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2023.03.27
1457

Implementation Cost Estimation for Net Zero Electricity System based on Optimal Storage Mix Model

Authors:,,,,Sanghyun Hong,
Implementation Cost Estimation for Net Zero Electricity System based on Optimal Storage Mix Model
We evaluated the economic costs of the transition to a more sustainable energy system in South Korea to achieve carbon net zero emissions (NZE) by 2050. The analysis presented that to achieve this goal, it is necessary to reduce the use of fossil fuel-based power generation, increase the development of carbon-free power sources, and secure storage facilities. We calculated the total costs of energy storage for the Path-to-NDC, Path-to-NZE A, and Path-to-NZE B scenarios. We also investigated the effects of renewable energy output control, demand pattern adjustments, and hydrogen storage on the investment costs of energy storage. Using sensitivity analysis, we studied the consequences of a zero-curtailment policy, excluding long-term storage, and increasing nuclear power generation. Our findings provided invaluable insights into the potential of these solutions to facilitate the transition to a more sustainable power system in South Korea.

The study evaluates the total costs of achieving net-zero emissions in the Korean power sector by considering fuel costs, generator investment, storage investment, and carbon costs from 2022 to 2050.

To estimate the required storage capacity and costs, an optimal storage sizing approach is applied, minimizing total system costs while balancing electricity supply and demand under different scenarios, including Path-to-NDC, Path-to-NZE A, and Path-to-NZE B.

The analysis considers multiple storage technologies, including pumped hydro storage, battery energy storage, and hydrogen storage systems, and examines their roles in managing oversupply from renewable energy.

Results show that achieving net-zero requires a significant expansion of storage capacity, particularly under high renewable energy scenarios, with different storage mixes depending on system conditions and policy assumptions.

Sensitivity analyses further explore the impacts of carbon pricing, curtailment policies, hydrogen storage availability, demand patterns, and nuclear power expansion on total system costs and storage requirements.

https://doi.org/10.22982/NEXTWP.2023.4.25

#Net Zero Electricity System#Energy Storage Cost#Korean Power System