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Empirical Studies on Flexible and Renewable Investment Interaction in the Modernizing Electricity Grid /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Empirical Studies on Flexible and Renewable Investment Interaction in the Modernizing Electricity Grid // Seyed Amin Seyed Haeri.
Author:	Haeri, Seyed Amin Seyed,
Description:	1 electronic resource (114 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 86-04, Section: A.
Contained By:	Dissertations Abstracts International86-04A.
Subject:	Electricity distribution. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31621591
ISBN:	9798342149129

Empirical Studies on Flexible and Renewable Investment Interaction in the Modernizing Electricity Grid /
Haeri, Seyed Amin Seyed,

Empirical Studies on Flexible and Renewable Investment Interaction in the Modernizing Electricity Grid /Seyed Amin Seyed Haeri. - 1 electronic resource (114 pages)

Source: Dissertations Abstracts International, Volume: 86-04, Section: A.

In the transition towards sustainable energy sources, the U.S. electricity generation portfolio has seen a significant shift from conventional fossil-fueled generation to renewables such as solar and wind. This evolution presents complex challenges, notably the intermittency of renewable sources and their spatial-dependent investment dynamics. In the first chapter, we delve into the intricate relationship between renewable and conventional generation technologies, with a particular focus on the role of operational flexibility. Utilizing a unique panel data set covering the U.S. electricity industry from 2002 to 2019, we develop a multi-stage empirical strategy to illuminate how operational flexibility influences the interplay between investments in different generation technologies. Our findings reveal that investments in flexible generation technologies are not only stimulating future investments in wind and solar generation capacity but are also responsive to current renewable penetration, particularly wind energy. We uncover a complementary relationship between prior investments in flexible sources and subsequent investment in intermittent generation technologies, highlighting the crucial role of operational flexibility in accommodating renewable intermittency. This complementary dynamic underscores the importance of flexible generation capacity in ensuring grid reliability and efficiency in the face of growing renewable investments. Furthermore, our analysis sheds light on the influence of renewable portfolio standard policy instrument, market competition, and natural gas infrastructure development on the interplay between investments in these generation technologies. By elucidating the economic interaction between renewable and flexible conventional generation technologies, our study contributes to the strategic development of policy and investment frameworks that support the United States' transition towards a more sustainable electricity grid. In the second chapter, we focus on understanding the economic interplay between intermittent renewable technologies (wind and solar) and flexible conventional generation technologies, considering the role of varying infrastructure development levels and market competition within the U.S. electricity sector from 2002 to 2019. Our methodology employs a comprehensive panel data set, leveraging principal component analysis, k-means clustering, and Tobit models to dissect how prior investments influence subsequent generation capacity expansions under different infrastructural scenarios-categorized as empty, own, and cross. We find that investments in flexible generation significantly boost subsequent renewable investments in scenarios with no pre-existing capacities (empty) or similar pre-existing technologies (own), while discouraging them in scenarios where existing capacities are based on dissimilar technologies (cross). Furthermore, initial renewable investments tend to promote further investments in flexible technologies, particularly in empty and cross scenarios, highlighting the need for enhanced grid stability due to the intermittency of renewable sources. The study's insights offer valuable managerial implications for energy sector stakeholders, including policymakers, investors, and decision-makers. By elucidating the complex dynamics of investment interactions within various infrastructural contexts, this research provides a robust basis for strategic investment decisions aimed at optimizing the integration of renewable resources and enhancing grid reliability. Consequently, stakeholders are better equipped to formulate and implement policies that not only accommodate but actively promote a sustainable and economically efficient transition to renewable energy. In the third chapter we introduce a continuous measure of flexibility, based on startup times of power plants, to empirically evaluate its impact on renewable energy investments.

English

ISBN: 9798342149129Subjects--Topical Terms:

3562889
Electricity distribution.

Empirical Studies on Flexible and Renewable Investment Interaction in the Modernizing Electricity Grid /
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520 $a In the transition towards sustainable energy sources, the U.S. electricity generation portfolio has seen a significant shift from conventional fossil-fueled generation to renewables such as solar and wind. This evolution presents complex challenges, notably the intermittency of renewable sources and their spatial-dependent investment dynamics. In the first chapter, we delve into the intricate relationship between renewable and conventional generation technologies, with a particular focus on the role of operational flexibility. Utilizing a unique panel data set covering the U.S. electricity industry from 2002 to 2019, we develop a multi-stage empirical strategy to illuminate how operational flexibility influences the interplay between investments in different generation technologies. Our findings reveal that investments in flexible generation technologies are not only stimulating future investments in wind and solar generation capacity but are also responsive to current renewable penetration, particularly wind energy. We uncover a complementary relationship between prior investments in flexible sources and subsequent investment in intermittent generation technologies, highlighting the crucial role of operational flexibility in accommodating renewable intermittency. This complementary dynamic underscores the importance of flexible generation capacity in ensuring grid reliability and efficiency in the face of growing renewable investments. Furthermore, our analysis sheds light on the influence of renewable portfolio standard policy instrument, market competition, and natural gas infrastructure development on the interplay between investments in these generation technologies. By elucidating the economic interaction between renewable and flexible conventional generation technologies, our study contributes to the strategic development of policy and investment frameworks that support the United States' transition towards a more sustainable electricity grid. In the second chapter, we focus on understanding the economic interplay between intermittent renewable technologies (wind and solar) and flexible conventional generation technologies, considering the role of varying infrastructure development levels and market competition within the U.S. electricity sector from 2002 to 2019. Our methodology employs a comprehensive panel data set, leveraging principal component analysis, k-means clustering, and Tobit models to dissect how prior investments influence subsequent generation capacity expansions under different infrastructural scenarios-categorized as empty, own, and cross. We find that investments in flexible generation significantly boost subsequent renewable investments in scenarios with no pre-existing capacities (empty) or similar pre-existing technologies (own), while discouraging them in scenarios where existing capacities are based on dissimilar technologies (cross). Furthermore, initial renewable investments tend to promote further investments in flexible technologies, particularly in empty and cross scenarios, highlighting the need for enhanced grid stability due to the intermittency of renewable sources. The study's insights offer valuable managerial implications for energy sector stakeholders, including policymakers, investors, and decision-makers. By elucidating the complex dynamics of investment interactions within various infrastructural contexts, this research provides a robust basis for strategic investment decisions aimed at optimizing the integration of renewable resources and enhancing grid reliability. Consequently, stakeholders are better equipped to formulate and implement policies that not only accommodate but actively promote a sustainable and economically efficient transition to renewable energy. In the third chapter we introduce a continuous measure of flexibility, based on startup times of power plants, to empirically evaluate its impact on renewable energy investments.
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