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Ancillary services. Beyond power production, many services are provided by power plants to keep the grid in a stable and reliable condition. These include the following: • Regulation is supplied on a minute-by-minute basis to control the supply/demand balance by continually throttling variable-output power plants. • Ramping and load following are similarly required to manage the grid when the rate of load change is high, such as the morning and late evening. • Spinning and non-spinning reserve capacity is required to manage the sudden, forced-outage loss of power plants scheduled to generate electricity on a given day. • Reactive power needs to be supplied by power plants to correct phase shifts between current and voltage due to system load variance. The highest cost resources in power markets that quantify such services are those for short-term regulation. Today, we turn power plants up and down continually to provide regulation, which wastes fuel and increases wear and tear on the plants. Ancillary services could be supplied by dispatching the smart grid’s demand response, distributed generation, and storage assets to provide regulation and load following services, and using them in standby mode (when not otherwise engaged) to provide spinning reserves. While valuable in today’s grid operations, the need for ancillary services is projected to increase as large amounts of renewable generation penetrates the grid, due to the intermittency of output from wind and solar generators. 2.4 The Business Case for a Smart Grid The matrix of assets and functions forms a useful basis for describing the business case for the smart grid. In essence, the business case for a smart grid weighs the capital investments in an asset or set of assets against the multiple value streams that can be derived from the applications they support (Figure 2.3). The business case is successful when the sum of the value streams derived are greater than the capital investments required, less an incentive offered to engage customer or third-party assets. It is important to note that any given asset can support a number of functions (as illustrated with demand response), and that any given function (such as managing peak load) can be supported by a variety of assets. Therefore, smart grid assets can literally work together or compete with each other (and traditional infrastructure) to provide the necessary functions. This suggests that not only must a primary asset and its enabling assets be cost effective, it must also be more cost effective that its competitors. It also suggests, as has been pointed out by many observers, that the smart grid’s ultimate configuration is necessarily path-dependent, at least to a degree, with respect to the order in which assets are deployed. The economics of the smart grid are difficult to analyze, but the business case is gradually becoming clearer and the smart grid vision is becoming a reality. Early evidence is the passage of EISA in 2007, demonstrations that showed the viability of the smart grid concept, and Xcel Energy’s initiation of Boulder, Colorado’s SmartGridCity (http://smartgridcity.xcelenergy.com) project in 2007. In some utilities and states, investments in AMI and demand response assets were justified to regulators and underway before the DOE infrastructure and demonstration grant programs were announced. 2.7PDF Image | The Smart Grid: An Estimation of the Energy and CO2 Benefits
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