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@ARTICLE{Wilson:845734,
      author       = {Wilson, Grant and Barbour, Edward and Ketelaer, Thomas and
                      Kuckshinrichs, Wilhelm},
      title        = {{A}n analysis of storage revenues from time-shifting of
                      electrical energy in {G}ermany and {G}reat {B}ritain from
                      2010 to 2016},
      journal      = {Journal of energy storage},
      volume       = {17},
      issn         = {2352-152X},
      address      = {Amsterdam [u.a.]},
      publisher    = {Elsevier},
      reportid     = {FZJ-2018-02946},
      pages        = {446-456},
      year         = {2018},
      abstract     = {The purpose of this paper is to investigate the level of
                      revenues available to storage operators through the bulk
                      time-shifting of electrical energy in Germany and Great
                      Britain over the 7 years from 2010 to 2016, and to analyse
                      the impact of volatility and underlying mean price on the
                      potential revenues that a storage operator could
                      theoretically capture. The analysis is carried out using an
                      algorithm adapted from previous work, coupled with new
                      empirical hourly price data from the German and Great
                      British day-ahead electrical markets, and using
                      characteristics typical of a pumped-storage hydropower
                      scheme (1000 MWh, 125 MW charge and discharge, and
                      $75\%$ round-trip efficiency). Our results suggest that
                      volatility rather than average price is the dominant factor
                      affecting storage revenues, with a $1\%$ increase in
                      volatility implying an increase in mean daily storage
                      revenues of €300 in Germany and £550 in Great Britain for
                      the simulated storage plant. In comparison, an increase in
                      underlying mean prices of €1 per MWh leads to an increase
                      in mean daily revenue of €100 in Germany, with a £1 per
                      MWh increase in underlying mean prices leading to an
                      increase in mean daily revenue of £380 in Great Britain. We
                      also find that during the period 2010–2016, the times when
                      the highest revenue is derived have moved from late morning
                      to early evening, which we attribute to the increase in low
                      short-run marginal cost solar PV electricity in both markets
                      suppressing the day-ahead wholesale electrical prices. In
                      addition, we find a large increase in storage operator
                      revenues in Britain in the last quarter of 2016, due to a
                      number of events that impacted the price of electricity,
                      however these would have been difficult to predict with any
                      degree of certainty. This paper therefore highlights the
                      perennial problem of forecasting the time-shifting revenue
                      for electrical energy, with its high degree of variation
                      from one year to the next that would undoubtedly impact the
                      financing of these capital-intensive projects that seek to
                      capture these variable revenues.},
      cin          = {IEK-STE},
      ddc          = {333.7},
      cid          = {I:(DE-Juel1)IEK-STE-20101013},
      pnm          = {153 - Assessment of Energy Systems – Addressing Issues of
                      Energy Efficiency and Energy Security (POF3-153)},
      pid          = {G:(DE-HGF)POF3-153},
      typ          = {PUB:(DE-HGF)16},
      UT           = {WOS:000432692900042},
      doi          = {10.1016/j.est.2018.04.005},
      url          = {https://juser.fz-juelich.de/record/845734},
}