| Increased deployment of variable renewable generation (VRG) assets and lower costs of grid-scale battery energy storage have led to increased deployment of hybrid generation and storage systems. The objective of this work is to compare the technical and financial value of integrating battery energy storage with ROR hydropower, wind, solar, and tidal generation resources. The Revenue, Operation, and Device Optimization (RODeO) model will be used to account for the financial value of capacity, energy sales (including arbitrage), and ancillary services from a VRG-battery hybrid system. Addressing this is important to understand the value of hybridizing resources and which types of resources to prioritize. In this work, at least two resource profiles will be selected for each generation type, and corresponding forecast uncertainties will be analyzed. These resource profiles will be normalized based on total energy produced per year and used as input to RODeO for market conditions corresponding to two different US Independent System Operators. Two of the key considerations that this work will address are: (1) How will forecast uncertainty affect the financial performance of a VRG-battery hybrid system?; and (2) Is hybridization financially advantageous compared to operating the VRG and battery storage independently? This work will provide a quantitative comparison to help motivate enhancement of the industry’s perspectives on “hydro-hybrids” (i.e., ROR hydropower + batteries and tidal + batteries). |
