In this paper, we investigate whether and under which conditions jointly owning a variable renewable source of electricity (VRES) and an electricity storage generates economies of scope in competitive electricity markets. Using a simple stochastic optimization model that assumes frictionless markets, we analytically show that no economic benefit arises from combining the two assets. This finding is in contradiction to large parts of the literature, which claim that it is in the economic interest of owners of VRES to additionally own electricity storage. We also identify circumstances where our argument does not hold and the combination of storage and VRES could theoretically make economic sense on the level of individual agents. In the last part of the paper, we demonstrate in a numerical case study of the German market that even in cases where our theoretical results do not hold, tying together storage and VRES may produce suboptimal results.

中文翻译：

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电力存储和可变可再生能源的范围经济


在本文中，我们研究了共同拥有可变可再生电力（VRES）和电力存储是否以及在什么条件下在竞争性电力市场中产生范围经济。使用假设无摩擦市场的简单随机优化模型，我们分析表明，结合这两种资产不会产生任何经济效益。这一发现与大部分文献相矛盾，文献声称额外拥有电力存储符合 VRES 所有者的经济利益。我们还确定了我们的论点不成立的情况，并且存储和 VRES 的结合理论上可以在个体代理层面上具有经济意义。在本文的最后一部分，我们通过德国市场的数值案例研究证明，即使我们的理论结果不成立，将存储和 VRES 结合在一起也可能会产生次优结果。