To meet ambitious global decarbonization goals, electricity system planning and operations will change fundamentally. With increasing reliance on variable renewable energy resources, energy storage is likely to play a critical accompanying role to help balance generation and consumption patterns. As grid planners, non-profit organizations, non-governmental organizations, policy makers, regulators and other key stakeholders commonly use capacity expansion modelling to inform energy policy and investment decisions, it is crucial that these processes capture the value of energy storage in energy-system decarbonization. Here we conduct an extensive review of literature on the representation of energy storage in capacity expansion modelling. We identify challenges related to enhancing modelling capabilities to inform decarbonization policies and electricity system investments, and to improve societal outcomes throughout the clean energy transition. We further identify corresponding research activities that can help overcome these challenges and conclude by highlighting tangible real-world outcomes that will result from pursuing these research activities.
Areas of Focus: Energy Markets, Renewable Energy, Electric Power
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Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
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Renewable Energy
Lower technology costs and supportive public policies are driving an increase in renewable energy in markets around the world. EPIC research is assessing the costs, benefits, and efficiency of policies...
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Electric Power
As the electric power system faces new pressures and opportunities, EPIC research is working to identify the mix of policies needed to accelerate the global transition to clean, reliable, affordable...