Variable Renewable Energy Market: Introduction
- Variable renewable energy (VRE) is a renewable energy source that is non-dispatchable, as it is of fluctuating nature. VRE sources include wind power and solar power.
- Incorporation of variable renewable energy into electricity systems has become a prominent issue as well as focus of research for most utilities, private companies, and international organizations. However, for several countries across the world, the possibility of achieving high levels of VRE penetration is presently achievable. Several of them have set ambitious renewable energy targets and have enacted policies or measures to increase the use of variable renewable energy in their overall energy generation mix.
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- Variable renewable energy (VRE) largely rely on renewable fuel sources. However, in numerous aspects, VRE source is different from conventional sources, such as natural gas, coal, and nuclear power.
- Variable renewable energy (VRE) is one of the major sources of complexity in national-scale capacity expansion models (CEMs), due to its physical attributes, which differ from conventional sources of power generation, and also due to the need to more accurately represent physical attributes
- VRE technologies are usually connected to the power grid through power electronics-based inverters, which are carefully designed to supply necessary grid stability
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Key Drivers of Global Variable Renewable Energy Market
- Growing concerns about the environment and rising usage of clean energy substitutes are likely to be key factors driving the global variable renewable energy market during the forecast period
- Electricity rates are inherently volatile. They fluctuate monthly, annually, and depending on season. Over the last decade, electricity prices have risen greatly and they are poised to increase even more during the forecast period. This, in turn, is projected to augment the demand for use of variable renewable energy in the near future.
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Restraints of Global Variable Renewable Energy Market
- Development of required transmission infrastructure is the key issue faced with variable renewable energy. Wind and solar sources are often not located near load centers or the existing transmission systems. Unlike conventional power generators, VRE plant siting is less flexible and more location constrained. Thus, new transmission infrastructure is often required in order to connect the VRE source to the load.
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Major Developments
- The Council for Scientific and Industrial Research (CSIR) Energy Center and Eskom are developing a power system operator model for short-term variable renewable energy (VRE) forecasting, which is expected to be incorporated in the near future
- In December 2018, Orsted, a large player in the energy sector in Denmark, added a new ancillary energy storage facility to its Liverpool (the U.K.) site. It was a 2-MWh storage facility connection and was incorporated with a 90-MW Burbo Bank offshore wind farm. The additional storage capabilities would allow Orsted to offer frequency-response services.
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