Class
Article
College
College of Engineering
Department
Mechanical and Aerospace Engineering Department
Faculty Mentor
Hailei Wang
Presentation Type
Poster Presentation
Abstract
Regional electricity markets currently rely heavily on coal and natural gas resources to meet electricity demand. Intermittent renewable resources like wind and solar power are location-dependent and are not dispatchable resources. Flexible nuclear power, achieved through the use of integrated thermal energy storage, may be able to complement these renewable resources to provide clean, predictable power in an evolving electricity grid. This study considers such a flexible nuclear plant and seeks to address a fundamental modeling question: which uncertain model inputs have a significant effect on the economics of the system, and to what degree? These questions are addressed by conducting a sensitivity analysis using electricity price data from two regional US electricity markets.
Location
Logan, UT
Start Date
4-12-2023 2:30 PM
End Date
4-12-2023 3:30 PM
Energy Storage can Increase the Value and Flexibility of a Nuclear Power Plant but Makes Plant Economics More Subject to Uncertainty in Electricity Price
Logan, UT
Regional electricity markets currently rely heavily on coal and natural gas resources to meet electricity demand. Intermittent renewable resources like wind and solar power are location-dependent and are not dispatchable resources. Flexible nuclear power, achieved through the use of integrated thermal energy storage, may be able to complement these renewable resources to provide clean, predictable power in an evolving electricity grid. This study considers such a flexible nuclear plant and seeks to address a fundamental modeling question: which uncertain model inputs have a significant effect on the economics of the system, and to what degree? These questions are addressed by conducting a sensitivity analysis using electricity price data from two regional US electricity markets.