New Tool Evaluates the Financial Viability of Pumped Storage Hydropower

Journal Article · Wed Oct 18 00:00:00 EDT 2023 · IEEE Power & Energy Magazine

DOI:https://doi.org/10.1109/mpe.2023.3308240· OSTI ID:2329269

Balducci, Patrick ^[1]; Weimar, Mark ^[2]; Ma, Xu ^[2]; Wu, Di ^[2]; Kwon, Jonghwan ^[1]; Schleifer, Anna ^[3]; Koritarov, Vladimir ^[1]; Yim, Sang-il ^[1]; Hamilton, Bruce ^[1]

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1. Argonne National Laboratory (ANL), Argonne, IL (United States)
2. Pacific Northwest National Laboratory (PNNL), Richland, WA (United States)
3. National Renewable Energy Laboratory (NREL), Golden, CO (United States)

The rapidly evolving electricity system with increasing variable renewable energy (VRE) resources provides both opportunities and challenges for the power sector. With the significant ramps and intermittency associated with VRE resources, the requirements and need for additional flexible resources increase. Pumped storage hydropower (PSH) provides flexibility to the electricity grid to replace fossil fuel plants, which are responsible for 25% of U.S. emissions. PSH projects support various aspects of power system operations, including flexibility, ramping capability, energy, ancillary service, black start, and others. Further, the significant potential of hydropower requires understanding the different value drivers to the electricity system specific to the location of a project and then optimizing the plant for the different system values. Thus, determining the value of PSH projects and their many services and contributions to the electricity system can be a challenge for potential developers, system owners, regulators, policy makers, and consultants.

• Research Organization: Argonne National Laboratory (ANL), Argonne, IL (United States); Idaho National Laboratory (INL), Idaho Falls, ID (United States); National Renewable Energy Laboratory (NREL), Golden, CO (United States); Oak Ridge National Laboratory (ORNL), Oak Ridge, TN (United States); Pacific Northwest National Laboratory (PNNL), Richland, WA (United States)
• Sponsoring Organization: USDOE Office of Energy Efficiency and Renewable Energy (EERE), Renewable Power Office. Water Power Technologies Office
• Grant/Contract Number: AC05-76RL01830
• OSTI ID: 2329269
• Alternate ID(s): OSTI ID: 2229740
• Report Number(s): PNNL-SA--189844
• Journal Information: IEEE Power & Energy Magazine, Journal Name: IEEE Power & Energy Magazine Journal Issue: 6 Vol. 21; ISSN 1540-7977
• Publisher: IEEE
• Country of Publication: United States
• Language: English

Related Subjects

13 HYDRO ENERGY
29 ENERGY PLANNING, POLICY, AND ECONOMY
economics
pumped storage hydro
tool
valuation