Optimizing Hybrid Power Plants: Revenue Growth and Grid Efficiency via Multi-Market Participation
report
Renewable energy plays a vital role in transforming Europe's energy sector to be self sufficient, affordable, and climate-neutral. The Netherlands, targeting a 50% reduction in CO2 emissions by 2030 and 80% by 2040, plans to install 21 GW of offshore wind capacity by 2032. Combining (offshore) wind with (floating) solar energy could further address seasonal intermittency and supply and demand mismatch, optimize infrastructure use and reduce investment costs by leveraging the complementary nature of these resources. This study aims to show the added value of participation in multiple markets using renewable hybrid power plants, specifically by the enhanced predictability and flexibility of its production profile, resulting in higher and more stable capture prices. In order to assess and optimize the revenues of such a hybrid power plant, TNO has developed a revenue-stacking tool
Topics
TNO Identifier
1001098
Publisher
TNO
Collation
24 p.
Place of publication
Petten