures that seek to incentivize grid reliability are likely to make arbitrage a backstop option for generators who have the flexibility and capacity to take advantage of price spreads when they have already captured the higher-revenue market for grid services. 27PDF Image | Geothermally Well Based Compressed Air Energy Storage
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