Quantifying the Impact of Adding Renewable Energy on the Grid from Economic Point of View

Growth in renewable energy, particularly of wind power and solar photovoltaics (PV) has been rapid over the past decade, averaging 25-30% a year. There are several reasons for this growth, including recognition that mitigation of anthropogenic climate change, mainly due to emissions of carbon dioxide from fossil-fuel combustion will require a dramatic transformation in our energy system over the course of the next few decades. Renewable energy generation has several benefits not only for our generation, but for our children as well.However, the problems of adding more renewable energy, specifically from the point of view of the stability and reliability of the grids have gradually come to light. Nowadays rather than uncertainty behind the demand behavior, electricity entities have to deal with uncertainty behind the renewable energy generation. Because of this, stabilizing the electrical grids has become more complicated.Substantial research is going on in order to remedy the problems of stabilizing the grids having a notable percentage of renewable energy on the grid. One of the best offered solution is adding storage systems on the grids. However the main problem is a lack of consideration of the problem from the economic point of view.The primary aim of the proposed research is to pair the offered solutions of stabilizing the grid to the economic assessment of the grid. The main focus will be on the macro scale of the grid when distributed storage and renewable energy generation exist. Both short term and long term feedback of deploying each scenario will be considered.https://ecommons.udayton.edu/stander_posters/1672/thumbnail.jp