{"title":"意大利电力系统中一个假想的抽水蓄能电站的市场估值","authors":"Amanda Spisto","doi":"10.1109/EEM.2014.6861302","DOIUrl":null,"url":null,"abstract":"This study assesses the profitability of an investment in a pump hydro storage plant (PHS) located in Italy. We model in GAMS the operation of a price-taker PHS during nine years, from 2005 to 2013. Results show positive operation profits in all regions, with the highest results being recorded by the geographical zones SICI and SARD. The NPV analysis shows negative values though, ranging between -148 €/MWh and -75 €/MWh, for the storage investments in all regions. This result might be due to several factors. In general arbitrage profits are higher in correspondence to big price spreads. In Italy, although maximum prices are quite high with respect to other European countries, minimum price levels are also high, which leads to high operation costs and worst business case for storage investment. The study deserves further investigation of the strategic role of storage at system level to include wider benefits to the overall market assessment.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"Market valuation of a hypothetical pump-hydro storage plant in the Italian power system\",\"authors\":\"Amanda Spisto\",\"doi\":\"10.1109/EEM.2014.6861302\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study assesses the profitability of an investment in a pump hydro storage plant (PHS) located in Italy. We model in GAMS the operation of a price-taker PHS during nine years, from 2005 to 2013. Results show positive operation profits in all regions, with the highest results being recorded by the geographical zones SICI and SARD. The NPV analysis shows negative values though, ranging between -148 €/MWh and -75 €/MWh, for the storage investments in all regions. This result might be due to several factors. In general arbitrage profits are higher in correspondence to big price spreads. In Italy, although maximum prices are quite high with respect to other European countries, minimum price levels are also high, which leads to high operation costs and worst business case for storage investment. The study deserves further investigation of the strategic role of storage at system level to include wider benefits to the overall market assessment.\",\"PeriodicalId\":261127,\"journal\":{\"name\":\"11th International Conference on the European Energy Market (EEM14)\",\"volume\":\"40 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2014-05-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"11th International Conference on the European Energy Market (EEM14)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1109/EEM.2014.6861302\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"11th International Conference on the European Energy Market (EEM14)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/EEM.2014.6861302","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Market valuation of a hypothetical pump-hydro storage plant in the Italian power system
This study assesses the profitability of an investment in a pump hydro storage plant (PHS) located in Italy. We model in GAMS the operation of a price-taker PHS during nine years, from 2005 to 2013. Results show positive operation profits in all regions, with the highest results being recorded by the geographical zones SICI and SARD. The NPV analysis shows negative values though, ranging between -148 €/MWh and -75 €/MWh, for the storage investments in all regions. This result might be due to several factors. In general arbitrage profits are higher in correspondence to big price spreads. In Italy, although maximum prices are quite high with respect to other European countries, minimum price levels are also high, which leads to high operation costs and worst business case for storage investment. The study deserves further investigation of the strategic role of storage at system level to include wider benefits to the overall market assessment.
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