Abstract: In this work, we study the profitability of energy storage operated in the Nordic, German, and UK electricity day-ahead markets during 2006–2016. During this time period, variable renewable energy sources (vRES) have been rapidly penetrating the markets and increasing the volatility of the residual load, which is often assumed to be associated with improving financial viability of energy storages. However, storage operator profits are not publicly available, in particular not at plant level. We therefore develop a linear optimisation model which maximises profits from arbitraging hourly prices and use the model output of profits and storage operating hours in further econometric analyses. This is a novel approach merging two strands of literature (optimisation and econometrics) in a single energy storage study. Specifically, we quantify and disentangle the effects of electricity demand, solar and wind generation, the spread between gas and coal prices, carbon emission prices and structural breaks on profits and operation of 1–13MWh/MW energy storages. Among others we find that solar generation is associated with lower profits but higher operating frequency of energy storages in Germany. Wind power generation is associated with positive effects on profits in the UK and Germany. vRES does not affect profits or operation of new Nordic energy storages.

中文翻译：

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欧洲电力市场储能的盈利能力

摘要：在这项工作中，我们研究了 2006-2016 年北欧、德国和英国电力日前市场运行的储能的盈利能力。在此期间，可变可再生能源 (vRES) 迅速渗透市场并增加了剩余负荷的波动性，这通常被认为与提高储能的财务可行性有关。然而，存储运营商的利润是不公开的，尤其是在工厂层面。因此，我们开发了一个线性优化模型，该模型使每小时价格套利的利润最大化，并在进一步的计量经济学分析中使用利润和存储运行时间的模型输出。这是一种在单个储能研究中合并两方面文献（优化和计量经济学）的新方法。具体来说，我们量化并分解了电力需求、太阳能和风能发电、天然气和煤炭价格之间的价差、碳排放价格以及结构性中断对 1-13MWh/MW 储能的利润和运营的影响。其中，我们发现太阳能发电与德国能源存储的利润较低但运行频率较高有关。风力发电对英国和德国的利润产生积极影响。vRES 不会影响新北欧能源存储的利润或运营。其中，我们发现太阳能发电与德国能源存储的利润较低但运行频率较高有关。风力发电对英国和德国的利润产生积极影响。vRES 不会影响新北欧能源存储的利润或运营。其中，我们发现太阳能发电与德国能源存储的利润较低但运行频率较高有关。风力发电对英国和德国的利润产生积极影响。vRES 不会影响新北欧能源存储的利润或运营。